Spanish statisticians underestimated scale of economic contraction August 27, 2013 Spain's official statistics agency – the Instituto Nacional de Estadística – has revised down growth numbers for 2012. The agency now estimates that the economy shrank by 1.6 per cent last year, up from a previous estimate of a 1.4 per cent contraction. The INE in #Spain is developing a habit of downwards revisions to [...]
Cameron says international community must respond to Syrian situation August 27, 2013 The prime minister's official spokesman has said that David Cameron thinks the Syrian chemical attack is "absolutely abhorrent" and that the international community must respond. Prime minister David Cameron has cut short his holiday, to chair a meeting of the UK's National Security Committee. Now Britain is said to be considering a "proportionate response" [...]
London estate agent Foxtons returns to market as house prices soar August 27, 2013 London estate agent has announced that it will return to market, after being purchased six years ago for £360m. Now it hopes to raise £55m as it goes public (release). Now for sale itself, the firm will seek to rid itself of debts as the property market swells. Nowhere else is the surge in UK [...]
German business climate improves for fourth month in a row August 27, 2013 The German IFO current assessment index rose from 110.1 to 112 in August, beating expectations of a rise to 111.0. Business climate (BCI) saw a jump from 106.2 to 107.5 (107.0 expected) and expectations increase from 102.4 to 103.3 (103.0 expected). Jennifer McKeown, senior European economist, Capital Economics: The rise was due to improvements in [...]
Bunzl expects strong growth on acquisition pipeline August 27, 2013 Distribution firm Bunzl has seen pre tax profits at £129.4m in the six months to the end of June, up from £118.5m in the same period last year (release). Group revenue rose to £2,956.6 million (2012: £2,612.2 million), an increase of 11% at constant exchange rates, which was driven by underlying growth of 1.9% together [...]
Before the open – 27/08 August 27, 2013 Markets are expected lower on Syrian turmoil and poor US data yesterday. US Secretary of State John Kerry described events in Syria as "a moral obscenity" and said that "by any standard, it is inexcusable and — despite the excuses and equivocations that some have manufactured — it is undeniable." The US saw durable goods [...]
Britons hit by £2bn tax bill for holiday season August 27, 2013 Taking a break has cost British holiday goers £2bn in tax last year, according to research by the TaxPayers' Alliance (TPA). That's a £500m increase on the same estimate in 2008. The TPA's research found that a family of six travelling to Spain would see an average tax bill of £187, while a trip to [...]
Antofagasta sees profits fall by over 37 per cent as commodities slump August 27, 2013 Miner Antofagasta has announced pre tax profits of just $981.0m (£629.9m) in the six months ended June, a 37.3 per cent decline on the same period last year (release). While copper and gold production were both up, at 8.4 per cent and 19.7 per cent respectively, revenues fell by a hefty 12.1 per cent as [...]
Exclusive: Labour threatens to redesign HS2 link August 27, 2013 LABOUR would delay construction of the London leg of the High Speed 2 (HS2) railway in order to redesign the route through the capital, shadow transport secretary Maria Eagle has told City A.M. Eagle said the government’s current proposal to link HS2 to the High Speed 1 (HS1) line using existing tracks through north London [...]
CNBC Comment: Emerging Asia is in a dangerous situation August 26, 2013 THE STORY of money being withdrawn from emerging markets is arguably overdone. But just as it chased a more thrilling adventure in a risk-free world of easy monetary policy, money is now seeking the comforts of home as markets price in tighter conditions. That spells a dangerous road for Asia’s shining hopes. Take Indonesia, often [...]