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. [...]
Bank of England’s deputy governor says low rates are here to stay March 10, 2014 Bank of England Deputy governor Charlie Bean spoke to the North East Chamber of Commerce today, suggesting that even once interest rates rise, the new normal for bank rate may be around two or three per cent, rather than the higher pre-crisis levels. Bean’s comments come quickly after monetary policy committee (MPC) member David Miles made [...]
There’s nothing to fear from the rise of zero-hours contracts. Here’s why March 10, 2014 In 2013, the number of employees on zero-hours contracts reached 582,935, more than double the number estimated by the government last August, according to revised figures from the Office for National Statistics (ONS). The number of people on zero-hours contracts has tripled since the coalition government took office in 2010. To many, this development in [...]
Why equity investors’ returns are less than they could be – and the strategy that’ll improve them March 10, 2014 According to Credit Suisse, equity investors earn, on average, returns that are well below those of the index. As part of the bank's Global Investment Returns Yearbook, analyst Michael Mauboussin says the answer as to why lies in a behavioural bias which can be traced to the part of our brain that links cause and [...]
Reckitt Benckiser shares rise after K-Y deal March 10, 2014 Shares in consumer goods group Reckitt Benckiser are up 0.04 per cent this morning. Earlier in the day, the company announced that it would be acquiring the global rights to the K-Y brand of intimate lubricants from Johnson & Johnson for an undisclosed amount. In 2013, K-Y had net sales greater than $100m. The products [...]
Miners take a tumble as China’s credit growth slows even more March 10, 2014 Weak trading data from China – exports unexpectedly fell 18.1 per cent in February from a year earlier, and imports rose 10.1 per cent – has hit miners this morning. BHP Billiton’s down almost two per cent, with Anglo American and Glencore Xstrata both down over one per cent, and Rio Tinto down almost one [...]