Rebalancing the economy is a priority: The carbon floor price needs to be scrapped November 17, 2011 POLITICIANS of all parties are keen that the British economy’s fortunes depend less on the work of City A.M.’s readers. Chuka Umunna – Labour’s shadow business secretary – told Bloomberg this week that under the last government growth “was too concentrated in too few sectors, and in too few regions”. Similar sentiments have been expressed [...]
Supermarket price war dents inflation November 15, 2011 CONSUMER price inflation in the UK dropped slightly in October, figures out yesterday from the Office for National Statistics (ONS) revealed, though it remains well above the Bank of England’s target. Headline CPI inflation fell from 5.2 per cent in the year to September to five per cent last month. A 0.9 per cent fall [...]
FTSE falls as Eurozone fear factor hits banks November 15, 2011 The FTSE edged down this morning, mirroring weaknesses in Asia, as rises in bond yields in Spain and Italy heaped more pressure on markets. Italy sold three billion euros of five-year bonds at 6.29 per cent yesterday – a euro-era record. The country’s 10-year bond yields rose to 6.76 per cent, also pushing Spanish 10-year [...]
Setting a match to the debate on petrol inflation November 14, 2011 INFLATION is now rising faster than wages, and Britain faces a cost-of-living crisis. Astronomical fuel prices are the number one issue in my constituency: they are creating a poverty trap, and are a major brake on economic growth. In real terms, adjusted for inflation, motoring fuel has never been this expensive – except for just [...]
BHP in $4bn shale gas expansion November 14, 2011 BHP Billiton plans to spend over $4bn (£2bn) on developing shale gas in 2012 following two shale gas acquisitions this year, the head of the top global miner’s petroleum business said on Monday. BHP Billiton spent nearly $17bn buying shale gas producer Petrohawk Energy and shale gas assets from Chesapeake Energy earlier this year. “In [...]
Vedanta hurt by aluminium and currency November 10, 2011 VEDANTA Resources half-year profits have been hit by its aluminium business and by the weakening Indian rupee, it said yesterday. The company, which focuses on India, said its underlying attributable profit dropped more than 34 per cent to $186.3m (£116.9m), falling below expectations on the back of lower contributions from subsidiaries. Its attributable profit — [...]
Essar Energy performance “solid” November 7, 2011 India-focused energy company Essar Energy yesterday reported a “solid” operating performance in the three months to 30 September, with energy generated rising four per cent compared to the same period a year ago. Export values also rose, climbing to 42 per cent of the otal against 31 per cent a year ago. “While higher gas [...]
THE TIPSTER November 7, 2011 LAST week’s reports of tumbling profits and the ongoing confusion over the economic outlook for Europe is weighing on International Airlines Group, the stock of the merged BA and Iberia entity, IAG. Even the prospect of adding more prized take off slots at Heathrow, through the reported plans to purchase competitor BMI, is failing to [...]
BEST OF THE BROKERS November 3, 2011 INTERNATIONAL AIRLINES GROUP Nomura rates the airline group as a “buy” with a target price of 265p, but says the group’s strong third quarter results in 2010 will be difficult to replicate this year. The broker expects yields to rise 1.5 per cent, and the fuel bill to rise by just over €300m year-on-year, in [...]
Britain’s universities need real reform October 30, 2011 IF Britain were a rational country, we would be spending far more time and energy seeking to improve the quality of our higher education to ensure that it can compete globally – and better to help young people prepare themselves for their lives and careers at a time when cognitive ability, creativity and knowledge are [...]