Sorrell: I am a Luvvy for the Brics August 24, 2010 WPP yesterday upgraded its expectations for the global economy from a“Luv” to a “Luvvy”. The firm split its expectations for the pace of the global recovery into three sections: Western Europe, the US and the Bric nations (Brazil, Russia, India and China). It predicted the recovery in Western Europe would be formed by a sharp [...]
Bank lending to individuals stays weak August 24, 2010 MORTGAGE lending dropped to a five-month low in July with just 33,700 home loans approved, taking the annual percentage decline to 18.5 per cent, the British Bankers’ Association (BBA) said yesterday. Tighter lending conditions combined with subdued demand for home loans pushed mortgage approvals down last month. This is despite recent calls for the banks, [...]
ECB?seeks bids to sterilise bond buys August 24, 2010 THE European Central Bank called for bids yesterday to drain €60.5bn (£50bn) from Eurozone money markets to offset recent bond purchases. The operation will be a variable rate tender with a maximum payout of one per cent interest. Banks are limited to just two bids in the operation and the deposits they park can be [...]
SOARING YEN SPARKS JAPANESE SELL-OFF August 24, 2010 JAPANESE equities tumbled yesterday as an ever-strengthening yen sparked a heavy sell-off of exporters such as Sony and Nikon. The Nikkei Stock Average closed at a 15-month low below 9,000. Japan’s finance minister, Yoshihiko Noda, vowed to “act appropriately” with the currency.
Europe factory orders surge August 24, 2010 EUROZONE industrial new orders rose more than expected during the month of June, data showed yesterday, boding well for economic growth in the third quarter of 2010. Industrial orders in the 16-nation currency zone increased 2.5 per cent month-on-month taking the annual gain to 22.6 per cent, European Union statistics office Eurostat said yesterday. Eurostat [...]
German growth spurt confirmed August 24, 2010 GERMAN GDP grew at 2.2 per cent in the second quarter of 2010, the German statistical office confirmed yesterday. This marks the best quarter of growth for Europe’s largest economy since reunification. As analysts expected, growth was mainly driven by the catching up of the construction sector after a harsh winter. However, private consumption increased [...]
Zurich UK hit by £2.3m fine for data loss August 24, 2010 CITY watchdog the FSA has slapped a £2.3m fine on the UK branch of Zurich Insurance for data security failings after the loss of a tape in South Africa containing details on 46,000 insurance customers. The FSA said the £2.275m fine was the highest to date handed down to a single firm for data security [...]
David Cameron says he is thrilled at birth of baby girl August 24, 2010 SAMANTHA Cameron, Prime Minister David Cameron’s wife, has given birth to a baby girl. Cameron’s office announced the birth, which was a few weeks earlier than expected, yesterday afternoon. A statement from Downing Street said: “Both the baby — who was born weighing 6lbs 1oz (2.7 kg) — and Mrs Cameron are doing very well.” [...]
Mystery bidder makes Chi-X approach August 24, 2010 A MYSTERY bidder has made an approach for London Stock Exchange (LSE) rival Chi-X, sending the market rumour-mill into overdrive. Chi-X released a statement admitting an enquiry has been received but would not be drawn on who the bidder was. Pan-European stock market BATS was touted as a potential suitor yesterday. The firm declined to [...]
TOP FOREX STAR TAKES TIME OUT FROM RBS August 24, 2010 A BLOW for the Royal Bank of Scotland – and, by extension, to the rest of us – as one of the most celebrated foreign exchange traders in the City hops out of the bank’s revolving door. Mark Barnes stepped up to the role of global head of forex trading at RBS last year, and [...]