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New records

German GDP slumps 0.6 per cent in Q4

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CITY A.M. REPORTER

The German economy shrank in the last three months of 2012, with a plunge in exports driving the contraction.

Seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing that German GDP fell by a more-than-expected 0.6 per cent in the last quarter of the year.

It marks the biggest fall since the economy contracted by 4.1 per cent at the start of 2009.

Foreign trade deducted 0.8 per cent from GDP while domestic demand added 0.2 per cent.

The data showed that exports dropped by two per cent in the fourth quarter while imports fell by 0.6 per cent, boding ill for struggling Eurozone states that had hoped to offload more of their goods on Germany, where rising wages, high employment and moderate inflation have boosted domestic demand.

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T Vintiner & Co

BAE plans ?1bn share buyback as profit stalls

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CATHY ADAMS

DEFENCE and aerospace firm BAE Systems yesterday launched an ambitious ?1bn share buyback programme, as evidence of the “robust performance” of the FTSE firm.

Chief executive Ian King said he could see “green shoots” in the company, which gave it the confidence to unveil the buyback, although full implementation still hinges on discussions with Saudi Arabia over pricing of a key contract.

Despite its optimism, BAE yesterday posted a six per cent fall in profit,, and sales over the year fell seven per cent.

Full-year underlying earnings before interest, tax and amortisation fell to ?1.9bn, hurt by unresolved discussions over pricing of the Saudi Arabian contract to supply the Gulf state with Typhoon aircraft.

BAE warned that its key UK and US markets would be “constrained” this year.

It has come under pressure from shrinking military budgets in the US and the UK, as governments try to reel in large budget deficits.

The UK government pledged in 2010 to slash its defence spending by eight per cent by 2014 while the US – from which BAE derives around 40 per cent of its income – already has plans in place to cut $487bn (?320bn) from its defence budget for the next decade.

BAE – whose proposed merger with European peer EADS collapsed in October as Germany refused to give it the green light – is “absolutely not” in discussions to revive the tie-up, King said yesterday.

Meanwhile, BAE yesterday inked a longevity swap with L&G to safeguard it against the risk that its 31,000 pensioners live longer than current estimates.

     
     
  T Vintiner & Co  
 

ADDRESS: 24 Crouch End Hill

CITY: London

COUNTY: London

POST CODE: N8 8AA

TELEPHONE NUMBER: 020-8340-1237

CATEGORY: Framing Services

 

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Call T Vintiner & Co: 020-8340-1237

 
     
 

Miles: Print ?175bn more

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TIM WALLACE

BANK?of?England policymaker David?Miles yesterday called for at least an additional ?175bn of quantitative easing (QE), arguing it is the best way to help boost the economy.

Miles believes there is a large output gap in the UK currently which could be reduced by printing more money, boosting demand and encouraging firms to invest more, increasing output capacity in the longer term.

Sir Mervyn King and Paul Fisher joined Miles in voting for another ?25bn QE this month, a change from his recent lone call for more easing.

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