King of Spain abdicates June 2, 2014 The King of Spain, Juan Carlos, has abdicated. The 76 year old king assumed the throne in 1975 two days after Francisco Franco died. He will be succeeded by 46 year old Crown Prince Felipe. The announcement was made on television by Spain's prime minister, Mariano Rajoy. "I'm convinced this is the best moment for change," said Rajoy. A poll conducted [...]
Mortgage approvals fall to July 2013 low June 2, 2014 Mortgages have seen another fall, dropping to 62,918 in April, from 66,563 in March, according to new figures from the Bank of England. That compares with an average of 70,132 over the previous six months. We had a good idea that we'd see that third monthly decline today. Timelier measures from the BBA saw mortgage [...]
Manufacturing sector production increases for fifteenth month June 2, 2014 Growth in UK factory activity remains incredibly strong in the UK, according to the latest survey data from Markit. Their purchasing managers' index softened a touch, from 57.3 last month to 57 in May, right in line with analyst expectations. Any number above 50 implies expansion. Rob Dobson, senior economist at Markit, said that "the [...]
France’s factory output is falling again June 2, 2014 The French economy remains stuck in a rut. Its manufacturing sector has started shrinking again, according to new survey data compiled by Markit. Their purchasing managers' index figures for the sector show a fall from 51.2 to 49.6 in May. Any number below 50 implies a contraction in activity. Analysts had expected a worse result [...]
What you need to know before the open June 2, 2014 European markets are expected to receive a boost this morning after postive Chinese manufacturing data lifted Asian markets Det Norske Oljeselskap ASA, a part-owner of Noway's largest offshore oil discovery in the last several decades, may move after agreeing to buy Marathon Oil Corp.’s local unit for $2.7bn. European equities rose 1.9 percent in May [...]
Balfour Beatty lands £97m in UK asset sale June 2, 2014 Infrastructure company Balfour Beatty has announced the sale of two UK PPP assets. 50 per cent of its interest in the University Hospital of North Durham and all of its interest in the Knowsley Schools for the Future project will reach a total consideration of £97m, with total gains on the disposal amounting to £51m. [...]
Chinese manufacturing boosts Asian markets June 2, 2014 Asian markets are on the up after the third successive pick-up in the Chinese manufacturing purchasing managers' index (PMI). PMI rose to 50.8 in May, according to the National Bureau of Statistics and China Federation of Logistics and Purchasing. The new data may add further weight to the view that the world's second largest economy is not [...]
City hiring boom for graduates June 2, 2014 FINANCE firms are set to lead a surge in graduate hiring this summer, as companies across the UK rush to hire almost a fifth more university leavers than in 2013. Employers are set to boost the number of graduates they hire by as much as 18 per cent this year as the improving economy boosts [...]
England team head to US as scandal engulfs Qatar 2022 June 2, 2014 ENGLAND’S footballers last night landed in Miami where they will play two friendlies ahead of this month’s World Cup in Brazil. Yet the build-up to the tournament is being over-shadowed by allegations of corruption surrounding a future World Cup, planned for Qatar in 2022. Senior figures from within the game – such as Fifa vice-president [...]
Firms and Labour attack PM’s sluggish EU reforms June 2, 2014 BUSINESS groups and opposition politicians have attacked David Cameron for losing his initiative in reforming the European Union. The Prime Minister’s plans to shake up the EU form a central plank of his campaign to be re-elected in the face of Ukip’s advances. But he is today being urged to act faster by businesses who [...]