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   | | | | Business this week Aug 12th 2010 From The Economist print edition The Federal Reserve said that America’s economic recovery was “more modest” than had been anticipated and maintained its policy of quantitative easing. With fears of a double-dip recession rising, the Fed said it would buy Treasury debt using the proceeds from more than $150 billion of maturing mortgage debt that it owns. The Dow Jones Industrial Average fell by 2.5% the next day. See article Across the pond, the Bank of England lowered its growth forecasts, citing tight credit conditions and government spending cuts. It also said that inflation would probably remain above target in 2011, largely because of a rise in value-added tax planned for the start of the year.
China’s goods-trade surplus almost trebled in the year to July, reaching $28.7 billion. Import growth slowed from the previous month. America’s trade deficit in goods and services widened by more than expected in June, by 18.8% to $49.9 billion. Imports from China reached $32.9 billion, the highest they have been since October 2008. Germany’s exports surged in June by a quarter, to €83.6 billion ($106.9 billion), the most since September 2008. Britain’s exports rose by 15.5% in the three months to June, the fastest rate since July 2006. Skype, a Luxembourg-based provider of internet telephony, said it planned to raise $100m through an initial public offering on the NASDAQ stockmarket. The company, which was founded in 2003, was acquired by eBay in 2005. The online auction site sold 70% of its stake for about $2 billion last year, following legal disputes with Skype’s founders. Google, the world’s biggest internet-search company, and Verizon, an American telecommunications firm, proposed legislation that would allow internet providers to give preference to some types of data traffic. That would put an end to “network neutrality”, one of the internet’s founding principles. Hewlett-Packard ousted its chief executive, Mark Hurd. A board investigation found that he was not guilty of sexual harassment, but that he had broken the company’s rules on expense claims. Within minutes of the news, the personal-computer- Cisco Systems reported weaker results than expected because of companies’ reduced spending on technology. Nevertheless, the world’s largest maker of networking equipment said net income for the quarter had risen by 79%, to $1.9 billion. Russia announced a temporary ban on all its grain exports, after a severe drought and fires devastated the country’s wheat crops. Wheat prices have jumped by more than 50% since early June. See article American International Group reported surprisingly strong results in the second quarter. The insurer’s adjusted net income was $1.3 billion, up from $1.1 billion a year earlier. AIG is selling Alico, a global life-insurance unit, plans to list its Asian arm and intends to offload 80% of its consumer-finance division, American General Finance, to Fortress, an investment company. The insurer, which was once the world’s biggest, said it was preparing for “separation” from the American government, which owns 80% of the group. Prudential, a British insurer, reported a 41% rise in operating profit, to £968m ($1.5 billion), in the first half of the year. It said that its failed takeover of AIA, the Asian arm of AIG, had cost it £377m. GDF Suez, a French energy giant, reached a deal to buy 70% of Britain’s International Power. The agreement is expected to create one of the world’s largest independent power generators. International Power’s shareholders will retain control of the remaining 30%. The new company, which will have an estimated value of £19 billion ($30 billion), will be based and listed in London. It will have access to power plants in Britain, Australia and emerging markets. Nestlé, the world’s largest food company, enjoyed a 7.5% jump in net profits in the first half of 2010. Net profit rose to SFr5.4 billion ($5.2 billion) from SFr5 billion a year earlier. Brisk growth in emerging markets and cost-cutting compensated for higher prices of raw materials, such as cocoa and milk powder. Matthew Simmons, a banker and the author of “Twilight in the Desert”, died at the age of 67. Mr Simmons, who founded Simmons & Co, an investment bank, and the Ocean Energy Institute, a think-tank and venture-capital fund, was a leading proponent of the “peak oil” theory, according to which the world is running out of crude oil. Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroup
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