The FTSE 100 may have closed at a 1999 high – but take in these five things to see how high it’s really climbed May 13, 2014 London's leading index is roaring, and on track to smash some old records. Today, it's closed at 6,873.08 – its highest level since 1999, a symbolic year for FTSE 100 benchmarks. But the comparison with today's FTSE and that of 14 years ago may not be entirely fair. It's true that the FTSE 100 is [...]
Citizens wants to dominate north east US May 13, 2014 RBS is cutting right back in the UK and across the world – it only wants to focus on British retail and business banking. That means slashing its investment bank further, an efficiency drive in branches and selling overseas units. One of those is Citizens its US arm, which could be worth as [...]
MPs quiz Ofgem boss on energy competition and prices May 13, 2014 Ofgem’s chief executive Dermot Nolan faced a grilling from a committee of MPs earlier today, who questioned the timing of – and motivation behind – the regulator’s decision to refer competition in the retail energy market to the Competition and Markets Authority in March. Nolan – who joked that he was “a masochist” for taking [...]
How Richard Branson’s getting behind virtual currency May 13, 2014 Bitpay, the Atlanta-based Bitcoin payments processor has reportedly raised $30m (£17.8m), and Richard Branson is one of the investors. In an email cited by the Wall Street Journal, the business magnate took the opportunity to make a statement about virtual currency more widely, saying: “Banking as we know it is in the midst of enormous change [...]
UK comes one step closer to banning unpaid internships May 13, 2014 The House of Commons has passed a Ten Minute Rule Motion banning unpaid internships by a massive 181 votes to 19. The motion was brought forward by conservative MP Alec Shelbrooke, who argued that unpaid internships disproportionately favoured the children of the wealthy and well-connected. Shelbrooke said fellow members of the House of Commons had [...]
What you need to know before the US open May 13, 2014 US stocks are expected flat today, after retail sales disappointed and investors found little else to prompt a push resulting in anything like the sharp rally seen yesterday. Retail sales improved just 0.1 per cent in April, below the 0.4 per cent forecast and the 1.5 per cent jump seen in March. Meanwhile, imports and [...]
Why Tuesday is Apple’s favourite day for announcements May 13, 2014 Today could be the day Apple confirms its $3.2bn takeover of Beats Electronics, in fact Apple is more likely to make the announcement today, a Tuesday, than any other day. This is because the iPhone-maker has a record of making its announcements on Tuesdays. In the last 15 months we’ve seen the overwhelming majority of [...]
US rebound evaporates as retail sales slump May 13, 2014 Not the number analysts were looking for. US retail sales grew by a meagre 0.1 per cent in April, a shadow of March's estimated 1.5 per cent leap (which has today been revised down to 0.4 per cent). Analysts at HSBC expected sales "to turn in a solid performance, as households continued to make up [...]
The five nightmare scenarios fund managers are most afraid of May 13, 2014 Global investors are ramping up their cash holdings and reducing exposure to risk, according to May's BoAML fund manager survey. They're increasingly worried about geopolitical instability, as well as the strength of the global economic recovery. Average cash levels have reached five per cent of portfolios, the highest level since June 2012, and a 4.8 [...]
Here’s why Pfizer’s boss carries a gold coin everywhere May 13, 2014 The appearance of Pfizer chief executive Ian Read at today's hearings on its proposed takeover of Astrazeneca, took a strange turn of events when conservative MP Brian Binley asked Read about a gold coin he carries everywhere he goes. The coin which attracted Binley's questioning reads on the one side "own it", while the other [...]