UK consumer confidence hits 39 month high in July July 30, 2013 UK consumer confidence has hit its highest level since April 2010, according to the GfK NOP index which rose by five points in July. Nick Moon, managing director of Social Research at GfK, comments: There is now no doubt that consumer confidence has recovered strongly from the unparalleled trough of the last five years. At [...]
Evraz stops production at Italian mill as steel plate market weakens July 30, 2013 Miner Evraz has announced that it is to stop operations at the Palini e Bertoli plate mill in Italy on 20 August (release). Evraz says that the suspension is expected to last until at least the end of October. EVRAZ Palini e Bertoli remains committed to duly perform under all existing arrangements and will execute all [...]
Investor attacks regulator for being “hostile to banks” July 30, 2013 The head of equities at Barclays' fifth largest shareholder has slammed the UK's financial regulator for being "capricious and hostile to banks". David Cumming, head of equities at Standard Life Investments, has told Reuters that regulators are responsible for a "lack of stability or consistency" in capital requirements. From a taxpayer and investors viewpoint this [...]
French firm may make formal £3.3bn offer for Invensys tomorrow July 30, 2013 French firm Schneider is said to be close to a $5bn (£3.3bn) deal to purchase engineering firm Invensys, according to Reuters. The package offered is unlikely to change from the initial announcement, as no rival bid has emerged. This offer comes a little earlier than expected, with a deadline of 8 August. Shares in Invensys [...]
US consumer confidence fell slightly in July July 30, 2013 Confidence among US consumers contracted in July, with the Conference Board’s indicator falling unexpectedly to 80.3 from a revised 82.1. Analysts had expected a fall to 81.5. But it’s not all bad news. The number of consumers saying business conditions were “good” rose to 20.9 per cent from 19.4 per cent, while those stating conditions [...]
Global fertiliser prices forecast to plunge as Russian potash cartel breaks down July 30, 2013 The break-up of a Russian potash cartel could spark a global price war among fertiliser producers, its chief executive has said. Uralkali pulled out of the Belarus Potash Corporation (BPC) after accusing its partner Belaruskali – which controls around 47 per cent of the global potash market – of selling fertiliser outside of the marketing [...]
US home price index sees Dallas and Denver hit all-time highs July 30, 2013 One US home price index has shown house prices have risen 12.2 per cent versus a year ago (release). While slightly below estimates of a 12.4 per cent rise, that's still a huge increase. The S&P/Case-Shiller home price index has yet again seen prices rise in every city in May. All 20 cities showed positive [...]
Greek bank bailout fund has used up nearly three quarters of its reserves July 30, 2013 Greece’s bank bailout fund has so far spent €38bn (£33bn) keeping up the country’s banking system – around three quarters of the €50bn total it was initially given (release). The Hellenic Financial Stability Fund (HFSH) said it spent around €25bn on bolstering the capital of the country’s four largest lenders and a further €13bn on [...]
JP Morgan agrees $410m settlement over energy market manipulation allegations July 30, 2013 JP Morgan Ventures Energy Corporation has agreed with the Federal Energy Regulatory Commission (FERC) to pay ratepayers the sum of $410m (£268m) to settle a US energy probe (release). JP Morgan neither admits or denies the allegations, which involve market manipulation from the company’s bidding activities in electricity markets in California and the Midwest from [...]
Pfizer earnings beat expectations as it reiterates full year forecast July 30, 2013 US drugs giant Pfizer has reported second quarter earnings just beating analysts’ estimates as it prepares to split its commercial operations (release). Adjusted income fell ten per cent to $4bn (£2.6bn) or 56 cents per share from $4.45bn or 59 cents per share the year before. Analysts had expected to see earnings per share of [...]