What the other papers say this morning – 12 August 2013 August 11, 2013 FINANCIAL TIMES Air alliances rule out Heathrow move The world’s biggest airlines have ruled out moving from Heathrow to another UK airport, bolstering the chances of a highly contentious third runway being built at Europe’s busiest hub. All three global airline alliances have said they want to stay, even though some options being considered by [...]
First Chinese merchant ship sails for Europe through Arctic Ocean August 11, 2013 CHINESE media have announced that a cargo ship is travelling to Europe through the Northeast Passage in the Arctic Ocean, a much shorter trade route, for the first time. The vessel, from Cosco Shipping, is predicted to arrive at the Bering Strait in two weeks, before travelling westward over Russia, and towards Europe. The group [...]
Worst week ever for US Treasuries August 9, 2013 US Treasuries had their worst week ever on Wednesday as investors pulled out a record $4bn from bond funds, equivalent to 1.3 per cent of assets under management (AUM). Bank of America Merrill Lynch chief investment strategist Michael Hartnett called it the “Great Rotation”, referring to the expectation that record-low bond yields will push investors [...]
OECD warns of BRIC slowdown as other major economies recover August 8, 2013 The Organisation for Economic Cooperation and Development (OECD) has warned of a slowdown in large emerging economises, but said it expects improvement in most other major countries (release). The OECD’s composite leading indicators (CLIs) for the US and the UK point to economic growth firming, and a pick up in growth in the Eurozone as [...]
Obama cancels meeting with Russian president amid tensions regarding Snowden and human rights August 7, 2013 US president Barack Obama has cancelled meetings with his Russian counterpart Vladimir Putin in Moscow amid tensions over former National Security Agency IT contractor and whistleblower Edward Snowden. The meetings had been scheduled for September, but it now appears they will not be going ahead. A Kremlin aide said Obama's decision was "disappointing". Russia has [...]
Snowden gets Russian asylum August 1, 2013 Russia granted American fugitive Edward Snowden a year’s asylum yesterday, allowing the former US spy agency contractor to slip quietly out of Moscow’s Sheremetyevo airport after more than five weeks in limbo but angering the United States. The White House, which wants Snowden to face trial in the US, signaled that President Barack Obama might [...]
Why Britain should not view Germany as a role model for economic success August 1, 2013 ACROSS Europe, policymakers are casting envious looks towards Germany. From a French perspective, the country’s persistent low unemployment rate is desirable; British policymakers long to copy its relatively robust growth and export performance; and from across the continent, the balanced budget that Europe’s largest economy projects for 2013 seems like something to strive for. But [...]
New York Report: Wall Street flat after shares in potash plunge July 30, 2013 THE DOW and the S&P 500 finished nearly flat yesterday, helped by gains in technology shares and Pfizer, while potash shares were the day’s big losers. The tech sector index rose 0.7 per cent, leading the S&P 500’s advance. Shares of Facebook jumped 6.2 per cent to $37.62, within striking distance of their $38 IPO [...]
BP profits fall on lower oil prices July 30, 2013 BP has reported it made an underlying pre-tax profit of $2.7bn in the second quarter of the year, down 45 per cent from the first quarter and 25 per cent from the same period the year before. Shares are down nearly three per cent. The fall was driven primarily by lower oil prices, an unusually [...]
Former Goldman Sachs chair to join Department for Education July 28, 2013 FORMER Goldman Sachs Asset Management chairman Jim O’Neill has been drafted in to work alongside Michael Gove as a Department for Education (DfE) non-executive director. O’Neill, who is famed for coining the Bric term for developing nations Brazil, Russia, India and China, will take up the post in September, the department stated last night. The [...]