We don’t believe you, Mark Carney January 22, 2014 When dapper Canadian Mark Carney imported the policy of "forward guidance" to the Bank of England last summer, the idea was to reassure investors – and the public – over interest rates. "Fear not for your mortgages!" they may have said, to paraphrase. "We promise that we will not raise rates until unemployment falls to [...]
Why Sainsbury’s is SocGen’s favourite supermarket January 22, 2014 When it came to supermarkets’ Christmas performance in the UK, the discounters claimed the victory. Aldi and Lidl saw sales leap, both increasing their market shares. It was good news for high-end store Waitrose, too, which also saw a bumper festive period. It’s the Big Four – or, at least, three of them (Tesco, Asda [...]
Vicky Pryce returning as government adviser January 22, 2014 Economist Vicky Pryce is returning to a government job. After being jailed for taking the speeding points of her former husband and then MP Chris Huhne, Pryce is back to her old job on Business, Innovation and Skills (BIS) panel. She returns to the role she first worked in over a decade ago. The role [...]
Bankers claim strong demand for Altice flotation – The first test of 2014 January 22, 2014 Bankers have just said that their books have been covered for the upcoming £1bn plus issue of shares in Altice, which owns French and Belgian cable companies and mobile operations in Israel. It is the first Initial Public Offering (IPO) to price in Europe in 2014. Although the issue has a few days of marketing [...]
Britain defeated as ECJ upholds ban on short selling January 22, 2014 Britain's attempt to overturn the EU's ban on short selling of shares in market emergencies has ended in failure after the European Court of Justice (ECJ) dismissed the case. The UK had argued that the European Securities and Markets Authority (ESMA) was given greater discretion than was justifiable under EU law. The court rejected all [...]
Unemployment drops like a stone to 7.1 per cent – But the Bank of England isn’t budging January 22, 2014 We've got a two for one on big economics releases in the UK. Unemployment down The three month ILO unemployment rate has dropped/risen to 7.1 per cent in the period to November, from 7.4 per cent prior, according to the Office for National Statistics. Consensus estimates saw that three month rate falling to 7.3 per [...]
Npower names and shames UK’s poshest postcodes as biggest energy wasters January 22, 2014 Npower’s chief executive Paul Massara has been given a hard time today after saying that the UK’s inefficient "old and draughty" houses mean "bills are high because [they] waste so much energy". The comments are part and parcel of a 14-page document on how to reduce bills by the Big Six company, which rival Ofgem [...]
Wetherspoons slams pub taxes as sales improve January 22, 2014 Pub chain JD Wetherspoon has used its pre-close statement to strongly criticise what it regards as an unfair tax regime: The pub industry continues to pay far higher taxes than supermarkets do, mainly as a result of an unequal and unfair VAT and business rates burden. This tax inequality has greatly widened the pricing differential [...]
AstraZeneca’s new diabetes drug gets green light in Europe January 22, 2014 Drugmaker AstraZeneca has been given the stamp of approval from European regulators for a drug to treat type 2 diabetes. Xigduo is the first fixed-dose combination to receive regulatory approval. It combines in twice daily tablet Forxiga, a SGLT2 inhibitor that lessens the reabsorption of excess glucose, and metformin, the standard drug for treating the disease. [...]
Walkie Scorchie owner rides development boom January 22, 2014 The owner of the Walkie Talkie tower (aka Walkie Scorchie), Land Securities, has reported strong activity in developments and occupancy, according to its third quarter interim management statement. The UK's largest commercial property owner also said it expects to submit a planning application next month for its solution to "the solar glare issue" afflicting the [...]