France will stay the lame duck of Europe if voices for reform remain mute October 14, 2013 VISITORS to France are often impressed by its network of fast trains, and its miles of half-empty motorways. They are right to be. The French had their HS2 debate decades ago, and the railway buffs won. As a result, the World Economic Forum ranks France fourth for infrastructure in its global competitiveness survey. (Airports are [...]
Miliband’s policies have already damaged Britain’s economy October 14, 2013 EVERY so often, financial markets spectacularly misjudge an issue. One such blunder took place immediately after Ed Miliband announced his policy to freeze gas and electricity prices for the first 18 months of a Labour government. Instead of heading for the exits, investors sat on their hands. Shares barely fell that first afternoon, despite extensive [...]
France and Germany to be hit by harder hedge fund rules than peers October 11, 2013 France and Germany are piling extra restrictions on overseas hedge funds on top of basic rules laid out in new EU laws, a survey out this morning has found. Both are “gold-plating” certain temporary rules curtailing the ability of non-EU funds – like US mega hedge funds – to market their products to investors, [...]
US confidence diminishes in October October 11, 2013 Consumer confidence in the US has weakened as the Reuters/Michigan consumer sentiment index comes in at 75.2 in a flash estimate for October – after projections of 76.0 and down from September's figure of 77.5. Given the impact of government shutdown, this is not a major drop – although the index is at its weakest [...]
JP Morgan reports loss following scandal costs October 11, 2013 Banking giant JP Morgan has announced a surprise loss in the third quarter, following legal expenses of $7.2bn (£4.5bn). Net loss was at $0.4bn (17 cents a share) whilst revenue was $23.1bn (£14.5bn) versus $26bn last year. The bank is still in $11bn settlement talks with US regulators over mis-selling of mortgage-backed securities pre-the financial [...]
EU clears joint venture between Belgacom and BNP Paribas October 11, 2013 The EU Commission has cleared a joint venture between Belgium telecommunications company Belgacom and BNP Paribas. The joint venture will provide communication of discounts, vouchers, offers and coupon redemption services and mobile wallet services to Belgian consumers and businesses. The deal was allowed to proceed because it was found to satisfy several aspects of the [...]
Downgrade to ‘sell’ for power hire business Aggreko October 11, 2013 Investment bank Canaccord Genuity has downgraded its rating for temporary power hire business Aggreko to 'sell'. Canaccord highlighted the continued slow conversion of prospects into sales, pricing pressure, currency headwinds and material contracts coming to an end as reasons for initiating a 'sell' forecast for the company's next two financial years. In June of this [...]
Hargreaves Lansdown system crashes on Royal Mail trade October 11, 2013 There's been some significant annoyance for Royal Mail investors this morning as Hargreaves Landsdown systems buckle under the weight of trading: We are sincerely sorry for anyone who hasn’t been able to trade this morning and are doing all we can to meet client demand — Hargreaves Lansdown (@HLInvest) October 11, 2013 All available staff [...]
Shale gas revolution will see US become largest oil producer October 11, 2013 The International Energy Agency has called America's shale energy revolution a "game changer," and said that it will be a major factor in the Unites States becoming the worlds largest oil producer over the next five years. The 2013 medium-term oil market report evaluates the impact of changes to the oil market up to the [...]
Nobel Peace Prize awarded to weapons prohibition group working in Syria October 11, 2013 The Nobel Peace Price 2013 has been awarded to the Organisation for the Prohibition of Chemical Weapons OPCW) for their work dismantling Syrian chemical weapons. The committee panel said that the group's work has "defined the use of chemical weapons as a taboo under international law", highlighting the vital need for such groups given the [...]