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The recent rise in coal prices has failed to benefit the company as most of its output had already been sold, it said. Total production costs were £1.30 per gigajoule, UK Coal said, but the average selling price was just £1.18 per gigajoule. "We have a long journey ahead to fix these issues. We continue to make progres... |
Chinese exports rise 25% in 2004 |
Exports from China leapt during 2004 over the previous year as the country continued to show breakneck growth. |
The spurt put China's trade surplus - a sore point with some of its trading partners - at a six-year high. It may also increase pressure on China to relax the peg joining its currency, the yuan, with the weakening dollar. The figures released by the Ministry of Commerce come as China's tax chief confirmed that growth h... |
According to the Ministry of Commerce, China's exports totalled $63.8bn in December, taking the annual total up 35.4% to $593.4bn. With imports rising a similar amount, the deficit rose to $43.4bn. The increased tax take comes despite healthy tax rebates for many exporters totalling 420bn yuan in 2004, according to Mr ... |
Karachi stocks hit historic high |
The Karachi Stock Exchange (KSE) has recorded its largest single day gain, surging 3.5% to a new high. |
The index rose 225.79 points in four hours of furious trading, with many investors optimistic that political stability could bring an economic boom. The KSE index closed at 6709.93 - an overall gain of nearly 400 points in the first two trading days of the week. Energy and telecommunication stocks performed particularl... |
In 2002, the KSE was the world's best performing stock market, with the index rising 112%. |
Pakistani investors are expecting the KSE to repeat, if not improve on, its 2002 performance. Jubilant investors danced on the streets as the market closed for the day on Tuesday, confident that the boom will continue at least until the public holiday on 22 January. Others, however, who had stayed out fearing an immine... |
Market analysts are inclined to agree with Mr Lakhani, arguing that there are a number of major factors behind the KSE's performance. Analysts argue that a steady improvement in Pakistan's credit ratings by international credit rating agencies has finally begun to register in the market. Standard & Poor's upgraded Paki... |
Then, say analysts, there is corporate profitability in the current fiscal year, which has gone up by 27% from last year. "Coupled with the 7% GDP growth expected by June this year, I am least surprised at the market's performance," says Mr Lakhani. One leading Karachi broker said the real reasons may be political. "If... |
Locally, too, say analysts, recent political developments have worked to the market's advantage. |
An anti-Musharraf campaign threatened by the MMA, a countrywide alliance of religious parties, has fizzled out. The release of Asif Zardari, former Prime Minister Benazir Bhutto's husband, has eased political tensions between the military-backed government and the opposition Pakistan People's Party. Most importantly, s... |
US trade gap ballooned in October |
The US trade deficit widened by more than expected in October, hitting record levels after higher oil prices raised import costs, figures have shown |
The trade shortfall was $55.5bn (£29bn), up 9% from September, the Commerce Department said. That pushed the 10 month deficit to $500.5bn. Imports rose by 3.4%, while exports increased by only 0.6%. A weaker dollar also increased the cost of imports, though this should help drive export demand in coming months. "Things... |
Despite this optimism, significant concerns remain as to how the US will fund its trade and budget deficits should they continue to widen. Another problem highlighted by analysts was the growing trade gap with China, which has been accused of keeping its currency artificially weak in order to boost exports. The US impo... |
Saudi ministry to employ women |
Women will be employed in Saudi Arabia's foreign ministry for the first time this year, Foreign Minister Prince Saud Al-Faisal has been reported as saying. |
The move comes as the conservative country inches open the door to working women. Last year, Crown Prince Abdullah, the de-facto ruler, told government departments to put plans in place for employing women. But progress has been slow, reports from the country say. |
Earlier this week, the local Arab News said Labour Minister Ghazi al-Gosaibi had "caused uproar" when he said his ministry was having difficulty hiring women because they demanded segregated offices. The newspaper said many Saudi women found his explanation "a pitiful excuse for not employing women". Women now make up ... |
US prepares for hybrid onslaught |
Sales of hybrid cars in the US are set to double in 2005, research suggests. |
Research group JD Power estimates sales will hit 200,000 in 2005, despite higher prices and customer scepticism. Carmakers are starting to build hybrid sports utility vehicles (SUVs), the four-wheel-drive vehicles which now dominate the US car market. Hybrids cut both petrol consumption and emissions by combining a pet... |
At the Detroit Motor Show, a range of manufacturers are prominently displaying their hybrid credentials. Toyota has led the market to date with the Prius, popularised by a number of celebrities keen to burnish their "green" credentials. In April it will launch a hybrid version of its Highlander SUV, with an SUV from it... |
Honda has three hybrids on the market, and between them the two Japanese carmakers sold more than 80,000 units last year. Ford, which has sold 4,000 of its first hybrid since its launch in August, is bringing a hybrid SUV - the Mariner - to market a year ahead of schedule, with plans for three more models by 2008. GM h... |
