Before the Open: Politics continue to mute markets September 26, 2013 US and European markets are expected to open lower again today after political squabbling in the US over raising the debt ceiling. Global markets are suffering from risk-off. US equities saw their 5th straight loss overnight with risk currencies once again following. — RMB Global Markets (@RMB_GM) September 26, 2013 Asian markets closed lower, [...]
Fly away to the fantastical mountains of St Lucia September 26, 2013 There’s a lot of local charm beyond the idyllic beaches, azure waters and postcard sunsets, says Oliver Pickup WHAT connects Superman, Amy Winehouse, Oprah Winfrey, Blackbeard and Napoléon Bonaparte? No, it’s not my ultimate dinner party guest list – although that would be some karaoke line up. The link is that they have all been [...]
MBA rankings: Proceed with caution September 25, 2013 Candidates should look beyond league tables to find a course that will suit their needs SINCE BusinessWeek published its first MBA rankings in 1988, others have rushed to design league tables of their own, rating and comparing different programmes. So where should you study your MBA? According to the FT’s 2013 rankings, Harvard Business School [...]
Cost of energy hammers EU industry September 25, 2013 The European Commission has released a report concluding that high energy costs are harming EU competitiveness and have led to de-industrialisation across Europe. Europe's industrial base has declined from 15.5 per cent last year to 15.1 per cent this year. The data presented in the report concurs with the World Economic Forum’s competitiveness report showing [...]
The six points on which Britain launches its challenge to EU bank bonus cap September 25, 2013 Britain has launched a legal challenge against the European Union's cap on bankers' bonuses. The chancellor George Osborne has warned that the new rules could "undermine responsibility in the banking system rather than promote it". The cap on bonuses is planned to take effect from 2014 onwards, limiting bonuses to match salaries, unless shareholders vote [...]
House sales in US pushed up by rising interest rates September 25, 2013 The number of homes bought in the US in August has jumped up 7.9 per cent to 421,000 exceeding expectations of 420,000 and a July figure of 390,000 (revised from 394,000). Despite Fed uncertainty, US residents have still bought more houses, with rising mortgage rates prompting sales. The figure still remains well below the 700,000 [...]
Monte Paschi ready to make changes for state bailout September 25, 2013 Following internal delays yesterday, the chairman of the world's oldest bank has said that it is ready to make all necessary changes to a much-delayed restructuring plan intended to secure the go-ahead from the European Union for a state bailout. Monte dei Paschi's chairman Alessandro Profumo said to reporters: "We are ready to make all [...]
Labour vote to renationalise Royal Mail September 25, 2013 Labour's annual conference in Brighton has voted to renationalise Royal Mail if the party wins the 2015 general election. Delegates voted unanimously for the motion and also backed plans to renationalise the railway system. Although the shadow cabinet will take notice of activists' views, Labour's policy making process means Ed Miliband will be free to [...]
Deutsche Bank Research savages Ed Miliband’s energy policy September 25, 2013 Deutsche Bank research has produced a note pointing out the dire consequences which may come as a result of Ed Miliband's populist pledge to freeze energy prices for two years. Central to Ed Miliband's justification for such a draconian intervention was the claim that energy companies had been "overcharging people for too long". Deutsche Bank [...]
French budget hikes taxes and slashes spending September 25, 2013 France has confirmed a series of tax rises and spending cuts in order reduce its deficit. The government's budget for 2014 has confirmed €15bn of spending reductions and €3bn of tax increases in addition to an increase in sales tax, intended to raise €6bn. Francois Hollande's infamous 75 per cent tax on incomes exceeding €1m [...]