Before the open – 22/08 August 22, 2013 After the Federal Reserve's minutes failed to provide markets with any clarity, markets are expected to open lower this morning in Europe. That Fed update didn't give investors any clues, with Todd Schoenberger of LandColt Capital saying that "traders are angry and confused by today's release". Strong Chinese manufacturing is unlikely to provide enough of [...]
Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
WH Smith expects good performance despite weaker publishing schedule August 22, 2013 High street retailer WH Smith has announced that it is continuing "good performance" as it focuses on "gross margin gains and tight cost control" in order to improve performance (release). The firm noted that last year saw a "relatively strong publishing schedule in the second half", which they'll be wanting analysts to take into account [...]
Chinese manufacturing returns to growth amid slowdown fears August 22, 2013 Chinese manufacturing is growing again in August, according to a flash purchasing manager's index (PMI) release from HSBC. Rising from 47.7 to 50.1, Chinese order books are just managing to grow (any number above 50 implies growth in the sector), while defying economist estimates of a more modest improvement to 48.3. Despite this better data, [...]
Thomson Local bought out of administration August 22, 2013 DIRECTORY services brand Thomson Local was bought out of administration by two serial entrepreneurs yesterday. Thomson Local, which sends out 22m copies of its UK business directory and maintains several websites, appointed Grant Thornton as administrator on Wednesday, following several tough years. The Hampshire-based firm posted a net loss of £732,000 for 2011, down from [...]
UK banks face another mis-selling scandal August 21, 2013 The Financial Conduct Authority is preparing to set out a compensation scheme for consumers who bought identity theft and credit card protection from York-based life assistance company CPP, Sky News was first to report. British banks will again be hit by a mis-selling scandal, which could see them lose up to £1.5bn. Around a dozen [...]
White House and UN condemn chemical warfare ahead of emergency meeting on Syria August 21, 2013 The White House has said it is “deeply concerned” and the United Nations “shocked” to hear reports of alleged chemical attacks on rebel forces on the outskirts of Damascus, Syria today. Opposition forces in Syria say rockets with toxic agents were launched at the suburbs of the Ghouta region today, resulting in the deaths of [...]
Ackman explains “mistakes” to Pershing investors August 21, 2013 American hedge fund manager and activist investor Bill Ackman has written to investors to explain his recent headline-hitting activities in a regular quarterly letter. Ackman heads up Pershing Square Capital Management, whose funds remained more or less flat in the most recent quarter (for the first half of the year, returns ranged from 5.3 to [...]
Hague urges EU not to stop humanitarian aid to Egypt August 21, 2013 UK foreign secretary William Hague has joined a number of European counterparts in urging the EU not to stop giving humanitarian aid to Egypt. Speaking in Brussels at a meeting of foreign ministers to discuss the continuation of a €5bn (£4.26bn) aid package for Egypt, Hague said that most Egyptians wanted democracy "so we mustn't [...]
Whisteblower Bradley Manning sentenced to 35 years in prison with three years credit August 21, 2013 The American army private Bradley Manning, who leaked US government documents to Wikileaks has been sentenced 35 years in prison with 1294 days credit. The terms also included the forfeit of all pay and allowances, and a dishonorable discharge. Manning, who has sometimes gone by the name Breanna, has been incarcerated for a period of [...]