US services growth is faster than expected in July August 5, 2013 The US services sector is expanding more quickly, according to the ISM non-manufacturing purchasing manager's index. It rose from 52.2 to 56.0 in July, ahead of economist forecasts of a rise to 53.0. That's still well behind the growth that Markit reported for the UK this morning, where services PMI is at a 2006 high [...]
French oil giant Total to relocate corporate treasury department to London August 5, 2013 French oil and gas giant Total has said it is planning to move its corporate treasury department to London to boost its image and get closer to analysts. A spokesman told Reuters the move would help it “get closer to… the oil trading and financial centre of Europe to allow the group to improve its [...]
UK output is growing at its fastest pace since records began August 5, 2013 (Source: Markit) Following very strong service sector figures this morning, economic activity is now growing at its fastest pace since records began in 1998. Markit's survey data – the purchasing manager's index – is at a high of 59.48 for all sectors. Any number above 50 implies an expansion. Employment expansion also climbed in July [...]
PM’s official spokesman says Clegg can go where he wants despite Gibraltar crisis August 5, 2013 Despite concerns from the Foreign Commonwealth Office (FCO) the Prime Minister's official spokesman has said that "the choice of holiday destination for the Deputy Prime Minister is up to him." Following a dispute about fishing rights with Spain, the FCO has announced that it will "continue to use all necessary measures to safeguard British sovereignty" [...]
Domino’s goes cold as more directors sell off stakes amid weakened profits August 5, 2013 Shares in Domino’s Pizza have lost 7.5 per cent on the news two prominent directors and company shareholders sold shares in the company late last Friday. Nigel Wray, non-executive director and once a holder of just under 30 per cent of the company, has sold his remaining three per cent stake for 570p per share, [...]
China reviewing one child policy amid demographic timebomb and slowing growth August 5, 2013 China’s Family Planning Commission is studying proposals to lift the ban on a second child – if either parent is an only child. The country’s official news agency Xinhua reported that the new rules are expected to come into force early next year and may be extended to cover all families by 2015. Under current [...]
IHS Global Insight hikes GDP forecast after strong data August 5, 2013 Following the strong services data released earlier, IHS Global Insight has bumped up its growth forecast for 2013 to 1.3 per cent (from 1.1 per cent) as it now anticipates 0.7 per cent growth in the third quarter. This would mark the first time that the economy has had two successive quarters of growth exceeding [...]
Barclays appoints banks to £5.8bn rights issue syndicate August 5, 2013 Barclays has announced the appointment of additional underwrites and joint bookrunners for a rights issue intended to raise £5.8bn (release). It's a long list, and will probably mean some hefty fees for Barclays to pay: BN AMRO Bank N.V., Banco Santander S.A., BNP Paribas, ING Bank N.V., J.P. Morgan Securities plc (which conducts its UK [...]
UK services boom: Sector grows at fastest rate since 2006 August 5, 2013 The UK's service sector is booming, as shown by Markit's purchasing manager's index (PMI). In July the index rose from 56.9 to a whopping 60.2. For context, we've not seen a PMI number that breaks 60 in a long time across the Eurozone or the US. Economists had forecast a rise to 57.2. There are [...]
HSBC warns against EU bonus cap as shares fall on disappointing profits August 5, 2013 HSBC has reported pre-tax profits of $14.071bn (£9.2bn) for the first six months of the year, up ten per cent from the same period in 2012, but falling short of analysts' expectations of a 15 per cent increase. Earnings per share rose by a fifth to 54 cents. Shares fell nearly four per cent on [...]