Ferrexpo profit dented by rising costs and falling iron ore prices August 21, 2012 UKRAINIAN iron ore producer Ferrexpo said yesterday its core profit fell 40 per cent in the first half, hurt by a rise in the cost of extracting the metal and lower global iron ore prices. Ferrexpo said higher energy costs and domestic inflation in Ukraine pushed up the cost of extracting each tonne by 25 [...]
Is the Bank of England’s Adam Posen right to suggest expanding QE beyond gilt purchases? August 13, 2012 YES Will Straw Last year, Adam Posen stood alone on the Monetary Policy Committee in predicting that Britain’s recovery was faltering. Now we’re back in recession, his advice on unconventional quantitative easing (QE) should be heeded. QE has been a modest success in preventing the economy from slipping into a depression. And, despite siren warnings, [...]
EDF to open up UK nuclear projects for partners July 31, 2012 French state-controlled utility EDF is considering looking for more partners for its nuclear projects in Britain to help it share costs and limit its debt burden, its chief financial officer said on Thursday. EDF, along with junior partner Centrica, plans to build four new 1,600-megawatt European pressurised water reactors as Britain looks to reform its [...]
OSBORNE URGED TO ACT AS DIP DEEPENS July 25, 2012 BUSINESS leaders, economists and politicians demanded a new economic strategy from the government yesterday, claiming its approach had been shown up as a failure after GDP nose-dived in the second quarter. In yet another blow to beleaguered chancellor George Osborne, the Office for National Statistics released preliminary data that showed GDP down 0.7 per cent, [...]
US corporate results round-up July 25, 2012 Boeing revenues up PLANE-MAKING giant Boeing weathered cuts in US defence spending and higher pension costs as it said yesterday that revenue rose 21 per cent and quarterly profits were up three per cent. Commercial unit sales that rose 34 per cent to $11.8bn and defence sales that rose seven per cent buoyed profits as [...]
Stagnation Britain: Osborne has played his hand extremely badly July 25, 2012 THE statisticians will be arguing about the last quarter’s growth figures for years. Was it really a 0.7 per cent fall in national income, a 0.9 per cent fall or a 0.5 per cent fall? If it were not for the soggy weather and extra Bank Holidays, might we have managed just a 0.2 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 24, 2012 FINANCIAL TIMES Green energy compromise reached Wind investors will escape deep cuts to subsidies but the coalition will not commit to tough new targets for decarbonising British electricity generation under a compromise deal thrashed out between George Osborne and Ed Davey, the energy secretary. Under the agreement, to be announced today in parliament, Mr Davey [...]
UK energy policies are sabotaging industry’s global competitiveness July 23, 2012 THE revelation that George Osborne wants fossil fuels to remain a key and important supplier of Britain’s electricity generation shows he can talk the talk. But the chancellor will struggle to give legs to his policy. His statement comes immediately unstuck when you consider how the Treasury is preparing to lump huge taxes on such [...]
National Grid in energy bill spat with regulator July 16, 2012 NATIONAL Grid hit out at Ofgem over its plans to curb the cost of fuel bills yesterday, with the regulator’s initial £22bn proposals for upgrading Britain’s networks falling short of expectations. Ofgem will allow bills to rise by on average £11 a year for the next eight years, with a £7 increase next year rising [...]
FTSE dips as investors eye US jobs data July 6, 2012 The FTSE 100 fell in early trading with investors cautious ahead of key US jobs data and still absorbing moves by three central banks to get their country’s economies back on track. Banks in China, Europe and Britain loosened monetary policy in an attempt to boost flagging global growth but ended up spooking investors, who [...]