Two sovereign wealth funds expected to receive Royal Mail shares October 10, 2013 While sovereign wealth funds are expected to be allocated large numbers of Royal Mail shares, according to Sky News. Sky's City editor Mark Kleinman says that Kuwait and Singapore-based wealth funds are among those which have share orders worth "hundreds of millions of pounds". His sources suggest that the two top funds are expected to [...]
Red Cross report slams European austerity October 10, 2013 In a report obtained by the Guardian, the International Federation of Red Cross and Red Crescent Societies has condemned European governments response to the debt crisis which began four years ago. The 68 page report says: Whilst other continents successfully reduce poverty, Europe adds to it. As the economic crisis has planted its roots, millions [...]
Figures suggest Olympics scared away tourists in August 2012 October 10, 2013 Travel and tourism data has shown that this August, overseas visits to the UK were up 16 per cent year-on-year at 3.49m in August. (Release) This was much higher than the year-to-date rise of six per cent, says the Office for National Statistics' report, 'Overseas Travel and Tourism'. Howard Archer, chief UK and European economist [...]
Greek unemployment is lower than thought but still on the rise October 10, 2013 The Greek unemployment rate is a little lower than thought in July, but that's largely due to revisions to the month before. Turns out the statisticians now think that unemployment was at 27.5 per cent in June – not 27.9 per cent. That means the newly unemployment rate of 27.6 per cent in July is [...]
Positive outlook consensus for Hays following share rise October 10, 2013 Following recruitment company Hays' encouraging results this morning of two per cent like-for-like net fee growth, shares are up three per cent. UK growth was up eight per cent, making it the strongest region for the company as growth remains broad-based and public sector strength (+21 per cent) continues longer than expected, held up by [...]
ECB agrees three year €45bn currency swap line with Chinese central bank October 10, 2013 The European Central Bank (ECB) and the People's Bank of China (PBoC) have agreed the creation of a €45bn (£38.1bn) currency swap line for three years (release). That'll allow the two to purchase and repurchase Chinese yuan and euro from each other. Here's some of the ECB statement: The swap agreement, which will be valid [...]
Italian industrial output still falling despite expectations of recovery October 10, 2013 Italian industry still struggling in August. That month saw a fall in output of 0.3 per cent, after a fall of 1.1 per cent in the month before. Analysts had expected growth in output of 0.7 per cent in August. For the year to date, output has fallen by 4.6 per cent, while economists had [...]
WH Smith shares rise nearly six per cent on consensus busting dividend October 10, 2013 WH Smith is trading stronger on slightly better numbers and a higher dividend this morning. The retailer reported strong growth in profits for the year ended 31 August (release). In an announcement on Wednesday the company revealed that profit before tax was £108m, up six per cent from £102m in 2012. Group profit from trading [...]
BAE trading consistent but delay on Salam jet deal could lower share earnings October 10, 2013 BAE Systems has announced trading consistent with expectations with outlook remaining unchanged, in the period from 1 July to 9 October. (Release) Double-digit growth in underlying earnings per share is expected for 2013. The group anticipates a satisfactory completion to its Salam pricing negotiations this year but says that, should negotiations be extended beyond 2013, [...]
What you need to know before the open – 10/10 October 10, 2013 US markets closed slightly higher yesterday, following Janet Yellen's nomination as Fed chairman and acceptance speech in which she pointed to a more relaxed monetary policy – diminishing the chance of a taper being imminent. In addition, the minutes from last month's FOMC showed that opinions were divided on a taper, and there was plenty [...]