Pharmaceuticals company Shire to slash 180 UK jobs November 7, 2013 UK pharmaceuticals company Shire will be reducing its staff numbers by up to 180, as part of its reorganisation plan. The job losses will be concentrated at the company's Basingstoke office. The "One Shire" programme is intended to simplify the business. Shire will be consolidating their three autonomous divisions into one business operation. Phil Vickers, [...]
The ECB sees prolonged period of low inflation and will continue LTROs into 2015 November 7, 2013 European Central Bank (ECB) president Mario Draghi has spoken this afternoon about the ECB's decision to cut its main interest rate from 0.5 per cent to 0.25 per cent. He said that the committee unanimously agreed they needed to act, but there was disagreement as to when. The committee, he said, judged significant inflation changes [...]
Flash estimate sees US GDP stronger than expected November 7, 2013 US GDP increased by 2.8 per cent annually in the third quarter, according to a flash estimate, after expectations of a 2.0 per cent rise and following second quarter growth of 2.5 per cent. The increase, says the Bureau of Economic Analysis, primarily reflects positive contributions from personal consumption expenditures, private inventory investment, exports, residential fixed investment, [...]
ECB cuts interest rate to 0.25 per cent, euro tumbles November 7, 2013 The European Central Bank has cut its benchmark interest rate to 0.25 per cent, from 0.5 per cent. EUR/GBP has fallen to its lowest since 16 January: EUR/USD went from 1.35 to 1.3350 after the announcement: The interest rate on the marginal lending facility will be decreased to 0.75 per cent, with effect from 13 [...]
Ireland successfully completes bailout review November 7, 2013 The Irish finance ministry have confirmed that Ireland has successfully completed their bailout review, after achieving all targets set by the Troika. Irish finance minister Michael Noonan told reporters that: "this is a significant day that many thought, and some feared, would never be reached." It is three years since Ireland had to seek help [...]
Will the ECB do anything helpful today? November 7, 2013 In just over an hour, European Central Bank (ECB) president Mario Draghi will speak on the back of the ECB's rate decision, against a background of weak demand and falling prices across the euro area. Michael van Dulken of Accendo Markets says that there is "much uncertainty" as to whether the ECB will "offer anything [...]
Bank of England keeps interest rate at 0.5 per cent November 7, 2013 No change: the Bank of England is to keep interest rates at 0.5 per cent, it has said this morning. The Bank's Monetary Policy Committee says it will keep the scale of quantitative easing unchanged too, at £375bn. It "was always a stone-dead certainty", says IHS Global Insight's Howard Archer, that policy would remain the same. [...]
Has Germany’s industrial engine stalled? November 7, 2013 The 0.9 per cent drop in German industrial production in September, released this morning, was worse than expected, with expectations of a 0.2 per cent increase. August's figure of 1.6 per cent was revised up from 1.4 per cent. Having gone up by four per cent in the first half of this year, production has [...]
Credit Agricole and SocGen agree asset swap as profits disappoint November 7, 2013 Societe Generale and Credit Agricole have agreed an asset swap in derivatives brokers Newedge Group and Amundi Group. Credit Agricole plans to increase its share in Amundi to 80 per cent from 75 per cent, while SocGen intends to purchase Credit Agricole's 50 per cent stake in Newedge. The purchase would make SocGen the sole [...]
Vodafone misses regulator’s 3G coverage requirements November 7, 2013 Ofcom has published the outcomes of an assessment it's done of whether the UK's major mobile phone networks are meeting their 3G cover obligations. Whilst EE, Three and O2 all met obligations imposed by the regulator, Vodafone fell foul, coming in 1.4 per cent short of the 90 per cent coverage requirement. The deadline, which [...]