US government to exit GM by end of 2013 November 21, 2013 On Thursday, the US government announced that it expected to sell its last shares in General Motors (GM) by the end of the year. The government will sell its remaining 31.1m shares on a gradual basis on the open market. The government has so far recouped $38.4bn (£23.8bn) through selling 70.2m shares. However, it is [...]
US manufacturing orders highest since March November 21, 2013 Conditions in the US manufacturing sector appear to be picking up. Markit's flash estimate purchasing managers' index for manufacturing in November has come in at 54.3, exceeding the 52.4 consensus estimate and October's 51.8. Readings above 50 imply economic expansion.
Upbeat US jobless claims may not last November 21, 2013 US jobless claims fell last week to 323,000, their lowest in two months and below the expected 335,000, from 344,000 the week before (revised from 339,000). Jobless claims refer to the number of people signing up for unemployment benefit for the first time. Continuing jobless claims were at 2.876m, however – higher than the expected [...]
L’Oreal to create “sixth continent” with travel retail division November 21, 2013 L'Oreal has created a new travel retail division to utilise growing markets in areas such as China and Brazil. The world's largest cosmetics company is hoping to tap into a fast-growing middle class, which is increasingly taking the opportunity to travel and purchase luxury products. Chief executive officer Jean-Paul Agon said the travel retail division [...]
What does the Third Plenum mean for China’s growth? November 21, 2013 Last week, China's much-anticipated Third Plenum published a raft of policy reforms. Most notably, plans to loosen China's one child policy, abolish its notorious labour camps, encourage more private investment in state-owned enterprises, push through more rural land reforms, and advance more financial reform by liberalising interest rates and capital accounts. Although the reform package [...]
House building rises at fastest rate since 2008 November 21, 2013 The last three months have seen the fastest rate of house building since 2008, according to the Department for Communities and Local Government (DCLG). 32,230 homes were started between July and September of this year. Over the past 12 months, housing starts rose 16 per cent compared to the previous year, from 101,280 to 117,110. [...]
London’s Night Tube could see property prices jump November 21, 2013 Great news if you own London property. Maybe not so great if your rent is already eating up half of your wages. An impact study by GVA found that the Crossrail transport project would increase "residential and commercial value of as much as £5.5bn along the route between 2012 and 2021". The availability of a [...]
Manufacturing sector growth strongest in 18 years November 21, 2013 Growth in manufacturing output is at its strongest since 1995, according to the latest industrial trends survey from the Confederation for British Industry. 36 per cent of firms reported that total order books were above normal in November. 25 per cent said they were below, which gave a balance of 11 per cent, last seen in [...]
Eurozone recovery losing steam in wake of falling PMI November 21, 2013 The purchasing managers' index for the Eurozone fell in November from 51.9 to 51.5, marking the second consecutive monthly fall. The dip was largely unexpected, with consensus predicting a small increase to 52. The service sector index dropped from 51.3 to 51.5, reaching a three-month low. The manufacturing index was up from 51.6 to 50.9, [...]
“Night Tube” to launch in 2015 – Some lines to run 24 hours on weekends November 21, 2013 Some lines will now run for 24 hours. Victoria, Central, Northern, Jubilee and Piccadilly lines will offer that round the clock the access. That's the "initial" network, so there could be more to come. Here's how they look on the map: The service is intended to complement night bus operations, "giving passengers an extensive and [...]