London Report: FTSE nudges down to near month-long low after banks fall March 11, 2014 THE UK’S top equity index steadied yesterday after hitting a three-week low, with some investors seeing value in beaten-down stocks, although the market remained vulnerable to further declines in the near term. The blue-chip FTSE 100 index closed 0.06 per cent lower at 6,685.52 points after falling to 6,660.59, its lowest since the middle of [...]
New York Report: Wall St hit by profit taking March 11, 2014 US STOCKS fell yesterday, with selling picking up late in the session, as investors cashed in some of the recent market gains, but the S&P 500 finished less than one per cent away from a record high set last week. Indexes had swung between gains and losses in the first half of the session, as [...]
Why the government will need to cut more “green crap” to save British industry March 11, 2014 The pressure for the government to cut more green levies is growing, ahead of next week’s Budget. Major trade bodies such as the Confederation of British Industry, the manufacturers’ organisation EEF and the Institute of Directors have already warned that charges such as the carbon price floor – that taxes fossil fuel emissions – are making [...]
Why a sales tax might see the Bank of Japan pump up markets March 11, 2014 Despite having the most expansionary monetary policy of any advanced economy, Japan is set for further easing in the next few months, according to one bank. Societe Generale’s Takuji Aida reckons that the Bank of Japan could enact new measures as soon as April. Governor Haruhiko Kuroda is currently committed to increasing the monetary base [...]
£260,000 to save financial markets as we know them March 11, 2014 Financial markets are broken, dominated by a small clique of corrupt bankers who have subverted the whole meaning of capitalism for their own ends, Bank of England governor Mark Carney indicated this afternoon. The solution: a new Bank of England deputy governor to reform the way the Bank interacts with markets, make sure key benchmarks [...]
Meet the Co-op traditionalists’ top dog March 11, 2014 Ben Reid, the chief executive of the Midcounties Co-operative, is seen as the likely flag-bearer for the traditionalists in a battle for control of the Co-operative Group. The traditionalists have been opposed to many of the measures the departed chief executive Euan Sutherland has been trying to impose, such as restructuring, the selling off of [...]
Think tank estimates growth of 0.8pc in three months to February March 11, 2014 The UK economy grew 0.8 per cent in the three months ending in February, according to a GDP estimate from the National Institute of Economic and Social Research (Niesr). This is slightly up from the 0.7 per cent growth seen in the three months ending in January. The think tank said this implies that output [...]
Boris urges developers to stop offering London homes to foreigners first March 11, 2014 Boris Johnson will urge developers and investors this afternoon to sign up to a new deal to stop giving buyers living abroad the first chance to buy London homes sold before they’re built, in a bid to get more Londoners onto the housing ladder. Speaking at Mipim, the property’s industry annual conference in Cannes, the [...]
Co-op accepts Sutherland resignation March 11, 2014 The Co-op has accepted the resignation of the group's chief executive Euan Sutherland with immediate effect. Sutherland said in a statement that he would not accept the retention payments and long term incentive payments that were previously agreed. Richard Pennycook, chief financial officer, has been appointed as interim group chief executive. Sutherland said: It is [...]
What you need to know before the US open March 11, 2014 With little in the way of economic data today, futures suggest US markets will open down, tracking European counterparts, which were trading lower this morning, Over in Asia, the Nikkei rose in Tuesday trading, as the Bank of Japan maintained its huge monetary stimulus programme. And the OECD has said that the slowing of [...]