3i trebles buyouts after restructure

first_img whatsapp PRIVATE equity firm 3i Group trebled its buyout investments in the five months to August after a recent shake-up at the firm saw its head of buyouts resign, it said yesterday. Investment in buyouts increased to £236m from £86m in 2009, with overall investments up more than 65 per cent to £257m, 3i said.Realisations from investments sold fell to £129m from £448m in 2009. 3i’s chief executive Michael Queen said the group had made good progress growing the company over the period.Queen has led a number of changes at the firm in recent weeks, merging the buyouts team with the growth capital business that specialises in buying minority stakes in fast growing businesses.The move led to the departure of 3i’s leading dealmaker Jonathan Russell, a 24-year veteran of the firm. 3i also announced a deal for debt management firm Mizuho Investment Management earlier this week, a move designed to bolster the group’s corporate debt investing business, and one which is seen moving the firm further from a buyouts model to a broader asset management business. Meanwhile, high asset prices continue to weigh heavily on new deals, with Queen saying the firm would keep its focused approach, targeting sectors such as healthcare, where the group still sees good value. But Queen added the competition for assets will help 3i sell businesses at attractive prices. Queen said there is strong demand for general industrial companies with a good product range, manufacturing efficiencies and international prospects. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times whatsapp Show Comments ▼ Tags: NULL Sharecenter_img Thursday 30 September 2010 10:17 pm 3i trebles buyouts after restructure Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content last_img read more

Footie tycoon hedges stake in Barclays

first_img Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Footie tycoon hedges stake in Barclays whatsapp THE BILLIONAIRE owner of Manchester City football club has moved to hedge himself against a drop in Barclays’ share price, investment bank Nomura confirmed last night.Sheikh Mansour bin Zayed al Nahyan has done a deal with Nomura to protect the value of his entire £2.4bn stake, amounting to 6.2 per cent of total Barclays shares. Nomura said PCP3 will convert more than 131m warrants into shares, which will become subject to the hedge. KCS-content Nomura will simultaneously place around 220m shares with institutional investors, in a complex deal to hedge the sheik’s PCP Gulf Invest 3 fund, it said in a statement. Several reports said yesterday the 220m shares had been sold for between 290p to 295p, a slight discount to Barclays’ closing price of 304p yesterday. “The exercise and hedging mark the final completion of a strategy that locks in a significant gain on Barclays shares for PCP3 while retaining further upside,” explained Nomura in a statement. “PCP3 will seek to continue to maintain a close commercial and strategic relationship with Barclays in the future.”Sheikh Mansour, a member of the Abu Dhabi royal family, and the Qatar sovereign wealth fund helped prop up Barclays during the credit crisis in 2008. Show Comments ▼ whatsapp Thursday 7 October 2010 9:47 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Share Tags: NULLlast_img read more

Rolls-Royce wins $110m in energy contracts

first_img Tags: NULL Rolls-Royce has won new contracts valued at more than $110m (£69m) for energy projects in Europe, Africa, India and the Middle East. As part of these contracts, Rolls-Royce will deliver both power generation and pipeline transmission products and services.Andrew Heath, Rolls-Royce, President Energy said: “We are pleased to announce these new contracts, which demonstrate the confidence customers have in our product technology and performance. “Rolls-Royce continues to grow in the important global power generation and oil and gas markets, powering pipelines in 24 countries and delivering electricity generation capability in over 50 countries.” More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Share center_img Rolls-Royce wins $110m in energy contracts whatsapp John Dunne whatsapp Monday 6 December 2010 3:21 amlast_img read more

Arm beats forecasts with 47pc profit jump

first_img Share Tags: NULL John Dunne Chip designer ARM beat expectations with a 47 per cent rise in fourth-quarter profit on , helped by booming growth in smartphones and tablet computers, and said it was well placed for 2011.The company, whose architecture is licensed to chipmakers like Infineon , Qualcomm and Samsung, reported pre-tax profit of 47.6 million pounds on 34 per cent higher revenue of £113.9m, equating to earnings per share of 2.9 pence.ARM said 2011 would bring exciting opportunities as it entered competitive new markets and it was well positioned, but it said growth in the industry would return to more typical levels after the strong recovery seen in 2010.It said it expected group dollar revenues for 2011 to be at least in line with market expectations.Nearly all the world’s mobile phones use ARM’s low power technology, as do most tablets – a category that hardly existed before the debut of Apple’s iPad in April.ARM’s success in mobile computing was endorsed last month by Microsoft, with its decision to configure Windows for ARM chips, sending shares in the Cambridge-based company to a 10-year high.The stock now trades on a sky-high price-earnings multiple of 51, setting a high bar for both its numbers and outlook. Tuesday 1 February 2011 2:43 am Arm beats forecasts with 47pc profit jump More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Show Comments ▼ whatsapplast_img read more

