ECB’s Draghi says Eurozone recovery is still young and fragile September 16, 2013 European Central Bank (ECB) president Mario Draghi has said that the Eurozone economy remains fragile, and that unemployment is far too high. The central bank chief said that the area has made progress, but this is not yet fully reflected in the cost of borrowing. Now he's pushes for growth with a "stable foundation, saying [...]
Surge in women on bank boards after credit crisis September 16, 2013 BRITISH banks have almost doubled the proportion of women on their boards in the past six years, according to research out today from recruiter Astbury Marsden. Twenty per cent of board directors are now women across the top five biggest UK lenders, up from 12 per cent in 2007. That is the same level as [...]
Markets seeing a Larry rally as Summers announces he won’t contend Fed job September 16, 2013 An announcement by Larry Summers that he won't be contesting the role of Federal Reserve chairman has sent the dollar down and US stock futures up. Markets are now expecting a more dovish chairman (although Summers is by no means a hawk), and the favourite is Janet Yellen. Kit Juckes, Societe Generale: Five (long) years [...]
New East London warehouse for property company Segro September 16, 2013 The property investment and development company Segro has announced its acquisition of a warehouse in Barking, East London. The company purchased the site for £30m, and the purchase price of the warehouse represents a 6.9 per cent net initial yield. Segro view East London as an area with strong potential for expansion, given the vast [...]
Before the open: FTSE expected up but dollar weak following Summers exiting Fed race September 16, 2013 The US dollar dropped sharply overnight, following Larry Summers quitting the race to replace Ben Bernanke as Fed chairman. European markets are expected to open up this morning, with the euro pushed up by a weak dollar. The German Dax is expected to hit a new record when it opens. ECB president Mario Draghi will [...]
Real estate jobs boom a worry – but labour market rebalancing September 16, 2013 IT is the fact of the day: those who work in real estate accounted for 23.05 per cent of the net jobs growth in the UK over the past year. In fact, 13 per cent of the 562,000 total jobs that now exist in “real estate activities” – which include a range of jobs, from [...]
US consumer sentiment index misses mark September 13, 2013 A consumer sentiment index flash estimate has come in at 76.8, following the August figure of 82.1. Traders had predicted a move to 82.0. The index gives a picture of consumers' willingness to spend. Michigan consumer sentiment, falls; business inventories increase more than expected. Cause for concern for 2013Q4, but a + for Fed [...]
Engineer Kentz is confident of standalone prospects as two bidders disappear in as many days September 13, 2013 Engineer Kentz has released an update after German M+W has issued no further takeover proposals for the firm (release). That comes after Amec withdrew interest yesterday. Since its announcement of 19 August 2013, Kentz can confirm that it received no further proposals from either Amec plc or M+W. The Company remains confident it can deliver [...]
US retail sales miss in August September 13, 2013 US retail sales have missed expectations of 0.4 per cent increase coming in at 0.2 per cent. Last month's figure of 0.2 per cent has been revised to 0.4 per cent, making this the weakest gain in four months. The 0.2 per cent increase means August retail food and services sales were $426.6bn. This is [...]
Walkie scorchie repair bother for Canary Wharf Group September 13, 2013 Figures for repairs to the 'Walkie Talkie' tower on Fenchurch Street are "in the low single-digit millions". David Pritchard, chairman of Songbird Estates, an owner of the building, was speaking today following damage to the unusually shaped skyscraper caused by its own reflection of sunlight at the end of August. City A.M. first reported [...]