Manufacturing slows July 1, 2010 MANUFACTURING growth slowed across the major economies in June as export orders faded, according to the series of purchasing managers’ indices (PMIs) published yesterday. The loss of momentum was led by China, which saw its PMI drop to 52.1, compared with 53.9 in May, according to the China Federation of Logistics & Purchasing. A rival [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2010 FINANCIAL TIMES ENERGY-FOCUSED HEDGE FUNDS FEEL HEAT OF MARKET VOLATILITY Hedge funds focused on energy markets have suffered a rocky start to the year, hit by volatile commodity prices and the Gulf of Mexico oil spill disaster. Many funds have been left nursing double-digit percentage losses over the first six months of the year. The [...]
Investors conned by Madoff to be reimbursed by banks May 25, 2010 AROUND 20 European banks including HSBC have agreed to reimburse non-US investors for $15.5bn (£10.8bn) of losses from convicted swindler Bernard Madoff’s Ponzi scheme. Javier Cremades, who helped create a legal network to pursue investor complaints about Madoff, said lenders in France, Germany, Portugal, Spain and the United Kingdom are among the settling banks. Lenders [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 26, 2010 FINANCIAL TIMES APPLE, HP AND DELL INVESTIGATE FOXCONN AFTER SPATE OF SUICIDES Apple, Dell and HP, three of the world’s largest IT companies, said yesterday they were investigating working conditions at Foxconn after a series of suicides at the huge factory in southern China where Foxconn makes electronic goods. Nine workers at Foxconn’s Shenzhen plant, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 26, 2010 FINANCIAL TIMES APPLE, HP AND DELL INVESTIGATE FOXCONN AFTER SPATE OF SUICIDES Apple, Dell and HP, three of the world’s largest IT companies, said yesterday they were investigating working conditions at Foxconn after a series of suicides at the huge factory in southern China where Foxconn makes electronic goods. Nine workers at Foxconn’s Shenzhen plant, [...]
Tesco’s accounting methods in spolight June 30, 2010 TESCO yesterday saw its shares dip after Citigroup accused it of “consistently aggressive” accounting. Britain’s biggest grocery chain is using a different method from its rivals on everything from depreciation to pensions, an analyst claimed. Citigroup’s Alastair Johnston said: “If we put Tesco on more comparable accounting to other companies in our sector, it appears [...]
Tesco’s accounting methods in spolight June 30, 2010 TESCO yesterday saw its shares dip after Citigroup accused it of “consistently aggressive” accounting. Britain’s biggest grocery chain is using a different method from its rivals on everything from depreciation to pensions, an analyst claimed. Citigroup’s Alastair Johnston said: “If we put Tesco on more comparable accounting to other companies in our sector, it appears [...]
Banks boost FTSE past the 5,400 mark after quiet day August 9, 2010 FINANCIAL stocks boosted the UK’s leading share index yesterday, rallying from falls in the previous session following weak US jobs data and supported by energy markers which gained in tandem with crude. The FTSE 100 was up 78.13 points, or 1.5 per cent, at 5,410.52, having closed 0.6 per cent lower on Friday, albeit in [...]
Bankers unite in bid to shift tainted image July 13, 2010 BRITAIN’S most senior bankers yesterday launched an impassioned plea to colleagues to unite in banging the drum for the industry, arguing that accepting past failings goes hand in hand with standing up for their vital role in the economy. Royal Bank of Scotland chief executive Stephen Hester challenged delegates at the British Bankers’ Association annual [...]
Emerging markets 2.0 July 27, 2010 INVESTORS have developed an addiction to emerging markets in recent years. But what happens when the traditional emerging economies of South East Asia start to mature? Where are the next fertile regions for growth? The frontier markets of the Middle East and North Africa, collectively known as the Mena region, are a good bet. Frontier [...]