Air freight recovers in 2010

first_img Show Comments ▼ Air freight recovers in 2010 whatsapp AIR freight grew by over one fifth in 2010, in a sign of global economic recovery, but severe weather in Europe and North America dented passenger demand at the end of the year, the airline body IATA said yesterday.Both passenger and freight demand have now exceeded pre-recession levels but freight volumes have dropped five per cent since the peak of the post-recession restocking boom in early 2010, the International Air Transport Association said.IATA director-general Giovanni Bisignani said the world was moving again after an unprecedented decline in aviation demand in 2009. Airlines ended the year ahead of 2008 volumes but with a profit margin of only 2.7 per cent.“The challenge is to turn the demand for mobility into sustainable profits,” he said.Demand for air cargo — an important indicator of world trade flows — was 6.7 per cent higher in December than a year earlier after rising 5.4 per cent in November, to show a 20.6 per cent rise for the full year, IATA’s monthly traffic data showed.The World Trade Organisation has projected that global trade rebounded by a record 13.5 per cent in 2010. IATA estimates that some 30 per cent of world trade by value — more expensive goods than bulk cargos — are moved by air.With freight demand growth oscillating between 35.2 per cent in May and 5.8 per cent in November, the industry is heading towards a more normal growth pattern in line with historical growth rates of five to six per cent. Severe weather in North America and Europe dented passenger demand in December, with growth slowing to 4.9 per cent from 8.2 per cent. in November. Share KCS-content center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Wednesday 2 February 2011 7:52 pm whatsapp Tags: NULLlast_img read more

Hedgie makes big Ocado loss

first_img Share KCS-content whatsapp Hedgie makes big Ocado loss Sunday 20 February 2011 11:25 pm Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp ONLINE grocer Ocado’s recent growth has stung a US hedge fund, which has reportedly lost up to £40m by shorting Ocado stock after the firm’s rocky flotation in July. Elinor Carter Brooks from New York-based Blue Ridge Capital is thought to have bet against the shares when they had already dropped to near all-time lows of 130p in October.Its shares closed at 259.3p on Friday, valuing the firm at £1.4bn. Ocado shares were shorted aggressively following its lower-than expected float last July, with around 4.5 per cent of the shares at one point available for borrowing. Ocado declined to comment, while Blue Ridge could not be reached yesterday. It was not all good news for Ocado yesterday, as partner Waitrose announced a £10m website revamp for its home delivery service. Waitrose, which supplies most of Ocado’s products, said it hopes to launch its own web store in the second week of March.Waitrose said its service will focus on “personal touches” such as letting customers select the ripeness of fruit. The employee-owned supermarket plans to expand inside the M25 for the first time since signing a supply agreement with Ocado that barred such a move until last year. Ocado insiders yesterday played down any rivalry between the online services. “Ocado couldn’t be growing much faster right now, and there is room in this market for everybody,” said one source.Waitrose is also said to be in talks with potential partners about opening new franchised stores in South Africa, Australia and the Far East. It declined to comment on the potential clash with Ocado’s business. Tags: NULLlast_img read more

WALL STREET WEEK AHEAD

first_img Share Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com whatsapp Show Comments ▼ whatsapp center_img U S stock investors could scramble to pick up some of the market’s recent best performers this week as the quarter comes to an end, putting the spotlight on energy and industrial companies.But worries about Japan, the Middle East and oil prices will persist and keep uncertainty high, analysts said, even as the VIX, the CBOE Volatility Index, slid 27 per cent over the past week.Another driver could come from economic data, with the US government’s March payrolls report – the most widely watched economic indicator of the month – due on Friday.Economic data lately has taken a backseat to geopolitical events, with Japan’s massive earthquake and tsunami sparking fears of a nuclear disaster in the country and driving the most recent pullback in stocks.But many expect window dressing, where fund managers sell stocks with big losses and buy ones with big gains to spruce up their portfolio’s quarterly performance, to dominate trading.“I think a number of people viewed the harshness of the sell-off as an opportunity to pick up some inappropriately punished stocks,” said Michael Strauss, chief economist of Commonfund, based in Wilton, Connecticut.The strategy contributed to a bounceback late last week, with the Dow Jones industrial average and Nasdaq posting their best weeks since July. The benchmark Standard & Poor’s 500 had its best week since early February.The earnings reporting period is set to start in the second week of April. KCS-content Sunday 27 March 2011 11:06 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald WALL STREET WEEK AHEAD last_img read more

