ECB’s Mersch pushes for a single system and stricter rules for bank control September 26, 2013 ECB executive board member Yves Mersch has spoken this afternoon on new approaches to banking which tighten controls and strengthen supervision. Mersch started off by highlighting weak growth and high unemployment but notes than positives have started to emerge, with the Eurozone realising that collective stability requires deeper integration. Two elements are needed for genuine [...]
Activist investor Icahn to push Apple’s Cook on share buyback program September 26, 2013 Activist investor Carl Icahn and Apple CEO Tim Cook are expected to meet on Monday, according to reports from CNBC. Icahn is expected to push the tech boss on further acceleration of the company's share buyback programme. Icahn reportedly has a $2bn stake in Apple (although that doesn't put him in Apple's top 10 stockholders). [...]
Disappointing US data – Second quarter GDP not revised up September 26, 2013 Disappointing US data out this afternoon. Second quarter GDP has not been revised from 2.5 per cent to 2.6 per cent. That defies what analysts had been expecting. Remember, those are annualised figures (not quarterly) – so don't compare them against the UK's second quarter GDP growth of 0.7 per cent (confirmed in a second [...]
35,000 customers switch banks in first week of new scheme September 26, 2013 According to reports, around 35,000 Britons have moved their current accounts during the first week of a new industry switching scheme aimed at promoting greater competition in the banking sector. Last week the Payments Council announced the launch of the Current Account Switching Service, which involves 33 banks and building societies, including Halifax, Barclays, Bank [...]
H&M shares rise nearly seven per cent as profits surge September 26, 2013 Hennes & Mauritz have seen their shares rise by nearly seven per cent after the company saw net income grow to £428m during the three months ending August 31. Gross margins for the company have increased 58.8 per cent of sales as compared to the previous year 58.2 per cent. This recent success will come [...]
Brussels’ new budget vice for the Eurozone September 26, 2013 Speaking this morning, former European Central Bank president Jean-Claude Trichet said that Europe is halfway to recovery. His words come at the same time as unprecedented fiscal temerity from the European Commission as it announces its intention to tighten its grip on members' budgets. On employment, Trichet stressed that EU unemployment is absolutely unacceptable and [...]
EU regulation may delay lifesaving devices by five years September 26, 2013 The European Parliament's committee for environment health and food safety has voted for stricter regulation controlling the process of approving medical devices. The directive includes tougher conformity assessment bodies, a new system of labelling medical devices and a new body called the 'Assessment Committee for Medical Devices' to examine potentially high risk devices. The new [...]
Regulator fines Clydesdale for botched mortgages September 26, 2013 Clydesdale Bank has been fined £8.9 million for failing to treat its mortgage customers fairly. The Financial conduct Authority (FCA) issued the fine after customers were not informed clearly their rights following the bank's miscalculation of repayments on over 42,500 mortgages. In April 2009, Clydesdale discovered an error in its repayment calculation method for customers [...]
Goldman Sachs hikes UK growth forecasts September 26, 2013 Goldman Sachs has upped its growth projections for the UK from its February forecast. The UK is now forecast to grow 2.3 per cent in 2014 up from two per cent, 2.5 per cent in 2015 up from 2.3 per cent and 2.7 per cent in 2016 up from the 2.6 per cent. They forecasts [...]
Drinks company Stock Spirits plans debut London share float September 26, 2013 Stock Spirits, which owns a number of vodka brands and other alcoholic beverages, announced its intention to go ahead with an initial public offering of shares to institutional investors in October. (Release) The company, whose main markets are Poland, the Czech Republic and Italy, wants to raise £52m from new shares in order to reduce [...]