Italy’s Letta dreams of United States of Europe October 2, 2013 Italian prime minister Enrico Letta is battling for the survival of his government in the Italian Senate this morning. He has defended the governments economic record and reaffirmed its commitment to ensure that the deficit falls below three per cent of GDP at the end of 2013. With several members of Berlusconi's PdL indicating they [...]
Residential construction activity increases at fastest pace in nearly a decade October 2, 2013 The construction sector is expanding more slowly, but we're still seeing a strengthening of activity. Markit's purchasing manager's index (PMI) came in at 58.9 in September, from 59.1. But economists had forecast a rise to 59.5 this month. That's the five consecutive month of growth, and the latest figure is the second highest since September [...]
Markets look towards private labour market estimates as government shutdown hampers releases October 2, 2013 With the US government still in shutdown (well, more of a slimdown, around 80 per cent of federal employees are still at work), we're probably not going to see nonfarm payroll (NFP) estimates this Friday. Markets are so hungry for jobs data because Federal Reserve decision making over when to begin scaling back asset purchases [...]
Buy out of Peruvian assets for Hochschild Mining October 2, 2013 Precious metals company Hochschild Mining has announced its plan to raise up to $96m (£60m) to fund buying the remaining 40 per cent stake in its Peruvian assets. (Release) The full cost of the acquisition stands at about $280m. Latin American Hochschild has a 60 per cent interest in the Peruvian Pallancata mine and the [...]
Holcim CEO flies austerity style October 2, 2013 Bernard Fontana, chief executive of the worlds largest cement maker Holcim, is leading by example in terms of cost-cutting by flying economy class on short-hall flights. In an interview at Holcim headquarters in Zurich Fontana said: I respect the policy which we set, which is (a flight of) more than five hours is business, less [...]
Rosy results for Sainsbury’s with increased sales, stores and new mobile service October 2, 2013 Sainsbury's has reported strong sales which have delivered continued outperformance, with total sales for the second quarter up five per cent (4.6 per cent excluding fuel). (Release) Like-for-like sales for the same period were up 2.1 per cent (2.0 per cent excluding fuel), with total sales for the first half of 2013 coming in up [...]
Domino’s delivers stronger sales growth as mobile purchases increase October 2, 2013 Takeaway pizza company Domino's has seen like-for-like sales jump by four percent in its 669 mature stores in the 13 weeks to 29 September (release). That's an increase on the 3.9 per cent like-for-like sales growth it saw in the same period last year. That's despite what the company called "an extended period of unusually [...]
Tesco to swell presence in China but profits are sliding October 2, 2013 Tesco has announced it's to join forces with China Resources Enterprise (CRE) to create the leading multi-format retailer in China. (Release) The companies have entered into definitive agreements to combine their Chinese retail operations. The joint venture will see Tesco's 134 Chinese stores – as well as its Chinese shopping mall business – combine with [...]
What you need to know before the open – 02/10 October 2, 2013 Most analysts are seeing the rebound in the markets yesterday as a sign that most believe US politicians will come to their senses sooner rather than later, with the hope that the head bumping won't become entwined with debates over the debt ceiling. European markets will this morning, however, be muted by uncertainty emanating from [...]
Top tips to save on energy this winter October 1, 2013 Annabel Palmer on the simple ways households can cut costs LABOUR leader Ed Miliband thrust energy into the spotlight last week when he announced that, should he win the 2015 election, he will freeze prices for 20 months. Despite energy firms noting that this would prevent crucial investment, he claims that it would save a [...]