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 [...]
Why we musn’t fear the rise of emerging market state-backed champions July 28, 2013 WHAT do Airbus, Michelin, Hyundai, NEC, Samsung, Singapore Airlines, Volkswagen, and LG have in common? They all started life as national champions, companies supported by the state while their countries emerged from the ravages of war. Although advanced economies have rightly shifted away from the model, the achievements of these firms in the global marketplace [...]
Snowden stays put July 24, 2013 US INTELLIGENCE fugitive Edward Snowden will remain in transit in Russia after his lawyer said he had not received documents allowing him to travel. Snowden, who has been living in a Moscow airport since 23 June, has been given permission to stay in the country by President Putin.
US spy fugitive Snowden may have been granted temporary asylum in Russia July 24, 2013 State-owned Russian news agency RIA Novosti has reported that former NSA contractor and US fugitive Edward Snowden has been given an official pass to leave Moscow’s Sheremetyevo airport. Snowden has been living in the transit zone since arriving from Hong Kong on 23 June 2013. He has requested asylum in a number of countries and [...]
McDonald’s cautious as tough economy eats into food sales July 22, 2013 MCDONALD’S yesterday said it expects the rest of the year to be tough for fast food sales, after posting a four per cent rise in net income to almost $1.4bn (£911m) for the second quarter. Shares in the world’s biggest restaurant chain lost 2.7 per cent yesterday after chief executive Don Thompson said “the informal [...]
Philips cheers strong demand from China as earnings treble July 22, 2013 ELECTRONICS group Philips beat forecasts yesterday by more than trebling its quarterly net profits to €317m (£272m). The Dutch firm said orders at its healthcare division – now its most profitable after a strategic overhaul – rose more than expected in the second quarter thanks to new ultrasound and scanning products and strong demand from [...]
McDonald’s revenues miss expectations as European sales remain suppressed July 22, 2013 McDonald’s has reported second quarter revenues of $7.08bn, or $1.38 per share, missing analyst expectations of $1.41 per share (release). Year-on-year, second quarter revenues were up 2.4 per cent, and earnings per share rose by seven per cent. Net profits were up five per cent to $1.40bn. In the US, comparable sales were up one [...]