Talks between South Africa’s platinum miners and union reach deadlock March 5, 2014 Lonmin said today that mediation talks between South Africa’s three largest platinum miners and the militant Association of Mineworkers and Construction Union (Amcu) have been suspended, as the respective parties’ positions are too far apart to warrant further discussions. Amcu, which represents the majority of workers at the three mining companies, has told its members [...]
Here’s why a sugar tax would be a big fat failure March 5, 2014 The chief medical officer for England Dame Sally Davies recently told a committee of MPs that a tax on sugar may be necessary to limit obesity rates. Speaking to MPs Davies said: We need to be both strong and prepared to regulate. I think that the science is going such that that we will find [...]
Energy markets safe from Ukraine crisis says Goldman Sachs March 5, 2014 Despite the ongoing tensions between Russia and Ukraine the impact on energy markets is likely to minimal, according to a research note from Goldman Sachs. A view that may carry considerable weight given yesterday's sharp rally in natural gas prices. Goldman believe there is no real reason to be concerned about the safety of natural [...]
GS Elevator author explains all in open letter March 5, 2014 The author of the @GSElevator Twitter feed has had an interesting start to the year. In January it was announced that the anonymous author of the feed (which famously tweets conversations “overheard” in the Goldman Sachs elevator) had signed a six-figure book deal with publisher Simon & Schuster and would be writing a mud-slinging expose [...]
FCA announces new regulator for £75 trillion payments systems industry March 5, 2014 Another announcement this morning from the Financial Conduct Authority (FCA). The City watchdog has unveiled plans for a new regulator to oversee UK payment systems. Introduced by April of next year, the regulator will monitor the £75 trillion payment systems industry, which processes over 7bn transactions each year. Competition will be "high on the agenda" [...]
Bank of America Merrill Lynch bolsters UK team March 5, 2014 Bank of America Merrill Lynch (BoAML), which has been playing a leading role in some of the biggest transactions in the London market so far this year, has appointed a new head of UK equity capital markets (ECM). The bank, which is advising on the Pets at Home flotation, the RSA rights issue and worked [...]
Banks pay another £175m to small businesses for swaps mis-selling March 5, 2014 The Financial Conduct Authority’s (FCA) published its latest figures on its interest rate hedging product redress scheme. In February, a total of £482m was paid out by the UK’s four largest banks in February – from £306.3m in January. 3,430 businesses have now accepted payments from Lloyds, Barclays, HSBC and RBS, but the regulator says [...]
UK services sector weathers storms in February March 5, 2014 The UK’s resilient services sector came in at a better-than-expected 58.2 in February. Analysts had expected a reading of 58.0. Although its lowest since June 2013, business activity continued to pick up month-on-month, sliding very slightly from January’s 58.3. Chris Williams, Markit’s chief economist, said that, given the weather-related disruptions seen over the month, the [...]
A 32-month high for Eurozone economic growth March 5, 2014 Manufacturing and services activity in the Eurozone hit a 32-month high in February, with Markit’s composite purchase managers’ index hitting 53.3. Analysts had expected a reading of 52.7. The Eurozone service sector improved in the month, also beating estimates at 52.6 (expected 51.7, just above January’s reading). The readings, says IHS Global Insight's Howard Archer, [...]
Cuadrilla geologist ups shale gas estimate by 50 per cent March 5, 2014 Estimates of shale gas reserves in parts of the North West of England have been raised by 50 per cent. A geologist with shale gas explorer Cuadrilla, said there could be as much as 330 trillion cubic feet (tcf) of shale gas in the company's licensed area, according to the BBC. Using data from fracking [...]