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June 17, 2008
by Kay Murchie
Pub restaurant and budget hotel operator, Whitbread, said it is benefiting from the slowdown in consumer spending as customers are thriftier and therefore boosting its budget hotel chain, Premier Inn.
The company saw like-for-like sales in the 13 weeks to May 29 increase 7.1% and said Premier Inn, which makes up for approximately 70% of group earnings, continued to outperform the broader ...
by Elaine Frei
Equities markets in the Asia-Pacific region were mixed on Tuesday, with gains coming on a drop in crude oil prices overnight and gains in metals prices.
Among gainers, the Hang Seng added 0.12 percent to 23,057.99 and the Taiex was up 0.39 percent to 8,201.79.
In Australia, the Sydney Ordinaries gained 0.91 percent to 5,525.9 and the S&P/ASX200 was 0.95 ...
by Elaine Frei
The pound weakened Tuesday after the Office of National Statistics said that consumer prices grew by 3.3 percent in May from the same time last year and Bank of England Governor Mervyn King said that inflation is likely to remain above the Bank’s target or 2 percent well into next year.
At just before noon in New York the pound was worth ...
by Peter Charalambous
Industrial output increased by 16 percent in May from a year earlier, after gaining 15.7 percent in April as China’s industrial-production growth increased, following an upturn in exports, which is another indication that the world’s fourth largest economy is surviving the global slowdown.
So far in 2008, China's trade surplus has declined by 8.6 percent from 2007, although the increase in ...
by Peter Charalambous
The inflation rate in the euro zone is now 3.7 percent which is the highest since June 1992, the rate was estimated to be 3.6 percent only a month ago.
Inflationary pressures are hitting as a result of the surge in food and energy costs, most notably in the eastern European countries, as they are realigning with the rest of the euro ...
by Peter Charalambous
Global inflation concerns are mounting and so finance ministers from the Group of Eight nations have made a continued warning that surging food and fuel prices are threatening the global economy, amid the current uncertain economic climate which was debated at Osaka, Japan.
The meeting is set to cover a range of current issues such as the troubled financial markets and global warming.
With ...
by Kay Murchie
As a result of lenders tightening their lending criteria and falling house prices, Carphone Warehouse has experienced a fall in its share price by over 10%.
Last week, shares in the company hit their lowest levels since October 2005.
Experts believe that new broadband customers are acquired after moving home. However, the current economic climate means that nobody is moving house and ...
June 16, 2008
by Elaine Frei
Crude oil prices went as high as $139.89, a gain of more than $5 over Friday’s close in early trade on Monday before ending lower on the session.
By the close of floor trade on the New York Mercantile Exchange July contracts for West Texas Intermediate crude had dropped $1.17 from Friday’s close to $133.69 per barrel, while at last report Brent ...
by Peter Charalambous
According to the foreclosure-monitoring company, RealtyTrac, US foreclosure filings have continued to rise in May, indicating a 48% rise from a year ago. This means that one in every 483 households received a foreclosure filing last month.
That is highest rate since the Irvine, a report back in January 2005, and represents the 29th consecutive month of increased filings.
The ...
by Peter Charalambous
Following the continued hike of petrol prices, European car sales are struggling which has hit many of the largest car manufacturers exports into the euro zone.
The ACEA European carmakers' association revealed that car sales are down by 7.8 percent in May.
It is clear that buyers have been put off due to the economic climate as deliveries last month dropped to 1.33 million vehicles ...
by Peter Charalambous
US consumer confidence has fallen to a 28-year low this month, as the Reuters/University of Michigan preliminary index of consumer sentiment fell to 56.7 from 59.8 last month.
Furthermore, a recent report has indicated that the index is likely to continue to plummet as inflation, currently at 3.4 percent, will mean that it may be a couple of years before the index ...
by Elaine Frei
The pound was stronger versus the dollar and the euro Monday on the possibility that UK inflation in May was above the target set by the Bank of England.
It took $1.9644 to buy a pound, while the British currency was at 78.81p to the euro.
The yen, meanwhile, saw declines as investors showed more enthusiasm for risky carry trades financed with the Japanese ...
June 14, 2008
by Peter Charalambous
The sharp increase in both petrol and energy prices have caused US consumer prices to increase in May at their fastest pace for over six months. The 0.6 percent rise was 0.1 higher than analysts had expected especially after the 0.2 percent rise from the month before.
During the month it was the change in energy prices that caused the biggest shock as ...
by Peter Charalambous
Despite the earthquake in Sichuan, China's retail sales has remained strong as sales rose 21.6 percent in May and this rise represented the fastest pace in nine years.
Retail sales also survived a stock-market slump and loss of a week-long holiday, as demand remained buoyant.
According to the statistics bureau, sales soared to 870.4 billion yuan ($126 billion) after increasing by 22 ...
by Peter Charalambous
Following a two day meeting, the Bank of Japan has held its main interest rate at 0.5%, a decision which had been widely expected by analysts. It indicates that the state of the economy is still strong at that the country does not have the same inflationary fears and threats that have coerced the Federal Reserve and the Bank ...
by Peter Charalambous
Due to the current fears about inflation across the continent, wage growth in Europe accelerated more than forecast. Due to the higher cost of living, workers have actively sought an increase in their pay packets as indicated by the picketing by Shell’s subcontractors delivering to its forecourts.
Across the euro zone, labour costs have increased by 3.3 percent even though analysts had predicted ...
by Peter Charalambous
Driven by the increase in retail sales, European stocks have increased as both inflationary threats seem to have eased, as well as consumer confidence in the US back on the rise. As a result, HBOS Plc, UBS AG and Commerzbank AG increased despite the huge losses seen by housebuilders.
Europe's Stoxx 600 added 0.4 percent to 305.17 even though credit-related losses approached $400 billion, ...
June 13, 2008
by Peter Charalambous
China’s trade surplus has narrowed, as in the month of May exports had accelerated above expectations, as the threat of the US slowdown and the appreciation of the Yuan have not affected exports.
Despite the increase in exports, the level of trade surplus is still high as the trade surplus was $20.2bn compared to $22.45bn last year as imports have increased by 40% year-on-year. ...
by Peter Charalambous
Producer price inflation has increased by 4.7 percent in May from 3.9 percent in the last month as Japan is experiencing an increase in wholesale prices at their fastest rate in 27 years. This signals the end of the economic expansion that has continued from strength-to-strength since the war.
Profits have fallen by 17.5 percent in the first quarter from last year, which ...
by Kay Murchie
Indian inflation is at its highest level for 7 years. In the year to end of May, wholesale price inflation rose 8.75%, rising from the previous week's 8.24% and exceeded analysts expectations.
The inflation rate is now at its highest level since February 2001 and exceeds the government's target of between 5% and 5.5%.
India's central bank unexpectedly raised interest rates ...
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