Japan posts record trade deficit as weak yen pushes up imports February 21, 2013 JAPAN recorded its deepest ever trade deficit in January, despite a sharp weakening in the yen due to a raft of monetary stimulus. Exports climbed for the first time in eight months, helped by a 16 per cent slide in the yen, versus the dollar, since November last year. But this 6.4 per cent annual [...]
IFS pushes for new tax policy February 21, 2013 THE CHANCELLOR should set out specific tax objectives against which to test tax policy, a prominent think tank said yesterday. This move should come as part of a new way of doing tax policy, the influential Institute for Fiscal Studies (IFS) argued, with the Treasury facing greater scrutiny in its policy-making. Reform is needed because [...]
Housing starts dip in January February 21, 2013 US NEW housing starts crashed in January, but kept well above their level during January last year. Privately-owned housing starts sunk 8.5 per cent between December and the first month of 2013, bringing them from 973,000 in December to 890,000 – but they were still 23.6 per cent above January 2012’s 720,000 starts, according to [...]
Brussels steps up control over borrowing rules February 21, 2013 THE EUROPEAN Commission will get new powers to monitor Eurozone governments’ budgets and can demand changes if they do not fit in with European borrowing rules under a deal struck with the European Parliament yesterday. But a plan to pool debts was abandoned after countries led by Germany rejected the idea that they should back [...]
Top two Eurozone economies hit by price deflation in 2013 February 21, 2013 CONSUMER prices fell into decline in Germany and France in January, according to figures released yesterday. Both countries were hit with a 0.5 per cent fall in their consumer price indices (CPI) last month, as the Eurozone crisis continues, although over the year the two Eurozone giants still saw prices rise. Annual inflation was 1.7 [...]
Credit Agricole in the red again with record loss February 21, 2013 FRENCH bank Credit Agricole reported record losses yesterday after a hefty tax bill on the disposal of its Greek arm sent costs soaring. The bank lost €3.98bn (£3.47bn) in the fourth quarter of 2012 and €6.47bn in the year as a whole, its worst performance since going public 11 years ago. But shares rose as [...]
Heron Tower seeks refinancing February 21, 2013 THE consortium responsible for the Heron Tower on Bishopsgate is understood to be renegotiating a £370m loan used to construct the building. Gerald Ronson’s Heron International built the 230m tall structure, which opened in 2011, in conjunction with Middle Eastern investors but both parties are now in discussions with German banks who provided funding towards [...]
Boss of Capital Spreads quits February 21, 2013 THE CHIEF executive and co-founder of spread betting firm Capital Spreads stepped down yesterday, as parent firm London Capital Group swung to a £200,000 annual loss. Simon Denham, who leaves after a decade at the helm, will be replaced by Mark Slade. Revenues at LCG fell by 27 per cent to £28.6m, which the Aim-listed [...]
Garmin profit drives off a cliff as motorists ditch satnav tools February 21, 2013 GARMIN yesterday forecast full-year results below analysts’ estimates, suggesting a market share gain from smaller rivals could no longer offset a lack of demand for its GPS-enabled handheld navigation devices. Net profit fell to $129.3m (£84.5m) in the fourth quarter, from $165.6m a year earlier. Shares of Garmin, whose quarterly profit also fell short of market [...]
Rexam expects sales growth in North America February 21, 2013 DRINKS-can maker Rexam yesterday reported full-year underlying profit above estimates and said it expects sales to grow in its largest market North America, sending its shares up by over five per cent. Rexam said it has a 20 per cent market share in North America, the world’s largest beverage can market with 100bn cans used [...]
