Regulator slaps record €1.7bn of fines on Euribor banks December 4, 2013 The European Commission (EC) has confirmed that it's fined eight global banks a total of €1.7bn (£1.4bn) for the rigging of interest rate benchmarks. The penalty is the biggest yet to be imposed on banks. The Commission said that traders at the banks: "discussed their bank's submissions for the calculation of the Euro Interbank Offered [...]
Are you a Three customer? You can now use your data and minutes in the US and these three other countries December 4, 2013 If you're a Three mobile customer you're already able to use your data and minutes in seven destinations with no extra charge – the Republic of Ireland, Hong Kong, Australia, Italy, Sweden, and Denmark. Now you'll be able to use them in four new areas – the USA, Indonesia, Sri Lanka, and Macau. That brings [...]
Renewable subsidies change – but is the government shuffling windmills on the Titanic? December 4, 2013 Ministers are set to announce a shakeup of how renewable energy is subsidised. Public funding for onshore wind and solar is to be cut while funding for on shore wind will be increased. Chief secretary to the treasury, Danny Alexander said the change was "a rebalancing" but overall government spending on renewable energy will remain [...]
The UK’s service sector is still outshining the rest of Europe December 4, 2013 New data from Markit shows that the service sector activity is continuing to swell in November. New business activity in particular is seeing record highs. It's now the fifth successive month that the purchasing managers' index (PMI) for the sector is at 60 or above. Any number above 50 implies expansion – readings this high [...]
This morning’s data shows how divergent an economic “union” the Eurozone is December 4, 2013 The Eurozone shares a common currency. That's about all it shares, as illustrated nicely by this morning's Markit purchasing managers' index (PMI) figures. November's service sector activity across the currency bloc is all over the place. Germany's is growing at a tremendous pace, with a headline PMI of 55.7 (any number above 50 implies expansion), [...]
Standard Chartered shares are dropping on news that income will be flat on 2012 December 4, 2013 Not a good morning for Standard Chartered. Their stock is dropping after anouncing that their income is "expected to be broadly flat on 2012." Investors don't appreciate that news. They identified ongoing weakness in own account income and more recent pressure in financial markets as the "main drags" to overall performance this year. Peter Sands, [...]
Sage Group shares jump on raised dividend December 4, 2013 Sage Group reported four per cent growth in underlying revenue, to £1.42bn, buoyed by its cloud-based computer services and in line with forecasts. Sage invested 32 per cent more in its cloud and connected services strategy than last year. The company's investment is timely. The infrastructure-as-a-service battle is heating up. On Monday, Google announced “general availability” [...]
What you need to know before the open – 04/12 December 4, 2013 US markets saw a third day of losses yesterday, vindicating the assessment that investors have been keen to lock in some gains before a slew of key data over the second half of the week. Most shares in Asia slumped in Wednesday trading as tapering fears saw investors cash in gains from recent rallies. However, calls [...]
Tesco sees UK sales drop 1.5 per cent in third quarter December 4, 2013 Tesco has announced a 1.5 per cent fall in like-for-like sales in the three months to 23 November, which it says is down to a weaker UK grocery market. Underlying sales fell in every country in which it operates. The sobering news is in line with predictions from Citi analysts. It doesn't bode well for [...]
It’s time to end the cruel delusion of cheap money and reckless spending | City A.M. December 4, 2013 GEORGE Osborne will present his Autumn Statement to a country in the grip of a cruel economic delusion, perpetrated against the poor and the aspirational. Welfare states everywhere are spending chronically beyond their means while papering over the cracks with easy money. Budget 2013 forecast spending in excess of receipts of about £9bn a month. [...]