SSE to raise energy prices by 8.2 per cent October 10, 2013 Energy company SSE has announced an 8.2 per cent increase in electricity and gas prices from 15 November. (Release) It's the first provider to up its tariff for winter. Will Morris, managing director for retail said, "we don't take these decisions lightly", adding that the company has done what it can to keep prices down. [...]
US debt ceiling division may be the harbinger of greater crises to come October 10, 2013 AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead. To understand why, we need only look back [...]
Peugeot in talks to sell a stake to its Chinese partner Dongfeng October 9, 2013 PSA PEUGEOT Citroen yesterday confirmed it is in talks over potential new overseas partnerships, after reports that Chinese group Dongfeng Motor may buy a 30 per cent stake in the troubled French car manufacturer. The discussions also cover new funding for the firm’s development, a spokesman said. “Peugeot confirms it is studying new industrial and [...]
IMF warns that high sovereign debts threaten global economy October 9, 2013 An influential international organisation, the International Monetary Fund (IMF), has warned that high debt ratios amid "persistently low growth" advanced economies "cast clouds on the global fiscal landscape". In their October 2013 Fiscal Monitor update, the IMF warns that the average public debt ratio in advanced economies will hit a historic peak (of around 110 [...]
Niesr estimates growth down slightly at 0.8 per cent October 9, 2013 (NIESR) Think tank Niesr has released its growth estimate for the three months to September, with a slight drop to 0.8 per cent, after the 0.9 per cent growth seen in the three months to August. The research centre predicts that the production sector, despite the drop in output between August and July, has made [...]
M&S shares remain down with warm weather affecting general merchandise October 9, 2013 M&S shares continued to fall today as the retailer forecasts "a long journey ahead" and one analyst reduces its pre-tax profit forecasts for 2013 from £700m to £665m. The company note from Cantor Fitzgerald reported that a decline in gross margins is anticipated to impact on interim results, with pretax profits, due out in [...]
US mortgage applications go up in latest weekly survey October 9, 2013 Good news for the US housing market as mortgage applications grow 1.3 per cent from last week's 0.4 per cent decrease.
Global wealth highest in history despite downturn October 9, 2013 Despite the financial crisis of 2008 and the difficulties in the Eurozone, global wealth has more than doubled since 2000, reaching over £150 trillion, according to the latest global wealth report from Credit Suisse. Economic growth in developing countries and rising populations have played a significant part in the figures. Aggregate total wealth rocketed past [...]
EC approval for Aegean’s purchase of rival Olympic Air October 9, 2013 The European Commission (EC) has given its approval for Greek Aegean Airlines to buy loss-making rival Olympic Air. (Release) The approval comes after an EC investigation found Olympic would go out of business "very soon" if the deal was blocked, leaving Aegean as a sole provider in the market with no competitor. The EC said [...]
Owen Paterson: “The badgers haved moved the goalposts” October 9, 2013 Environmental secretary Owen Paterson has told BBC Spotlight that the controversial badger cull has been a success, but that "the badgers have moved the goalposts." No, we're not sure either (but hopefully it's not a reference to this infamous viral video). Turns out Paterson was talking about how badgers could be affected by various factors [...]