In a worrying sign for the mining industry, Caterpillar the world’s biggest construction and mining equipment maker has cut is forecast for 2015 earnings. With Chinese demand slowing, commodity producers have reduced their capital expenditure, which will impact Caterpillars outlook.
The shortfall in Apple iPhone5 units available for the first week of demand (only selling a record breaking 5 million) has been blamed on the use of thinner touch screen. The shortfall of the component required for the improved design, has led to demand outperforming supply.
Headlines
RBS managers condoned and participated in the manipulation of Libor, indicating that wrongdoing extended beyond the four fired traders that have so far been fired – Bloomberg
RBA says local banks well poised to cope with adverse EU shocks, Credit growth to stay moderate
JJB sports shops will go into administration as no buyer could be found - CityAM
US Republican Presidential candidate Mitt Romney wants to label China as a currency manipulator
Fitch affirmed Hong Kong overnight at AA+; outlook stable
