Tuesday, March 30, 2010
Friday, March 19, 2010
Markets unexcited by debt news
The FTSE 100 remained flat in spite of news that the Government borrowed £12.4bn in February, less than expected. The figure for January was also revised down to £43m from £4.3bn.
The figures still look frightening on most measures, so it wasn’t enough to revise most people’s poor view of the UK. The FTSE dipped 2 points to 5,642. The German Dax and French CAC 40 were also down on the day. The Dow Jones and Nasdaq were marginally up as European markets closed.
Premier Farnell was the day’s strongest riser, gaining 9.84% to 220p as it returned to profit for the full year. The group said sales and underlying operating profit had both returned to year-on-year growth during the fourth quarter. Baker Greggs also reported full year results ahead of expectations
Elsewhere, the markets were supported by bid activity. Oil services group Wellstream Holdings rose 6.8% to 579p as Brazil’s Petrobras and Italy’s Enel were rumoured to be interested in the group. Arriva build on its 17% rise yesterday, gaining another 4.6% to 708p. Germany’s Deutsche Bahn confirmed it had made an approach for the group.
Pulling in the opposite direction was Savills. In spite of robust full-year results, the shares wobbled on news that the group expects the UK residential market to be hit by the General Election in the second half of the year. It also said that its Asia Pacific division was unlikely to see as strong a year.
European insulating and roofing supplier SIG was the day’s biggest faller as it swung to a loss for the full year 2009. Revenues were damaged by a slump in building activity and restructuring costs. The group said that 2010 was likely to be another tough year with revenues not levelling out until the middle of the year.
The banks were a drag on the overall performance of the FTSE 100. Analysts blamed profit-taking as the Royal Bank of Scotland slid 3.6% to 42p, Lloyds fell 3.2% to 55.55p and HSBC slipped 1.7% to 681p.
The figures still look frightening on most measures, so it wasn’t enough to revise most people’s poor view of the UK. The FTSE dipped 2 points to 5,642. The German Dax and French CAC 40 were also down on the day. The Dow Jones and Nasdaq were marginally up as European markets closed.
Premier Farnell was the day’s strongest riser, gaining 9.84% to 220p as it returned to profit for the full year. The group said sales and underlying operating profit had both returned to year-on-year growth during the fourth quarter. Baker Greggs also reported full year results ahead of expectations
Elsewhere, the markets were supported by bid activity. Oil services group Wellstream Holdings rose 6.8% to 579p as Brazil’s Petrobras and Italy’s Enel were rumoured to be interested in the group. Arriva build on its 17% rise yesterday, gaining another 4.6% to 708p. Germany’s Deutsche Bahn confirmed it had made an approach for the group.
Pulling in the opposite direction was Savills. In spite of robust full-year results, the shares wobbled on news that the group expects the UK residential market to be hit by the General Election in the second half of the year. It also said that its Asia Pacific division was unlikely to see as strong a year.
European insulating and roofing supplier SIG was the day’s biggest faller as it swung to a loss for the full year 2009. Revenues were damaged by a slump in building activity and restructuring costs. The group said that 2010 was likely to be another tough year with revenues not levelling out until the middle of the year.
The banks were a drag on the overall performance of the FTSE 100. Analysts blamed profit-taking as the Royal Bank of Scotland slid 3.6% to 42p, Lloyds fell 3.2% to 55.55p and HSBC slipped 1.7% to 681p.
Thursday, March 11, 2010
Senate Poised to Pass Jobless Aid, Tax Breaks
Legislation blending help for the jobless with popular tax breaks for businesses and individuals is slated to pass the Senate Wednesday over protests from conservatives who say it adds too much to the $12.5 trillion national debt.
But compassion for the jobless and the political power of an annual package of tax breaks is
Jonathan D. Colman
--------------------------------------------------------------------------------
likely to produce a bipartisan vote to pass the measure, even though it would add more than $130 billion to the budget deficit over the next year and a half.
The bill would provide unemployment benefits of up to 99 weeks in many states for people mired in joblessness as the economy slowly recovers from the worst recession in decades.
The measure easily cleared a procedural hurdle Tuesday by a 66-34 vote, with eight Republicans voting with Democrats to break a GOP filibuster.
The measure illustrates the great extent to which direct help for the jobless and the poor makes up a large portion of Democrats' election-year agenda on jobs _ and threatens to squeeze out other items amid concerns about a budget deficit projected at a record $1.6 trillion this year.
