Weak exports weigh on GDP growth hopes April 12, 2012 ECONOMISTS have warned that weak international sales are dragging down the UK’s economic growth, as official figures yesterday revealed falling goods exports in February. The trade deficit rose for the second consecutive month, up £0.9bn to £3.4bn, driven by falling goods exports to non-EU countries. Furthermore, January’s deficit was revised up from £1.8bn in initial [...]
Britain’s trade deficit widens April 12, 2012 Britain’s goods trade deficit widened more than forecast in February as exports to non-EU countries dipped, official data showed on Thursday. The Office for National Statistics said the goods trade deficit grew to £8.7bn in February from an upwardly revised £7.8bn in January. Economists had forecast a gap of £7.7bn The goods trade deficit with [...]
India and Brazil pick up pace as exports boost output growth April 11, 2012 EMERGING economies expanded strongly in the first quarter, and have plenty of monetary and fiscal “ammunition” to bolster growth should it falter – in stark contrast to European economies, a report by HSBC argued yesterday. Manufacturing production accelerated in India and Brazil, and grew at a slightly slower pace in Russia, the study found, though [...]
BAA traffic in boost from emerging markets April 11, 2012 Traffic at airports operated by BAA rose by four per cent in March, compared with the same month in 2011, helped by Easter being earlier this year and strong growth on routes to emerging markets. BAA, which is Britain’s main airport operator whose largest shareholder is Spanish infrastructure group Ferrovial, said 8.6m passengers travelled through [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 9, 2012 FINANCIAL TIMES AstraZeneca faces calls for shake-up Some of the biggest investors in AstraZeneca are calling for a radical shake-up of the board and executive team, as a new chairman prepares to join the underperforming Anglo-Swedish pharma group. With the company trading on the lowest price/earnings multiple in the sector, some shareholders have been lobbying [...]
Boeing inks Dreamliner deal April 9, 2012 PLANEMAKER Boeing said yesterday it has finalised a deal with Russia’s Transaero Airlines for four 787-8 Dreamliners, worth $744m (£468m) at list prices. Boeing’s Dreamliner is a lightweight carbon-composite aircraft that was three years late to market but is popular with customers. The plane-maker, which competes for orders with EADS unit Airbus, has about 850 [...]
Debt issuance up 69 per cent at start of 2012 April 3, 2012 GLOBAL debt capital markets (DCM) activity totalled $1.7 trillion (£1.06 trillion) in the first three months of 2012, a 69 per cent increase on the fourth quarter of 2011, according to figures from data supplier Thomson Reuters. Their report shows that early 2012 was the most successful quarter for debt issuance in three years. Financials [...]
CITY MOVES WHO’S SWITCHING JOBS April 3, 2012 Post Office Virginia Holmes is joining the board of the Post Office as a non-executive director. Holmes has previously served as chief executive of AXA Investment Managers UK, and spent more than a decade with the Barclays Group, where she was ultimately managing director of Barclays Bank Trust Company. She currently sits on the board [...]
Polyus gets gold price boost April 2, 2012 Russia’s Polyus Gold yesterday posted a 57 per cent increase in annual net profit, boosted by strong sales and high prices. Polyus, partly owned by oligarch Mikhail Prokhorov, added that earnings before interest, tax, depreciation and amortisation reached $1.1bn (£686m) in 2011, up 55 per cent year-on-year.
Evraz warns of tough 2012 as profit falls back March 28, 2012 EVRAZ, Russia’s largest steelmaker, has said that the outlook for the global steel industry will remain tough this year after its 2011 net profit missed market expectations by 31 per cent. The FTSE 100-listed company, part-owned by tycoon Roman Abramovich, posted 2011 net profit of $453m (£285.3m) – below the $661m forecast by analysts and [...]