Pope sacks entire board of Vatican’s financial regulator June 6, 2014 The Pope has chucked the entire board of the Vatican’s financial watchdog, in the latest move to overhaul the city-state’s banking practices, following a corruption scandal and clashes between members. The terms of the five people currently on the Financial Intelligence Authority’s board were due to finish in 2016. The all-Italian board is now being [...]
Fuller’s profits jump on strong food sales June 6, 2014 Brewer Fuller, Smith & Turner has reported a jump in profit before tax of 10 per cent to £34.1m, for the year ended 29 March. The company made strong gains from food and accommodation, with like-for-like sales rising in both areas by 10.4 per cent. Revenue climbed six per cent to £288m, while the final [...]
What you need to know before the open June 6, 2014 European shares are expected higher this morning, still buoyed by the action announced by the ECB yesterday, despite calls that it’s all too little, too late. In focus are nonfarm payrolls in the US, with unemployment expected to have crept up. German industrial output moved back into growth in April, confirming that the powerhouse economy [...]
Game opts for low-end valuation of £340m June 6, 2014 Game Digital will sell its shares for £2 apiece, it's been announced. That means the company, which has made a pretty impressive comeback since going into administration two years ago, has a valuation of £340m, as it prepares to return to the stock market. That is at the lower end of what some had hoped [...]
Asian markets cautious ahead of US jobs report June 6, 2014 Asian markets swung between gains and losses as investors look ahead to today's US jobs report. US May non-farm payrolls are expected to show jobs expanded by 218,000 last month, according to a Reuters poll. Markets were buoyed by the European Central Bank's decision to cut interest rates to head off the risk of deflation. Meanwhile, US stocks [...]
After share price crash Asos warns on profits and investors slam Morrisons June 5, 2014 SOME of Britain’s biggest retailers were left reeling yesterday after a profits warning from Asos spooked investors and supermarket bosses came under a fierce verbal attack from angry shareholders. Asos shares crashed 31 per cent, wiping £1.2bn off its market value, after the online fashion retailer warned that a strong pound and a rise in [...]
Super Mario unleashes box of tricks in bid to soften the euro June 5, 2014 THE EUROPEAN Central Bank (ECB) cut rates again yesterday, pushing one of its main policy tools into negative territory for the first time ever, as president Mario Draghi hinted at even more easing. With the deposit rate cut from zero to minus 0.1 per cent, Eurozone banks effectively must pay the central bank to park [...]
Only QE left on Draghi’s table June 5, 2014 EUROPEAN Central Bank (ECB) president Mario Draghi made it clear yesterday that there would be no further cuts in interest rates, with only full-blown quantitative easing (QE) left as a major option for easing policy. Until now the ECB “sterilised” its Securities Market Program, trying to offset their own purchases of government debt, so that [...]
The ECB’s new interest rate policy – what does it all mean? June 5, 2014 The European Central Bank has taken the bold decision to push the deposit rate from zero to minus 0.1 per cent, essentially meaning that Eurozone banks must pay the central bank to make deposits there. But what does this decision from ECB president Mario Draghi mean for everyone? Funding For Business Lending [...]
What the other papers say this morning – 06 June 2014 June 5, 2014 FINANCIAL TIMES Juncker won’t give in to Cameron A defiant Jean-Claude Juncker has warned Britain that he will not bow to David Cameron’s objections or yield to press coercion in his bid to become European Commission president. The former Luxembourg prime minister told a private gathering of party colleagues that he was seeking a broad [...]