Debenhams sales drop while chief exec raises concerns over consumer spending June 20, 2014 Debenhams has reported a fall in like-for-like group sales of one per cent for the 15 weeks to 14 June. However, the multi-channel retailer enjoyed strong growth in online and international business. The company attributed the slight fall in part to the changing date of its summer sale to 26 June. Instead of slashing prices [...]
Asian markets slide on Iraq fears June 20, 2014 Asian markets are suffering losses as the deteriorating situation in Iraq weighs on investor sentiment. Crude futures received a boost after US President Barack Obama said he would send 300 military advisers to Iraq. Japanese shares were flat after a Reuters poll showed over half of businesses said they would consider investing in capital expenditure. [...]
Obama to send military advisers to Iraq as Isis militants seize weapons store June 19, 2014 IRAQ plunged further into chaos last night after militants from the Islamic State of Iraq in the Levant (Isis) seized control of a chemical weapons facility containing a stockpile of Saddam Hussain’s old munitions. The news prompted US President Barack Obama to announce he will send up to 300 military advisers to train Iraqi forces in [...]
Suarez brace breaks England’s hearts June 19, 2014 ENGLAND’S World Cup dream appeared to be in tatters last night as Uruguay beat them 2-1 in the group stage, with both Uruguay goals scored by Liverpool’s Luis Suarez. He put the South Americans ahead in the first half, before Wayne Rooney equalised in the 75th minute to give England a glimmer of hope. But [...]
More Bank of England officials voice support for interest rate hike soon June 19, 2014 A Bank of England policymaker yesterday argued that the UK should not “hold back too long” before hiking interest rates, adding to a chorus of calls urging a tightening earlier than was previously expected. Monetary policy committee (MPC) member Ian McCafferty said that uncertainties about the level of slack in the economy should lead the Bank [...]
Kristin Forbes gets the nod from politicians June 19, 2014 Kristin Forbes, who is joining the Bank of England’s monetary policy committee, won the approval of the Treasury select committee yesterday. Forbes said in testimony that she would not move to the UK for another year, due to difficulty finding school places for her children.
IMF pushes for easing to boost euro inflation June 19, 2014 THE INTERNATIONAL Monetary Fund (IMF) yesterday urged the Eurozone to consider bringing in a full-scale quantitative easing (QE) programme, to combat worryingly low inflation. The global institution argued that the European Central Bank (ECB) should be ready to pursue unconventional measures: “If inflation remains stubbornly low, the ECB should consider a large-scale asset purchase programme, primarily [...]
What the other papers say this morning – 20 June 2014 June 19, 2014 FINANCIAL TIMES Ministers blast shambolic IT overhaul A Whitehall initiative to loosen the hold of big business on government contracts has come under fire from cabinet ministers, who have told the prime minister that “shambolic” IT provision by smaller firms has brought their departments to a virtual standstill in recent weeks. Vince Cable, business secretary, [...]
Venezuela on finance blacklist June 19, 2014 International regulators last night blacklisted Venezuela and its financial sector for failing to co-operate with global rules. The Financial Stability Board warned the country was “a non-cooperative jurisdiction with respect to regulatory and supervisory standards on international cooperation and information exchange” and that foreign banks should exercise “caution” in dealings with entities in the state [...]
Deutsche Bank warned by BaFin June 19, 2014 Germany’s financial watchdog, BaFin, has ordered Deutsche Bank to do more to ensure commodity prices cannot be manipulated by its traders. The warning is the latest sign that regulators believe that some of the world’s largest markets are still open to abuse. Deutsche Bank is reportedly conducting its own investigation into trading around the setting [...]