Before the open: Record highs as Fed doesn’t taper September 19, 2013 New records were reached on US markets last night following the Fed's decision to refrain from tapering QE. Consequently, European markets are expected to surge this morning with the Dax at record highs and FTSE opening calls of +70 and higher. Yesterday, the Bank of England upgraded the UK's growth forecast for the third quarter [...]
Lib Dem lines to take for interviews – in full September 19, 2013 The Lib Dems appear to have given journalists their full lines to take for every interview: Five things to remember for every interview This conference sees the party in a confident mood We have a strong record of achievement in Government Our priorities are jobs and easing the squeeze on household budgets Labour cannot be [...]
Portugal cut to BB by S&P on second bailout fears September 18, 2013 Ratings agency Standard & Poor's has cut Portugal's sovereign debt rating to BB with negative implications. From their release: On Sept. 18, 2013, Standard & Poor's Ratings Services placed its 'BB' long-term foreign and local currency sovereign credit ratings on Portugal on CreditWatch with negative implications. At the same time, we affirmed our short-term sovereign [...]
Berlusconi’s back: Former Italian PM will reform his Forza party September 18, 2013 Controversial (or disgraced, take your pick) former Italian Prime Minister Silvio Berlusconi has announced that he's reforming his Forza party. He's vowed to stay in politics – saying that it can be "done outside Parliament" – ahead of a Senate committee vote to decide whether he be allowed in public office. Berlusconi also hit out [...]
Three big bets see odds on Kohn for top US Fed job shorten September 18, 2013 All eyes on the bookies for an indication of who might replace US Federal Reserve chairman Ben Bernanke. The odds for the second favourite – Donald Kohn – have narrowed after three big bets on his name. The disance between him and the clear favourite – Janet Yellen – is now a lot narrower. @LorcanRK [...]
ARM shares surge on takeover rumour September 18, 2013 Shares in electronics company ARM have jumped on (completely unconfirmed) talk of an Intel takeover. They're up just over three per cent for the day at the moment. You'll find ARM chip designs in the majority of the world's smartphones, and that dominance has taken the Cambridge based company from strength to strength.
Banks fined up to ten per cent of sales over benchmark rigging September 18, 2013 European Commissioner, Michel Barnier, gave a press conference today to discuss draft legislation on market benchmarks that will see banks fined as much as 10 per cent of their yearly sales for failure to safeguard against benchmark rigging. The legislation will enable regulators to force banks into participating in benchmark setting panels, following a series [...]
US housing starts and building permits miss in August September 18, 2013 Disappointing numbers for the US construction sector. Building permits are down three per cent from 0.954m (revised from 0.943m) to 0.918m in August. Economists had expected growth to 0.95m. Housing starts are also ugly. They climbed 0.9 per cent from 0.883m to 0.891m, but missed analyst estimates of a jump to 0.917m. Paul Diggle, property [...]
European Commission says Cyprus is on track despite huge hikes to unemployment forecasts September 18, 2013 The European Commission has announced that Cyprus' economic programme is on track, with modest growth expected to return in 2015 (release). That will follow a forecast cumulative contraction of 13 per cent in 2013/14, and an 8.7 per cent contraction this year. However the EC noted that downside risks remain substantial. The island's public debt [...]
Manchester United sets revenue goalposts at £420-430m for 2014 as global brand grows September 18, 2013 Football club Manchester United has posted record annual revenues of £363.2m, up 13.4 per cent on the last full year (release). Commercial revenues are up 29.7 per cent to £152.5m, 42 per cent of the club's total revenues. During the year the club announced seven global sponsorship partnership, four regional spartnership and nine financial services [...]