Emerging market turmoil claims big hedge fund scalp February 11, 2014 We've got our first victim. Brevan Howard is shutting down its $2.3bn emerging market fund – after it lost more than 15 per cent last year, and it's lost around 1.6 per cent this year. Those losses came during a time of some not inconsiderable pain for emerging market investors. In 2012, that same fund [...]
Immigration is a win-win for European cities says latest research February 11, 2014 Migrants within the European Union are on average likely to be younger, working and benefit the area they choose to move to, according to new research released today by Ernst & Young. In the wake of Switzerland's vote to reimpose quotas on EU immigration, Ernst & Young found cities that welcome EU mobile citizens enjoyed [...]
Barclays shares tank as results event starts February 11, 2014 Shares in bank Barclays, which put out results this morning, just took a dive. They were down just over three per cent on the day before the latest drop. Barclays -6.8% pic.twitter.com/sjBlWK2wba — Steve Collins (@TradeDesk_Steve) February 11, 2014 The FT is reporting that political movements are responsible for the drop. Shadow City [...]
EU launches fresh assault on tax avoidance February 11, 2014 European antitrust regulators are set to investigate whether corporate tax arrangements across the EU that allow companies to reduce their tax liability are anti-competitive. European competition commissioner Joaquin Almunia outlined his concerns about such schemes in a speech this morning: In those cases where national laws or tax-administration decisions permit or encourage these practices, there [...]
London tube strike called off February 11, 2014 Both the TSSA and RMT have called off their tube strikes, which were scheduled to last from tonight at 9.00pm until Friday morning. The unions called off their strike on the London Underground after reaching a deal over ticket office closures. An Acas spokesperson said that “talks have adjourned at Acas this morning. London Underground [...]
How the Co-op Bank saved the mutual sector February 11, 2014 The Co-op Bank’s merger with Britannia Building Society at the height of the financial crisis may have been a major blunder for the bank, but top regulator Andrew Bailey thinks it could have saved the industry. In fact the cost to other building societies of rescuing Britannia depositors could have driven many smaller institutions to [...]
China scuppers hopes for more Hollywood films in 2014 February 11, 2014 China has quashed hopes that it’d up access for US films this year, as state news agency Xinhua reports the country will maintain its exacting quota for the number of Hollywood films it imports. Last week, the Hollywood Reporter cited a source claiming China’s film bureau was chewing over increasing its yearly quota from 34 [...]
Singapore Air Show in full flight as Airbus unveils A350 February 11, 2014 A bevy of travel tycoons, military buyers and the world’s largest long-haul carriers have come together today Singapore’s renowned air show. New models, latent deals and loop-the-loops are dominating the day, as excitement over the new Airbus A350 grows. The Boeing 787 competitor has gone on display for the first time, with Asia seen as [...]
EU set for groundbreaking vote on GM food February 11, 2014 European ministers are on the cusp of deciding whether to allow the cultivation of a new form of genetically modified (GM) maize in the EU. Pioneer 1507 is a type of maize developed by DuPont and Dow chemical that is able to resist moths, such as the European corn borer and has already been approved [...]
The Vodafone deal bringing money transfers to 200 countries February 11, 2014 A new deal between Vodafone, developer on money transfer facility M-Pesa, and MoneyGram will give M-Pesa users the ability to transfer funds globally. People will be able to send money to an M-Pesa account direct, using an app or MoneyGram's website. The agreement between the mobile giant and fund transfer company will give customers the ability [...]