Business Digest, February 14, 2013

PUBLISHED : Thursday, 14 February, 2013, 12:00am
UPDATED : Thursday, 14 February, 2013, 4:53am


Inflation to stay above target, BOE warns

Bank of England governor Mervyn King said Britain faced more inflation and a muted economic recovery. "Inflation is likely to rise further in the near term and may remain above the 2 per cent target for the next two years," King said. "We clearly have to change the relative price of the goods that we produce at home compared with those abroad." The pound fell as he spoke. Bloomberg


Russia urges joint action on growth

The central bank of Russia, host to the Group of 20 finance officials' meeting this week, urged joint action to achieve balanced global growth and called on countries not to resort to trade protectionism and currency devaluations. Senior official Alexei Ulyukayev said he supported the Group of Seven's statement reaffirming their commitment to market-based exchange rates. Reuters


Ex-Xinhua Finance chief in US plea bargain

Xinhua Finance's former chief executive, Loretta Fredy Bush, pleaded guilty to a charge of conspiring to obstruct the US Internal Revenue Service as part of a deal with US prosecutors to resolve accusations of joining a US$50 million insider-trading scheme. Bloomberg


Peugeot Citroen posts first loss in 3 years

PSA Peugeot Citroen, Europe's second-biggest carmaker, has reported its first operating loss in three years, owing to a contraction in the regional vehicle market. The loss before interest, taxes, and one-time gains or costs was €576 million (HK$6.02 billion) last year. Bloomberg