London Report: Weak China figures prompt FTSE to fall to three-week low March 10, 2014 BRITAIN’S top equity index fell to its lowest closing level since mid-February yesterday, dragged down by major mining stocks and telecoms group Vodafone. The blue-chip FTSE 100 index closed down by 0.4 per cent, or 23.22 points, at 6,689.45 points – marking its lowest closing level since it ended at 6,663.62 points on 14 February. [...]
New York Report: US stocks dip on China data March 10, 2014 US STOCKS dipped yesterday, weighed down by soft data out of China and Boeing’s latest production setback. Merger and acquisition announcements, however, as well as company-specific news including on Facebook and Alexion Pharma, helped keep the S&P 500 and Nasdaq from bigger losses. China’s exports tumbled 18.1 per cent in February, against expectations for a [...]
UK pension funds’ £400bn gamble March 10, 2014 We’ve written here before about how UK pension funds are woefully failing in their duty to hedge investment risks, and today fresh analysis sheds new light on the problem. Aon Hewitt, one of the country’s top pension fund advisers, has issued a stark warning that UK schemes lack protection against long term interest rate rises worth [...]
Here’s what Parliament’s selling to swell its coffers March 10, 2014 The Houses of Parliament are doing a roaring trade in the new official guidebook, with sales of the book giving a boost to retail takings at a time when money is tight for the Palace of Westminster. The Westminster Hall shop, which offers mint creams and tea towels to visitors as well as books, made [...]
Pictures: BT chief Gavin Patterson abseils down BT Tower March 10, 2014 When Gavin Patterson took on the role of chief executive of BT back in June 2013, we’d wager he didn’t expect his tenure at the top to involve abseiling down BT’s famous totem, the BT Tower. But sure enough, this morning, Gavin Patterson stepped into a harness, plonked on a hard hat and took [...]
Cyprus central bank governor resigns March 10, 2014 The government of Cryprus has released an official statement confirming the resignation of its central bank governor Panicos Demetriades. Realtions between the central bank governor and the government have been poor for much of the past year. President Nicos Anastasiades had in the past gone so far as to openly call for Demetriades' resignation. In [...]
Mothercare announces interim boss Mark Newton-Jones March 10, 2014 After Simon Calver’s sudden departure last month, Mark Newton-Jones has been named as the interim chief executive (CEO) of babycare specialist Mothercare. Newton-Jones will take over next Monday, minding the group while it looks for a permanent new boss. He won’t, therefore, join the board. Calver left six weeks after the company issues a profit [...]
Why today’s Manchester court decision to move fracking protesters is a boost for shale gas everywhere March 10, 2014 Investors in the UK’s burgeoning shale gas industry should be delighted with today’s decision by a Manchester court to remove anti-fracking protesters from land near Barton Moss, where energy company IGas has begun exploratory drilling for shale gas. Judge Mark Pelling QC ruled in favour of landowners the Peel Group and has said that protesters [...]
Carl Icahn slams eBay CEO March 10, 2014 In another open letter to eBay stockholders, activist investor Carl Icahn has blasted the company's CEO for actions that he believes have cost the e-commerce giant $4bn (£2.4bn). Icahn alleges that John Donahoe cost eBay $4bn when he sold Skype in 2009, in what he called a "premature sale" at a "diminished price." The investment [...]
What you need to know before the US open March 10, 2014 S&P 500 futures suggest a muted, probably lower, open for US markets. Stocks around the world have been coming off six-year peaks after unexpectedly weak Chinese trade data and ongoing Ukraine worries. And after the buzz around Friday’s jobs numbers, which saw bourses hit fresh highs, there are no economic data releases of note today. [...]