The sweeping bill cleans up a host of unfinished congressional business from last year that languished as the Senate focused on health care.
RELATED LINKS
Current DateTime: 12:18:58 11 Mar 2010
LinksList Documentid: 35794719
States to Cut Jobs as Stimulus Dwindles?US Hiring Outlook Dips: ManpowerThe Ten Best Jobs in America 2010
It would also prevent doctors from absorbing a 21 percent cut in Medicare payments and extends through December a generous 65 percent subsidy of health insurance premiums for the unemployed under the COBRA program, at a cost of $10 billion.
Democrats also hope to finish work this week on a far smaller job-creation measure blending additional highway spending with new tax breaks for companies that hire the unemployed.
The Senate could clear the measure for President Barack Obama's signature by Friday.
Wednesday's larger bill also provides the annual extension of $26 billion worth of tax breaks for businesses and individuals that are popular with senators in both parties. The $66 billion cost of providing additional months of unemployment checks _ the core benefit is 26 weeks _ is added directly to a budget deficit expected to hit $1.6 trillion this year. Federal cash to help states with Medicaid adds about $25 billion more.
"Even though these programs may be good for your state, a senator has an obligation to stand up and say 'no more,'" said freshman GOP Sen. George Lemieux of Florida. "No more spending our kids' future. No more bankrupting the promise of this country."
But Democrats said it would be heartless to cut off unemployment benefits to the long-term jobless and contended that the benefits inject demand into the economy, helping to lift it.
"This is not just some technical bill," said Sen. Max Baucus, D-Mont. "This bill helps real people. Failure to enact this bill would cause real hardship. Failure to enact this bill would cost jobs."
The tax breaks include a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and development and a sales tax deduction that mainly helps people in the nine states without income taxes.
But compassion for the jobless and the political power of an annual package of tax breaks is
Jonathan D. Colman
--------------------------------------------------------------------------------
likely to produce a bipartisan vote to pass the measure, even though it would add more than $130 billion to the budget deficit over the next year and a half.
The bill would provide unemployment benefits of up to 99 weeks in many states for people mired in joblessness as the economy slowly recovers from the worst recession in decades.
The measure easily cleared a procedural hurdle Tuesday by a 66-34 vote, with eight Republicans voting with Democrats to break a GOP filibuster.
The measure illustrates the great extent to which direct help for the jobless and the poor makes up a large portion of Democrats' election-year agenda on jobs _ and threatens to squeeze out other items amid concerns about a budget deficit projected at a record $1.6 trillion this year.
The sweeping bill cleans up a host of unfinished congressional business from last year that languished as the Senate focused on health care.
RELATED LINKS
Current DateTime: 12:18:58 11 Mar 2010
LinksList Documentid: 35794719
States to Cut Jobs as Stimulus Dwindles?US Hiring Outlook Dips: ManpowerThe Ten Best Jobs in America 2010
It would also prevent doctors from absorbing a 21 percent cut in Medicare payments and extends through December a generous 65 percent subsidy of health insurance premiums for the unemployed under the COBRA program, at a cost of $10 billion.
Democrats also hope to finish work this week on a far smaller job-creation measure blending additional highway spending with new tax breaks for companies that hire the unemployed.
The Senate could clear the measure for President Barack Obama's signature by Friday.
Wednesday's larger bill also provides the annual extension of $26 billion worth of tax breaks for businesses and individuals that are popular with senators in both parties. The $66 billion cost of providing additional months of unemployment checks _ the core benefit is 26 weeks _ is added directly to a budget deficit expected to hit $1.6 trillion this year. Federal cash to help states with Medicaid adds about $25 billion more.
"Even though these programs may be good for your state, a senator has an obligation to stand up and say 'no more,'" said freshman GOP Sen. George Lemieux of Florida. "No more spending our kids' future. No more bankrupting the promise of this country."
But Democrats said it would be heartless to cut off unemployment benefits to the long-term jobless and contended that the benefits inject demand into the economy, helping to lift it.
"This is not just some technical bill," said Sen. Max Baucus, D-Mont. "This bill helps real people. Failure to enact this bill would cause real hardship. Failure to enact this bill would cost jobs."
The tax breaks include a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and development and a sales tax deduction that mainly helps people in the nine states without income taxes.
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