Others remain more sceptical. Nissan has bought Toyota's hybrid technology, but plans to bring out its first model only in 2006. "We want to make sure we are not concentrating on one technology," Nissan chief executive Carlos Ghosn said. "We will not be surprised by any acceleration or deceleration in the hybrid market... |
Oil prices fall back from highs |
Oil prices retreated from four-month highs in early trading on Tuesday after producers' cartel Opec said it was now unlikely to cut production. |
Following the comments by acting Opec secretary general Adnan Shihab-Eldin, US light crude fell 32 cents to $51.43 a barrel. He said that high oil prices meant Opec was unlikely to stick to its plan to cut output in the second quarter. In London, Brent crude fell 32 cents to $49.74 a barrel. |
Opec members are next meeting to discuss production levels on 16 March. On Monday, oil prices rose for a sixth straight session, reaching a four-month high as cold weather in the US threatened stocks of heating oil. US demand for heating oil was predicted to be about 14% above normal this week, while stocks were curren... |
German economy rebounds |
Germany's economy, the biggest among the 12 countries sharing the euro, grew at its fastest rate in four years during 2004, driven by strong exports. |
Gross domestic product (GDP) rose by 1.7% last year, the statistical office said. The economy contracted in 2003. Foreign sales increased by 8.2% last year, compared with a 0.3% slide in private consumption. Concerns remain, however, over the strength of the euro, weak domestic demand and a sluggish labour market. The ... |
"During 2004 we profited from the fact that the world economy was strong," said Stefan Schilbe, analyst at HSBC Trinkaus & Burkhardt. "If exports weaken and domestic growth remains poor, we cannot expect much from 2005." Many German consumers have been spooked and unsettled by government attempts to reform the welfare ... |
US Ahold suppliers face charges |
US prosecutors have charged nine food suppliers with helping Dutch retailer Ahold inflate earnings by more than $800m (£428m). |
The charges have been brought against individuals as well as companies, alleging they created false accounts. Ahold hit the headlines in February 2003 after it emerged that there were accounting irregularities at its US subsidiary Foodservice. Three former Ahold top executives last year agreed to settle fraud charges. |
Ahold has admitted that it fraudulently inflated promotional allowances at Foodservice, improperly consolidated joint ventures and also committed other accounting errors and irregularities. |
The nine now charged, who worked as suppliers to Ahold, are accused of signing false documents relating to the amount of money they paid the retailer for promoting their products in its stores. Food companies pay supermarkets and retailers for prime shelf space. The suppliers in question are said to have inflated the a... |
Others include Michael Hannigan of Sugar Foods; Peter Marion of Maritime Seafood Processors and First Choice Foods; Gordon Redgate of Commodity Manager and Private Label Distribution; Bruce Robinson of Basic American Foods and Michael Rogers, formerly of Tyson Foods. Pasquale D'Amuro of the FBI called the nine vendors ... |
US retail sales surge in December |
US retail sales ended the year on a high note with solid gains in December, boosted by strong car sales. |
Seasonally adjusted sales rose 1.2% in the month, compared to 0.1% a month earlier, boosted by a surge in shopping just before and after Christmas. Sales climbed 8% for the year, the best performance since an 8.5% rise in 1999, the Commerce Department added. The gains were led by a 4.3% jump in auto sales as dealers us... |
The increase in sales during December pushed total spending for the month to $349.4bn (£265.9bn). Sales for the year also broke through the $4 trillion mark for the first time - with annual sales coming in at $4.06 trillion However, if automotives are excluded from December's data, retail sales rose just 0.3% on the mo... |
Retail sales are seen as a major part of consumer spending - which in turn makes up two-thirds of economic output in the US. Consumer spending has been picking up in recent years after slumping during 2001 and 2002 as the country battled to recover from its first recession of the decade and the World Trade Centre attac... |
McDonald's boss Bell dies aged 44 |
Charlie Bell, the straight-talking former head of fast-food giant McDonald's, has died of cancer aged 44. |
Mr Bell was diagnosed with colorectal cancer in May last year, a month after taking over the top job. He resigned in November to fight the illness. Joining the company as a 15-year-old part-time worker, Mr Bell quickly moved through its ranks, becoming Australia's youngest store manager at 19. A popular go-getter, he i... |
After running the company's Australian business in the 1990s, Mr Bell moved to the US in 1999 to run operations in Asia, Africa and the Middle East. In 2001, he took over the reins in Europe, McDonald's second most important market. He became chief operating officer and president in 2002. Mr Bell took over as chief exe... |
US industrial output growth eases |
US industrial production continued to rise in November, albeit at a slower pace than the previous month. |
The US Federal Reserve said output from factories, mines and utilities rose 0.3% - in line with forecasts - from a revised 0.6% increase in October. Analysts added that if the carmaking sector - which saw production fall 0.5% - had been excluded the data would have been more impressive. The latest increase means indust... |
The US economy grew at a respectable annual rate of 3.7% in the three months between July and September, while jobs growth averaged 178,000 during the same period. While the employment figures are not spectacular, experts believe they are enough to whittle away at America's 5.4% jobless rate. A breakdown of the latest ... |
'Golden economic period' to end |
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