3 arrested in regulator boiler room probe January 15, 2014 The City watchdog the Financial Conduct Authority (FCA) has said this morning that three people have been arrested in connection with its investigation into boiler room activity. The City of London Police implemented search warrants at six addresses in Kent, Essex, and Bedfordshire yesterday morning. The individuals were two men aged 32 and 41, and [...]
Gold price weakness still hurting African Barrick January 15, 2014 2013 wasn't a great year for gold bugs – in fact, it was pretty dire. Tapering in the US and overspending when prices were high meant the yellow metal suffered a 28 per cent decline in price – the largest fall since 1981. The FTSE Gold Miners index fell 55 per cent during the year. [...]
EU moves toward new regulatory crackdown on HFT January 15, 2014 The European Union has agreed to introduce a plethora of new regulations governing high frequency trading (HFT,) commodity speculation and derivatives trading. The measures come shortly after the introduction of a cap on banker bonuses. The revision to the Markets in Financial Instruments Directive (MiFID) is to be implemented by the end of 2016 and [...]
European rivals no match for the City of London says Osborne January 15, 2014 George Osborne has delivered a shot across the bow to Britain's European partners in a speech delivered to the think tank Open Europe and the conservative Fresh Start group. The chancellor said: The City of London is not, as some of our continental friends kid themselves, in competition with Paris and Frankfurt. It is in [...]
Soaring mortgage numbers renew fears of bubbly housing market January 15, 2014 (Laura Lean/City A.M.) The latest housing data is enough to fuel concerns that a "new housing bubble could develop in 2014", says IHS Global Insight's Howard Archer. Council of Mortgage Lenders (CML) figures show mortgage numbers rising by 14.9 per cent in the year to November. There's a more troubling surge among first-time buyers. They [...]
Why Barclays is feeling bullish about Tullow Oil January 15, 2014 This morning, Tullow Oil announced it made "significant" oil discoveries in Kenya in 2013. But the exploration company also warned that production stutters in Ghana will probably push down its average production for 2014. Barclays, however, is optimistic about Tullow's future. In a note following the statement, it reiterated its rating of Tullow's stock as [...]
Disappointing German GDP numbers are setting the tone for markets today January 15, 2014 Germany saw GDP growth of just 0.4 per cent in 2013, according to figures released today. That's a sign that even the strong Eurozone economy has taken a hit from the euro crisis. Analysts had been expecting growth of 0.5 per cent. Christian Schulz of Berenberg says that the long recession in the country's key [...]
Smartphone payment system could mean the end of cash January 15, 2014 Five UK banks have embraced the new mobile payment facility called Zapp. Zapp allows real-time payments on customers smartphones and tablets through their existing mobile banking app. The app will allow consumers to make purchases at the touch of a button without the need for cash or credit cards. HSBC, First Direct, Nationwide, Santander and [...]
H&M shows high streets can work in a digital age January 15, 2014 H&M has reported a 10 per cent rise in sales in December, matching analysts' forecasts and providing proof that high street stores can have what it takes to rival online competition. At the end of 2013, the mid-range retailer had 3,176 stores compared to 2,809 at the end of 2012. When it came to sales [...]
What you need to know before the open – 15/01 January 15, 2014 European bourses are expected higher this morning, after a US rebound on positive retail sales. In Wednesday trading the Nikkei climbed 2.5 per cent – its best one-day gain in four months. The World Bank upped its growth forecast for the first time in three years yesterday, as leading economies continue to pick up pace. [...]