What you need to know before the US open February 28, 2014 US markets are set to open lower, as investors take a moment to digest the helping on economic data in today. A second revision from the Department of Commerce showed economic growth slowed to 2.4 per cent in the fourth quarter of 2013. Chicago PMI, yet to be released, is expected to show a slide [...]
US growth revised down to 2.4pc February 28, 2014 Growth in the US slowed in the fourth quarter, revised down to 2.4 per cent in a second estimate from the Department of Commerce. Analysts had estimated a GDP reading of 2.5 per cent. Falling consumption and exports hit economic expansion. The slowdown followed 3.2 per cent growth in the third quarter.
Poundland and Pets at Home flotation offer prices unveiled February 28, 2014 Following a string of flotation announcements, IPO details are starting to come in from some companies. High street discount store Poundland has decided on a share offer price range of 250-300 pence, reports Reuters. The amount gives the company an implied market value of £625-750m when it lists on the stock exchange. Poundland is 76 [...]
BA boss says Scottish independence could be good for business February 28, 2014 The chief executive of International Airline Group (IAG) Willie Walsh has become the first CEO of a major company to say that Scottish independence may be good for business. Speaking to the BBC, Walsh said: If anything, it will be slightly positive, since we believe (an independent Scotland) will abolish Air Passenger Duty (APD). The [...]
Ukrainian minister accuses Russia of “armed invasion”. Here’s what you need to know February 28, 2014 Armed, unidentified men are blockading Sevastopol’s military airport in Crimea, with interior minister Arsen Avakov accusing Russian naval forces of occupying the Russian-majority region. Writing on Facebook, he called the situation an “invasion and occupation”, adding that no conflict has yet taken place. The Russian navy has denied involvement. Ukraine border guards have said more [...]
Has rising inflation taken the pressure off the ECB? February 28, 2014 A rise in Eurozone core inflation from 0.8 per cent to one per cent, stable unemployment and strengthening economic confidence may have reduced pressure on the European Central Bank (ECB) to opt for further monetary easing. Unless inflation falls significantly, it is unlikely that the ECB will feel the need to go down the road [...]
FCA confirms new rules for payday lenders February 28, 2014 The Financial Conduct Authority (FCA) has this morning confirmed the new rules it's imposing on payday lenders and debt management companies. The rules respond to persistent calls from government and third sector groups to regulate the industry and drive out unscrupulous lenders. The clampdown on the consumer credit market, which is worth £200bn a year, [...]
MtGox files for bankruptcy protection in Tokyo February 28, 2014 A lawyer for the troubled Bitcoin exchange MtGox has a told a press conference in Tokyo that the company has filed for bankruptcy protection and has an outstanding debt of $63m (£37m), according to the Wall Street Journal. MtGox CEO Mark Karpeles has since given a press a conference where he apologised for the "weakness [...]
Ukraine central bank limits foreign currency withdrawals February 28, 2014 Ukraine’s central bank has limited foreign currency withdrawals from banking deposits to 15,000 hryvnia (£820) per day, in an attempt to stabilise the fast-weakening currency. Ukraine has said it needs $35bn over the next two years to keep bankruptcy at bay. This morning's announcement by new central bank governor Stepan Kubiv comes after the country’s currency reserves [...]
Ofgem demands energy companies return money to 3.5m customers February 28, 2014 Ofgem has confirmed that it is calling on major energy suppliers to return £400m to their customers after research found companies were holding the money in closed accounts. Ofgem said suppliers are holding £202m from 3.5m domestic customers and £204m from 300,000 business accounts. Andrew Wright, interim chief executive of Ofgem, commented: When many people [...]