Netflix Inc: Share price continues 'remarkable' moves, up 70pct in 2012 |
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| Economy | |
| Written by Roberta Murray | |
| Friday, 27 January 2012 | |
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Financial News Roundup: Netflix shares, Government takes control of the City, Turning back the clock 1000 years, Coryton oil refinery.
Netflix, Inc (NASDAQ:NFLX) is today's Chart of the Day GFT. Analyst David Morrison brought Netflix to attention following yesterday's 22% surge: "But there has been yet another turn of fortune for the stock as it is currently one of the best performers around. So far in 2012, Netflix has risen some 70%," says Morrison. Netflix posted an EPS of $0.73 and revenues of $876 million, easily topping expectations of $0.55 and $858 million. Government to grab control of the CityThe Treasury will on Friday publish plans for a radical overhaul of financial regulation that will hand the Chancellor new powers to take charge in a crisis, rein in the might of the Bank of England, and provide extra protection for consumers. The new Financial Services Bill will be put to Parliament on Friday morning alongside a memorandum of understanding between the Treasury and the Bank that will set down how the authorities should respond to another financial crisis. It will make clear that responsibility lies with the Chancellor whenever taxpayers' money is put at risk to avoid a repeat of the Northern Rock fiasco when Alistair Darling found he could not order the Bank to act, The Telegraph says. Turning back the clock 1000 yearsStephen King, group economist at HSBC, has predicted a return to the world economy of 1,000 years ago - with the centre of world trade centred on China, India, Indonesia, and the east coast of Africa. Trade between emerging markets will rise sharply in the coming years, said Mr King as the European and the US economy slowed. "Where will global growth come from? Much will come from the growing connections between these countries over the next 20 to 30 years. We will see a ten-fold expansion of trade, an extraordinary change." Citing the car industry as an example, he said emerging market companies would create products for other emerging markets, with smaller, cheaper cars produced by Indian and Chinese companies for Indian and Chinese consumers. Emerging markets had invested heavily in trading infrastructure, he added, citing the fact that five of the world's top container shipping ports were now in China, according to The Telegraph. Coryton oil refineryFuel prices have risen again just 24 hours after one of Britain’s biggest refineries went bust, stopping supplies to filling stations. Administrators for the Coryton oil refinery in Essex have rushed to strike a deal with suppliers and customers to get fuel delivery trucks rolling again today but the action came too late to prevent long queues forming outside several filling stations in the South East yesterday as diesel pumps ran dry. Supermarkets – which usually set the trend – have put up to 1p a litre on the price of diesel and unleaded. On average across the UK, diesel rose to 142.32p (from 142.21p) per litre and is now within a fraction of a new record. Petrol rose to 134.03p per litre (from 133.89p), the AA reported.
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