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May 13, 2008
Oil, precious metals higher on session
Permalink: Oil, precious metals higher on session by Elaine Frei
Crude oil prices hit another new high at $126.98 per barrel in midday trade in New York after reports, later denied, that Iran will cut oil production.
Meanwhile, the International Energy Agency cut its global demand growth forecast and reported that distillates stockpiles are down in developed nations while the US Senate ...
US import prices rise in April
Permalink: US import prices rise in April by Peter Charalambous
Prices of imported goods into the US have increased by 1.8 percent in April, and the hike has been driven by the increase in crude oil and raw materials which heighten the threat of inflation as the increase was larger than expected.
Analysts had forecast a 1.7 percent rise in import prices, ...
China’s retail sales grow at fastest pace for 2 decades
Permalink: China’s retail sales grow at fastest pace for 2 decades by Peter Charalambous
Chinese retail sales increased by 22 percent last April, and across the year recorded sales worth 814.2 billion yuan due to the increase in food, jewellery and car sales.
The National Bureau of Statistics said consumer spending in Asia's second-largest economy are buoyant and that retail sales in ...
UK’s April inflation rate soaring
Permalink: UK’s April inflation rate soaring by Peter Charalambous
The UK’s inflation rate has soared to its highest pace since 2002 in April, which made it difficult for the Bank of England to aid economic recovery. As a result, interest rates were kept unchanged.
The Office for National Statistics said today that consumer prices have increased by 3 percent from last ...
US retail sales fall
Permalink: US retail sales fall by Peter Charalambous
A government report released today shows that US retail sales have declined by as much as 0.2 percent in April.
During the period, consumers have had to tighten their purse strings and the area hardest hit are the sales of gas guzzling sport utility vehicles.
The steep drop experienced in vehicles sales during the ...
House price drop, higher inflation hurt pound
Permalink: House price drop, higher inflation hurt pound by Elaine Frei
The pound weakened Tuesday after consumer inflation was reported up at an annualized rate of 3 percent in April and after the Royal Institution of Chartered Surveyors said that its new survey showed 82 percent of surveyors reported that house prices declined in the three months ending in April.
It took ...
Job losses at Northern Foods as talks collapse with M&S
Permalink: Job losses at Northern Foods as talks collapse with M&S by Kay Murchie
Leeds-based Northern Foods, which is one of Britain’s biggest food suppliers, is to axe over 700 jobs at its Fenland Foods site in Grantham, Lincolnshire.
The company, which makes Italian ready meals for Marks & Spencer (M&S) at its Grantham site, said a new contract has not been ...
Italian industrial production signals a slow down
Permalink: Italian industrial production signals a slow down by Peter Charalambous
Italian industrial production has reduced output for the second consecutive month as a result of higher energy costs and the strength of the euro which is hitting the economy.
Industrial production has always been a clear indicator of the state of the economy, and as production dropped by 0.2 percent from ...
UK producer prices surge
Permalink: UK producer prices surge by Peter Charalambous
Producer prices have climbed at the fastest annual pace since at least 1986 in April caused by the sharp rise in the cost of raw materials.
Compared to last year, the prices charged by factories rose 7.5 percent from a year earlier as released by the Office for National Statistics.
The higher prices ...
China’s bank reserve ratio increased
Permalink: China’s bank reserve ratio increased by Peter Charalambous
The People's Bank of China have stated on their website that the commercial banks' reserve ratio would rise 0.5 percentage points to 16.5 percent.
This move is in addition to the latest increase that was made less than a month ago.
The latest increase is in a bid to reduce the credit growth ...
Restructure at DSG results in 400 job losses
Permalink: Restructure at DSG results in 400 job losses by Kay Murchie
It is believed that DSG International, the electricals group, is to axe approximately 400 staff at its headquarters as part of a strategic shake-up of the business.
Chief executive, John Browett, is likely to announce that almost one in four jobs are to go as he looks set to reshape ...
May 12, 2008
Crude prices fall after spike to new record
Permalink: Crude prices fall after spike to new record by Elaine Frei
West Texas Intermediate crude reached another new record Monday, climbing to $126.40 per barrel before falling back to $124.15 per barrel, $1.81 below Friday’s close, by just before the end of floor trade on the New York Mercantile Exchange, while Brent crude was $1.87 lower to $123.53 on the ...
Pound strengthens on data
Permalink: Pound strengthens on data by Elaine Frei
The pound gained on the euro and the US dollar Monday as a substantial boost in producer prices led to less of a chance that the Bank of England will cut interest rate next month.
The Office of National Statistics reported that UK producer prices were up 7.5 percent from last year, while April’s ...
Argentinean economy threatened by farm strike
Permalink: Argentinean economy threatened by farm strike by Peter Charalambous
Argentina is the world's second-largest corn exporter and the third-biggest soybean supplier.
Although, as a result of the second farmers strike in two months, government officials and the farm leaders are at loggerheads.
Cabinet Chief Alberto Fernandez is currently leading the talks wit the farmers in order to prevent the strike although ...
Chinese Exports slowing
Permalink: Chinese Exports slowing by Peter Charalambous
The Chinese economy is suffering a double pronged attack as its export growth has slowed in April. With little swing in the export surplus, the government will have increased difficulty in maintaining monetary value.
According to the Vice Premier Wang Qishan China will keep a tight monetary policy in order to avert the Chinese ...
US trade deficit narrows
Permalink: US trade deficit narrows by Peter Charalambous
The US trade deficit narrowed more than expected in March due to the reduction in imports of cars and crude oil, as caused by a weakened economy and the record high oil prices.
This effect has meant that the trade deficit has shrunk greater than forecasts as consumer spending has been cut significantly ...
May 11, 2008
Travelodge on the hunt for acquisitions
Permalink: Travelodge on the hunt for acquisitions by Kay Murchie
Budget hotel chain, Travelodge, is planning an aggressive programme of acquisitions and is to set its sights on three and four-star hotels who are struggling as the credit squeeze has a devastating affect on the hospitality industry.
The programme follows the collapse of a planned merger with rival budget hotel operator ...
May 9, 2008
New York oil, gasoline futures hit record highs
Permalink: New York oil, gasoline futures hit record highs by Elaine Frei
June contracts for West Texas Intermediate crude oil ended the session on the New York Mercantile Exchange with a gain of $2.27 to $125.96 per barrel Friday after going as high as a new record $126.20 per gallon earlier in the session.
Brent crude for June delivery was up $2.04 ...
Yen, Swiss franc in gains
Permalink: Yen, Swiss franc in gains by Elaine Frei
The yen and Swiss franc both saw gains on Friday as investors backed away from risky carry trades on declines in equities markets that were driven by new reports of losses related to the credit crisis.
At around 11:30 a.m. in New York the yen traded at ¥159.2379 to the euro and at ...
Google expresses an interest in Yahoo
Permalink: Google expresses an interest in Yahoo by Kay Murchie
Google, the world’s largest internet company, is keen on extending an advertising partnership with Yahoo.
The two companies recently shared advertising for two weeks, however, many analysts believe the trial was more about preventing a Microsoft bid for Yahoo.
Microsoft withdrew its bid for Yahoo last weekend. Steve Ballmer, Microsoft’s chief, formally ...
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