Banking risks too great to relax capital controls in Cyprus October 30, 2013 The Cypriot banking sector is too fragile to fully relax capital controls, according to London-based consultancy Capital Economics. The Cypriot finance ministry has been gradually relaxing capital controls and hopes to remove almost all by 2014. However the restriction on deposits leaving the country remains in place. Cyprus' economy is still mired in recession however [...]
Sponsored tube stations could fund free 4G, lifts, TV screens and underground toilets October 30, 2013 Sponsorship of the Oyster system and other sponsorship opportunities could allow Transport for London (TfL) to actively improve stations – introducing free wireless and 4G connectivity, TV screens, lifts, and even toilets for passengers. The report “Sealing the Deal: TfL sponsorship feasibility study” by Gareth Bacon of GLA Conservatives says that there is a potential [...]
US inflation soft as consumer price index climbs in line with expectations October 30, 2013 The US consumer price index for September met expectations, increasing 0.2 per cent, following August's 0.1 per cent rise. Excluding food and energy, though, prices went up by only 0.1 per cent for the month – the same increase as in August and below the consensus prediction of a 0.2 per cent rise. All the [...]
US sees number of private sector jobs created at its lowest since April October 30, 2013 ADP employment change, a measure of private sector employment, has missed expectations in October, with the private sector creating 130,000 jobs in the month – a sixth-month low. Analysts had expected a rise of 150,000. Last month's number was 145,000 (revised down from 166,000). Small businesses created 37,000 jobs, whilst medium businesses (50-499 employees) [...]
Management consultancy tie-up as PwC and Booz & Co agree merger October 30, 2013 A big tie-up in management consultancy, as PwC – one of the big four accountancy giants – has announced a conditional merger agreement with Booz & Co. Booz's 300 partners will now have to vote that deal through in December if it is to proceed. In September PwC said that it had adjusted to a [...]
US mortgage applications jump over six per cent in one week as rates drop October 30, 2013 Mortgage applications have risen by 6.4 per cent in the week to 25 October according to the Mortgage Bankers Association (MBA). The MBA's 30 year fixed mortgage rate fell from 4.39 per cent to 4.33 per cent. Lower rates = more mortgages #simples — World First (@World_First) October 30, 2013
Eurozone confidence in economy continues to grow in October October 30, 2013 Consumers in the Eurozone have continued to become more optimistic, with consumer confidence for October rising from -14.9 to -14.5, in line with a preliminary estimate and at its highest level since July 2011 for the second month in a row. The measure of confidence is still well below its average of minus 13.3, reflecting [...]
Volkswagen posts higher profit despite tough trading conditions October 30, 2013 Volkswagen have posted an operating profit of €2.77bn (£2.38bn), despite difficult market conditions. That's up from last year's €2.32bn. Group deliveries increased by 4.8 per cent to 7.2m vehicles worldwide. In spite of negative conditions in Europe and exchange rate impacts, sales revenue increased to €146bn in the first nine months of 2013. Volkswagen's share [...]
Miner African Barrick Gold sees production exceed expectations October 30, 2013 African Barrick Gold has reported net earnings of $17.8m (£11.09m) in the third quarter to 30 September, with gold production of 164,719 ounces, up 11 per cent on the third quarter 2012. (Release) This, said investment bank Numis, was better than consensus expectations of 153,000 ounces and the its prediction of 146,000 ounces. The miner [...]
Regulator threatens “revolutionary” approach to achieve asset management transparency October 30, 2013 Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), is to call for greater transparency in asset management at today's 2013 FCA Asset Management Conference. Wheatley will say that "this is a critical period for the industry" and that the FCA will now ask challenging questions. Are we internationally competitive? Are charges and fees [...]