The Gulf of Mexico oil spill has galvanised the electric car industry as policymakers, investors and consumers show a renewed interest in alternative energy sources.Shares in makers of batteries and other electric-vehicle components have risen sharply, particularly since Barack Obamasaid in his address from the Oval Office last Tuesday that “the tragedy unfolding on our coast is the most painful
European stocks fell on Tuesday, breaking a winning streak of nine consecutive sessions, as the initial excitement faded over China’s decision to allow the renminbi to appreciate.The benchmark FTSE Eurofirst 300 index fell 0.4 per cent to 1,050.71 as doubts surfaced about how fast the currency would be revalued and the true impact the de-pegging would have on European economies.
BP admitted on Tuesday that the Deepwater Horizon oil rig explosion was a “major setback at a key frontier, acknowledging that the financial consequences for the company would be “severe.The comments were made by Steve Westwell, BP’s chief of staff, who was giving a speech that was meant to have been delivered by Tony Hayward, BP’s chief executive.
US stocks shrugged off worse-than-expected existing home sales figures on Tuesday to stage a weak rally by midday, with technology stocks performing best.Existing home sales, measuring contracts closed during the month, fell 2.2 per cent last month while analysts expected a 7.5 per cent rise.
France has covered more of its financing needs, and is borrowing on better terms, than a year ago in spite of concerns over sovereign debt that have hit government bond markets in recent weeks.Philippe Mills, head of France’s debt management office, the Agence France Tresor, told the Financial Times that French bonds were being priced at “historically low yields, with investor demand still high.
Jamie Dimon on Tuesday reshuffled JPMorgan Chase’s top management, naming a dealmaker as finance chief and moving a close ally to lead the bank’s international expansion, in moves that will shape the race to succeed him as chief executive.The changes could prepare the ground for acquisitions in Europe or Asia, the probable sources of JPMorgan’s future growth, and underline Mr Dimon’s confidence
German businesses have shrugged off Europe’s debt crisis with corporate optimism in the continent’s largest economy rising to its highest level for more than two years.The Munich-based Ifo institute reported on Tuesday that its business climate index had risen from 101.5 in May to 101.8 this month – the highest since May 2008.
Asian currencies gave back some of their recent gains on Tuesday as events in China continued to dominate action in the currency markets.The dollar lost ground on Monday after China announced that it would de-peg the renminbi from the US currency, with Beijing allowing the renminbi to put in its largest daily rise since it introduced a de facto peg against the dollar in mid-2008.