What you need to know before the open – 15/11 November 15, 2013 US markets continue to see record highs on the back of Janet Yellen's easy money talk yesterday, and their Asian counterparts followed suit in Friday trading. But European markets, whilst gaining of the Fed chair elect's comments, did not respond with the same enthusiasm. One reason for this could be that Europe has a weaker [...]
SABMiller chairman Graham Mackay steps down for second time November 15, 2013 Brewer SABMiller has said this morning that its chairman Graham Mackay is to step down for a second time this year, due to deteriorating health. (Release) Mr Mackay went on medical leave earlier in the year, after having surgery on a brain tumour in April. He recovered sufficiently to return to his role as non-executive [...]
No taper, says Yellen, but unemployment must be trimmed November 14, 2013 As anticipated, nominee for next chairperson of the US Federal Reserve, Janet Yellen has just delivered a very dovish speech to the Senate Banking Committee. There is no set time for tapering, and the biggest problem facing the US economy at the moment is the plight of the long-term unemployed – a "virtually unprecedented" situation, [...]
Greek recession shows no signs of ending says Capital Economics November 14, 2013 Forecasts of Greek economic growth remain too optimistic, according to Capital Economics. The London-based consultancy says that the modest improvement seen in the third quarter GDP figures has failed to significantly benefit Greece. Greece's flash GDP estimate for the third quarter showed that GDP had gone from -3.7 per cent to -3.0, its highest rate [...]
French football clubs postpone strike over 75 per cent tax November 14, 2013 The French Employers' Union of Professional Football Clubs (UCPF), has announced that they will postpone a strike planned for the end of November, in reaction to the French government's 75 per cent tax rate on those earning earning over one million euros. Matches scheduled for 29 November and 2 December will now go ahead. However, [...]
US September trade deficit highest in four months November 14, 2013 The US trade gap widened eight per cent in September, to a greater-than-expected $41.78bn – its highest in four months. In August, it stood at $38.7bn. It was predicted to widen marginally to $38.9bn. Exports declined, with nominal exports dropped by 0.2 per cent month-on-month, while imports increased by 1.2 per cent. Paul Ashworth, chief US [...]
US jobless numbers exceed expectations November 14, 2013 In the US, the number of people filing for unemployment benefit for the first time last week was 339,000, exceeding estimates of 331,000. The week before it was 341,000. The number of people unemployed and receiving unemployment benefit was 2.874m – the same as the previous week, which was revised up from 2.868m. A flash [...]
Walmart shares fall as world’s largest retailer lowers outlook November 14, 2013 Walmart shares fell 1.14 per cent in pre-market trading after the company lowered its full year outlook. The retail titan posted poorer than expected revenues for the third quarter, with total revenues increasing by 1.7 per cent to $6.3bn (£3.9bn) and net income rising by 2.8 per cent to $3.7bn (£2.3bn). US comp sales fell [...]
Costa owner Whitbread looks for Habgood successor November 14, 2013 Whitbread, the owner of Costa Coffee and Premier Inn, is on a hunt for a successor to Anthony Habgood, reports Sky News City editor Mark Kleinman. The FTSE 100 group, which also owns Beefeater and Table Table, has brought in headhunters to find a new chairman. Habgood, who also chairs Reed Elsevier, is likely to [...]
Blockbuster to slash 452 jobs and 72 stores November 14, 2013 Blockbuster administrators, Moorfields Corporate Recovery, have announced that the DVD and video-game rental chain will be closing 72 stores and axing 452 jobs. In a statement issued on Thursday, the administrators said: This has not been an easy decision to make and we acknowledge that, with Christmas on the horizon, this will be extremely upsetting [...]