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May 13, 2008
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 ...
U.S. Initial Jobless Claims have fallen.
Permalink: U.S. Initial Jobless Claims have fallen. by Peter Charalambous
The number of applications by jobless Americans has fallen, as the level of continuing claims has reduced by 10,000 from 3.02 million, the report also revealed that the four-week average increased by 2,500 to 364,000.
Despite the figures released by the Labour Department, companies are still reducing their labour force after the ...
Both the ECB and BoE keep interest rates unchanged.
Permalink: Both the ECB and BoE keep interest rates unchanged. by Peter Charalambous
Both the European Central Bank (ECB) and the Bank of England (BoE) have announced that they are keeping interest rates unchanged in an attempt to balance the of risk inflation against further economic slowdown.
Following the announcement, the BoE will publish its Inflation Report on Wednesday and it is ...
Bonds rise following interest rate freezes.
Permalink: Bonds rise following interest rate freezes. by Peter Charalambous
The European Central Bank (ECB) and the Bank of England (BoE) have left interest rates unchanged today and that has translated in positive effects on bonds and gilt yields.
U.K. government bonds have increased for five consecutive weeks and this trend has been accentuated by the Bank of England’s decision to ...
Dip in first quarter sales at Next
Permalink: Dip in first quarter sales at Next by Kay Murchie
High Street fashion retailer Next has announced a sharp fall in sales in the first 3 months of the year, as widely expected.
The group said rises in the cost of food, fuel, utility bills and mortgage repayments were all taking their toll on the High Street shoppers.
Back in March, the ...
Royal Mail losses widen
Permalink: Royal Mail losses widen by Kay Murchie
In the last 12 months, Royal Mail has experienced a decline in the amount of letters posted which has driven its regulated letters and parcels business into a £200 million loss.
The group unveiled the degree of Royal Mail's growing financial crisis which is threatening the viability of the universal service which allows ...
May 8, 2008
WTI sets closing high; Brent at new record
Permalink: WTI sets closing high; Brent at new record by Elaine Frei
June contracts for West Texas Intermediate crude ended the floor session up 16 cents to $123.69 per barrel on the New York Mercantile Exchange for a new record closing price while Brent crude for June delivery rose to a record high of $123.17 per barrel before easing back slightly ...
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