BHP optimistic for the longer term outlook as profits fall August 20, 2013 Mining giant BHP Billiton has reported a 15 per cent fall in profit and a 30 per cent fall in earnings per share for the first half of the year (release). Earnings per share fell to 204.4 cents (130.6p) from 289.6 cents – less than half the 429.1 cents reported in 2011. In the face [...]
French finance minister is aiming for full employment in 10 years August 20, 2013 French finance minister Pierre Moscovici says that he's now aiming for France to hit full employment in 10 years, and that France is leading Europe out of the recession. French GDP rose unexpectedly in the second quarter of 2013 but to say that the country is leading Europe is still a very strong claim. The [...]
Before the open – 20/08 August 20, 2013 The UK's leading FTSE index is expected to open lower this morning as US equities see their first four day losing streak of 2013. The losses saw Asian markets down overnight with the Nikkei closing down 2.63 per cent. ETX Capital #morningcall: FTSE100 down 33 points, the DAX lower by 37 points and the CAC40 [...]
Glencore Xstrata drags on FTSE as merger costs exceed expectations August 20, 2013 Newly formed megaminer Glencore Xstrata has announced a $7.6bn (£4.9bn) post-merger writedown (release). That number is at the top of the consensus range. The firm said that the May merger meant that "little synergy benefits" have been recognised in the first half of the year, but these are "now flowing strongly". Mike van Dulken, Head [...]
Persimmon profits up as Help to Buy boosts mortgage market August 20, 2013 Housebuiler Persimmon has seen pre tax profits up from £96.5m to £132.9m in the six months to June from the same period last year (release). The firm said that Help to Buy had boosted mortgage approvals "providing the necessary medium term support to demand in the UK housing market". Our economics reporter Michael Bird: There [...]
The Greeks have something to teach us about the importance of being idle August 20, 2013 BUSINESS and leisure seem like opposites. Ambition’s drive to succeed and achieve has little truck with the pleasures of idleness. With 135 graduates fighting for every opening at investment banks and fund managers, who can afford to be caught with their feet up? Yet leisure is essential, even for the driven. It’s a chance to [...]
CNBC Comment: Why it could now be time to buy gold August 19, 2013 GOLD kicked off 2013 trading just below $1,700 per troy ounce, only to see central banks and investors push its market value down to around $1,180 in late June. Since then, it has steadily risen in value, putting on its best performance in months last week, when it broke through the psychologically important $1,350 level. [...]
Daily FX: Analyst picks August 19, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen, short euro-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Last week I was beginning to look at the dollar long against the euro and yen, but neither trade got off the ground. Now, attention turns to the [...]
Unemployment is falling in a majority of US states August 19, 2013 The unemployment rate fell in a majority of US states in July, the US Bureau of Labor Statistics said today (release). The US labour market is a key factor for the Federal Reserve when deciding the timeframe for the tapering off of its bond buying programme. The unemployment rate fell in 36 states, increased in [...]
Green MP arrested at anti-fracking protest August 19, 2013 Green Party MP for Brighton Pavilion Caroline Lucas has been arrested at the anti-fracking protest in Sussex. Earlier today, she said the protests weren't "just about Balcombe", but about the entire government policy on fossil fuels. "The government is not listening so I think there are times when peaceful direct action can be legitimate." (Full [...]