Swiss economy catches cold as EU sneezes September 2, 2014 SWITZERLAND’S economy unexpectedly flatlined in the second quarter as trade took a hit from stagnation in its main export market, Europe, and a dip in construction spending. The data, missing forecasts of a 0.5 per cent increase from the previous quarter, was the weakest reported by the country’s State Secretariat for Economic Affairs (SECO) in [...]
Construction sector celebrates strongest conditions since 2007 September 2, 2014 THE CONSTRUCTION sector is still expanding as house builders get started on a growing number of projects, according to a survey of the industry released yesterday. Although analysts expect a modest slowdown for the economy as the year comes to an end, builders reported the second-strongest conditions since 2007 in August, according to data firm [...]
Fall in PPI complaints leads to 42pc fewer disputes with banks September 2, 2014 A DECLINE in the number of disputes about the mis-selling of loan insurance in the first half of 2014 has led to a fall of nearly 42 per cent in total complaints against British banks, figures released yesterday by the banks’ ombudsman reveal. The Financial Ombudsman Service said it received 191,000 new complaints during the period, compared [...]
Mining tax in Australia axed after two years September 2, 2014 AUSTRALIA’S controversial mining tax was on the way to the scrap heap yesterday, after having been in place for only two years. The Liberal government, led by Prime Minister Tony Abbott, won a vote in the Australian Senate backing a repeal. The vote in the Senate, by 36 to 33, represents a significant political victory [...]
Property market fears have failed to dent confidence – Brand Index September 2, 2014 A decline in homeowners’ optimism about the property market has led to a fall in our monthly YouGov / Cebr Consumer Confidence Index for the first time since December 2012. However, looking at the latest set of data from our Household Economic Activity Tracker (known as Heat) suggests that consumer confidence is becoming more broad-based, [...]
Fracking potential threatened by prospect of water shortages September 2, 2014 THE POTENTIAL shale gas boom from fracking could face a major obstacle, with 38 per cent of global shale gas resources in areas of high water stress, according to a report released yesterday. According to a study by the World Resources Institute, eight of the top 20 countries, including the UK, with the highest shale [...]
Moelis snaps up US politician Eric Cantor for vice-chair role September 2, 2014 Former US Congressman Eric Cantor is set to join New York investment bank Moelis, becoming vice-chairman and managing director, after an embarrassing rejection from politics by his own local supporters. The boutique firm announced yesterday that Cantor could “provide strategic counsel” to the group and its clients, after 13 years as an elected Republican representative. [...]
Returns made by private equity stagnate below pre-crisis levels September 2, 2014 SLUGGISH stock markets and lower levels of strategic improvement have driven private equity returns to their lowest levels since the financial crisis, a study shows. Exits by buyout groups – which involve the sale of companies owned by private equity outfits – netted selling firms two times their original equity investment between 2010 and 2013, [...]
DN Capital raises $200m for new start-up fund September 2, 2014 LONDON-based venture capital (VC) firm DN Capital announced yesterday that it has raised $200m (£159m) to launch its third European investment fund, with a specific focus on start-ups in London and Berlin. DN Capital has previously invested in about 50 companies, including London-based mobile app Shazam, and currently has funds of $320m under its management. [...]
Time Out owner Oakley Capital hit by sterling as Daisy Group receives takeover offer September 2, 2014 The trust backed by Time Out owner Oakley Capital Investments has said a slump in the value of its Daisy Group stake helped knock 4.5 per cent off the value of the fund. The firm’s net asset value per share slumped from 200p on 31 December to 191p at the end of June. Oakley’s companies, [...]