| | Wednesday 30 May 2012 THOUGHT FOR THE DAY  Hello Share Fans,
Something nice could happen to UK shares. They might move head of companies based in other countries – especially those in Europe. You'll be pleased to know that I am talking in terms of share values.
British growth is non existent at the moment. That is according to some reckonings. But there are some City folk who believe that official figures paint a blacker picture than is truly the case.
Also, interest rates for government borrowing Britain are lower than other countries. That is because the rest of the world has more confidence in our economic doings than in many other places. And in particular, we are thought to have better prospects than the rest of Europe.
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Paper Round Irish vote, Spanish deficit, Indian GDP
Ireland's government is confident of victory in Thursday's eurozone fiscal pact referendum as secret official polling forecasts that over 60 per cent of Irish voters will tick the Yes box. Polling stations will close at 10:00 on Thursday after the only popular vote to be held in the 25 European Union countries that have signed up to a treaty that enshrines eurozone austerity rules into national law, writes the Telegraph.
Beleaguered Spain was handed a lifeline by the European Commission yesterday as the nation was given an extra year to slash its deficit. […] Under the terms of the fiscal pact, Spain is obliged to cut its deficit to 3% in 2013, forcing a brutal EURO27bn (GBP21.5bn) in budget cuts from Prime Minister Mariano Rajoy's centre-right administration. But these targets are widely seen as optimistic given Spain's economic woes. The commission's economic and monetary affairs commissioner, Olli Rehn, said Spain would be given an extra year to meet the target, subject to controls on spending, according to the Independent.
India's economic growth fell below the psychologically significant 6% level for the first time in three years, a clear sign that the country's slowdown is deepening and affecting all sectors of the economy. Sharp falls in the manufacturing and agriculture sectors have led Asia's third-largest economy to grow only 5.3% in the first three months of 2012, compared to 9.2% growth a year earlier, the Financial Times says.
Falling stock markets have forced high-end jeweller Graff Diamonds to ditch its $1bn (GBP637m) flotation in Hong Kong. Reports suggested Graff pulled its planned Hong Kong listing after receiving orders for just half its $1bn initial public offering (IPO) less than two days before its deadline. A company spokesmen said: "Graff Diamonds Corporation confirms that owing to adverse market conditions it has decided to postpone its planned IPO and listing on the Hong Kong Stock Exchange," reports the Telegraph.
The boss of Morgan Stanley has defended his bank's leading role in the bungled flotation of Facebook, claiming that there was no "nefarious activity" involved. James Gorman told his staff that they should be proud of their work in arranging Facebook's initial public offering and that the success of the listing should be judged over time. He also said that Sheryl Sandberg, Facebook's chief operating officer, had offered to give Morgan Stanley a professional recommendation for its work, the Times reports.
Brazil's central bank has cut its benchmark lending rate to an historic low as part of efforts to revive growth in Latin America's largest economy. The central bank reduced its Selic interest rate by 50 basis points to 8.5%, undercutting the previous mark of 8.75% reached during the 2009 financial crisis, according to the Financial Times.
TIP OF THE DAY  A report by Growth Equities & Company Research
Conroy Gold and Natural Resources has been making good progress at its Clontibret Gold Project. The company has just successfully raised up to GBP3.15 million in a placing at 2.5p alongside a GBP2.75 million SEDA provided by Yorkville. The placing saw the Directors increasing their stake by 9.2 million shares, which speaks volumes about the board's confidence in the outlook for a company that could commence gold production within three years. The proceeds of the fund raising will be used to fund the on-going programme at Clontibret as well as at its nearby Clay Lake and other gold targets. Plans for an open pit gold mine at Clontibret are no longer a pipe dream.
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THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Hambedon Mining Eckoh Rivington Street Holdings Minoan Running trading thread
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BOOK OF THE WEEK  By Johan Stenebo
A book review by Aaron Padgham of t1ps.com Johan Stenebo was a leading director at IKEA for more than two decades during a period in which it rapidly transformed into a leading flatpack retailer, generated billions of pounds of revenue across 38 countries. Working directly beneath Ingvar Kamprad, owner of the Swedish furniture giant, Stenebo was pivotal in the opening and running of the Leeds store, that soon went on to break company records, and was for some time Kamprad's personal assistant. John left the group in early 2009, after disputes with other members of management, and a few months later this book was released.
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