Brits sacrifice holidays, says Thomas Cook

first_img Tags: NULL KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Thomas Cook, Europe’s second biggest travel firm, said UK bookings had slowed as cash-strapped Britons sacrifice their annual two weeks in the sun.“Cumulative summer bookings remain ahead in most markets, although the rate of booking intake has slowed noticeably in the UK as a result of continued economic uncertainty,” the company said yesterday.Thomas Cook said cumulative summer bookings in Britain were one per cent ahead of last year, sharply down from growth of six per cent when the group last updated the market.British consumers have been increasingly unwilling to spend as muted earnings growth and higher inflation, fuelled by January’s rise in VAT and hikes in oil and food prices, bite into real incomes.Historically Britons have been reluctant to give up their hard-earned summer holiday even when they are cutting back in other areas.Thomas Cook said cumulative summer bookings were up four per cent in central Europe, which includes Germany, Austria and Switzerland; up 11 per cent in northern Europe; up nine per cent at Airlines Germany; but down one per cent in western and eastern Europe.Earlier this week Peter Long, the boss of TUI Travel said demand for annual holidays was proving resilient. whatsapp Share whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Tuesday 29 March 2011 8:41 pm Brits sacrifice holidays, says Thomas Cook Show Comments ▼last_img read more

ECB sticks with its hawkish sentiment

first_img whatsapp Share KCS-content Tags: NULL TENSIONS in the Middle East could lead to upward pressure on inflation in the Eurozone and affect economic growth, research from the European Central Bank (ECB) showed yesterday. “Risks to the medium-term outlook for price developments remain on the upside,” reads the ECB’s April bulletin. “They relate to higher than assumed increases in energy prices, not least owing to ongoing political tensions in North Africa and the Middle East.” The inflation rate in the Eurozone was registered at 2.6 per cent in March. The ECB’s bulletin said it will “continue to monitor very closely all developments with respect to upside risks to price stability”.Last week the ECB raised rates for the first time in almost three years. Thursday 14 April 2011 8:05 pmcenter_img ECB sticks with its hawkish sentiment Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search AdsUndo Show Comments ▼ whatsapplast_img read more

China may be larger than US by 2016

first_img IF the International Monetary Fund is right, whoever is elected President of the United States next year will be the last American to preside over the world’s largest economy. By 2016, the IMF believes, China will have overtaken the US as the biggest economy – the first time it actually pins a year on this key event, and a date far closer than previously realised. China’s GDP will surge from $11.2 trillion to $19 trillion in 2016, accounting for 18 per cent of world output. The US will grow, but not enough: its output is predicted to jump from $15.2 trillion to $18.8 trillion, just 17.7 per cent of global GDP. It’s heady stuff, with huge implications for global prosperity, investors, corporate strategies, individual careers, geopolitics and the future of liberal democracy. No wonder gold futures hit another record yesterday – and that the greenback is under such pressure.Two caveats are in order. The first is that the stats are adjusted for purchasing power parity: a dollar goes much further in China than it does in the US and Chinese GDP figures are adjusted to reflect this. At existing exchange rates, it would take longer for China to overtake the US – but economists prefer to use the adjusted numbers as they reflect relative wealth better.The second caveat is that the IMF, like all forecasters seeking to predict the unpredictable, regularly gets it wrong. China is suffering from excessive inflation; its housing market remains a bubble and its GDP statistics (and all official figures) are suspicious. It remains unclear whether the present monetary tightening will be enough to avoid a massive, sub-prime style financial and credit crisis, which could yet destroy the Chinese regime. We shall soon find out.THINK MACRO, ACT MICROIt is not all bad news, though. Since 11 April, 71 per cent of MCSI World Index firms reporting profits have beaten analysts’ estimates for earnings per share, according to Bloomberg. The 188 giants (from all over the world) have on average smashed expectations by 8.8 per cent, thanks primarily to yet another quarter of strong productivity and efficiency growth. Demand has also been rising, of course, led by emerging economies as well as Germany, Europe’s new powerhouse. The real surprise has been that the explosion in commodity costs – led by oil – has done so little, on average, to dent the earnings bonanza. The poster-child of the uber-performers was Apple, which boasted quarterly profits up 95 per cent with iPhone sales more than doubling; Google, by contrast, performed less well, partly because it has been spending far more on staff. Wall Street worried a little yesterday after some firms trimmed their outlooks – but the overall picture is remarkably resilient. Once again, the world’s largest companies stand apart from the rest of the economy in terms of their ability to grow, boost efficiency, innovate and make money. There are worries that the US economy may have expanded by just 2 per cent or less annualised during the first quarter (0.5 per cent on a quarterly basis), while on Wednesday we will find out how Britain has done (there is a huge range of predictions, with economists even more confused than usual). There are no such fears when it comes to multinationals as a class. For investors, the lesson is clear: in an upswing, big firms do better than countries. Think macro – but act [email protected] me on Twitter: @allisterheath China may be larger than US by 2016 KCS-content Share whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndocenter_img whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Tags: NULL Monday 25 April 2011 11:57 pm Show Comments ▼last_img read more