Berlusconi gives 10 day ultimatum to Italian prime minister August 21, 2013 Italian prime minister Enrico Letta thinks that 2014 will be a "historical year" for Europe as it the economic community could begin to recovery. Now a political rival threatens to topple his government. Newspaper Corriere reports that former prime minister Berlusconi has given Letta a 10 day ultimatum to find a solution to allow Berlusconi [...]
What the analysts are saying about July’s public sector deficit August 21, 2013 This morning, the Office for National Statistics said the UK government posted a £62m deficit in July – down from an £823m surplus the year before (full story here). Here's what analysts are saying about the figures. Martin Beck, UK economist at Capital Economics: Despite signs of life in the economy, July’s public finances data [...]
Irish central bank appoints new financial regulator from Banque de France August 21, 2013 The Irish central bank has appointed Cyril Roux as deputy governor of financial regulation to replace Matthew Elderfield. Roux will join from the Banque de France, where he holds the position of first deputy secretary general of the French prudential supervisory authority for banks and insurance companies (Autorité de Contrôle Prudentiel et de Résolution) – [...]
Over two thirds of manufacturing businesses expecting higher sales turnover in next six months August 21, 2013 As many as 67 per cent of manufacturing businesses – a record high – are expecting their sales turnover to increase over the next six months. This follows 82 per cent of firms gaining new sales after introducing new products or services in the past two years. The latest data from the Manufacturing Advisory Service [...]
UK public sector runs up first July deficit in three years August 21, 2013 The Office for National Statistics said the UK had a £62m deficit in July, compared to a £823m surplus the previous year. This is the first July deficit in three years (note that July last year was initially reported as a deficit but now revised), and came as a surprise to analysts (release). Excluding one-off [...]
Weidmann says that ECB bond buying endangers central bank independence August 21, 2013 The European Central Bank's (ECB) Jens Weidmann has warned that bond buying threatens central bank independence. These comments will be seen as quite an understatement by those who believe that the ECB already has an independence problem. Weidmann stressed the downsides to Germany of the exit of any member state from the Eurozone, claiming that [...]
Look ahead to Federal Reserve minutes for clues of QE taper timing August 21, 2013 Ishaq Siddiqi, market strategist, ETX Capital: Taper blues continue to curb enthusiasm to build risk across equity, commodity and forex markets Wednesday. US Treasury 10-year note still elevated at 2.82% but off two-year highs seen this week. FOMC meeting minutes to steal the show later with many in the market viewing the report as a [...]
Heineken expects no organic growth this year following weak Europe performance August 21, 2013 Heineken, the world’s biggest brewer, has reported better than expected first half earnings, but warned a weak spring in Europe will hold back revenues. Shares dropped nearly three per cent in early trading. The group said operating profit before on-off items grew five per cent to €1.45bn (£1.25bn) – beating analyst expectations of €1.42bn. This [...]
African Barrick appoints industry veteran as chief executive August 21, 2013 Mining firm African Barrick Gold has announced the appointment of Bradley Gordon as chief executive. Gordon will replace Greg Hawkins, who has resigned to pursue other opportunities. Gordon has 30 years’ experience in the mining industry, joingin from his position as chief executive of precious metals exploration and development company Intrepid Mines. Chairman of the [...]
Lloyds sells off Heidelberger Leben for less than expected £250m August 21, 2013 State-backed bank Lloyds has sold off German life insurer Heidelberger Leben to Cinven Partners and Hannover Ruck for €300m (£250m) (release). That's below what the market had expected for the sale. The gross assets subject to the transaction are £7.2 billion, which are predominantly policyholder assets. In the year to 31 December 2012 the business [...]