US not seeing slowdown, but acceleration as growth picks up in second quarter July 31, 2013 US GDP has come in at 1.7 per cent in the second quarter, well ahead of economist forecasts, with a consensus prediction of 1.2 per cent growth. That news has driven up the dollar against the pound (note that this is the second spike after good private sector job creation numbers 15 minutes before): GDP [...]
US private sector job creation suggests Friday’s unemployment number could be better than expected July 31, 2013 Private sector job creation totalled 200,000 in July, according to ADP employer services. That's up from 198,000 jobs created last month (revised from 188,000). Analysts had forecast job creation of 182,000 in July. Things are less spectacular for the manufacturing sector, which sees jobs down by 5,000. That's the sector's third drop in the last [...]
Cyprus programme is on track, says troika July 31, 2013 The troika of the European Commission, European Central Bank and International Monetary Fund have published their first quarterly review of Cyprus’s economic programme, and concluded that it is on track. A statement on the European Central Bank website read: All the fiscal targets have been met as a result of significant fiscal consolidation measures underway [...]
Draghi’s calls for publication of ECB minutes could help us unravel what’s going on July 31, 2013 European Central Bank (ECB) president Mario Draghi has told German newspaper that he wants to publish ECB minutes. A rough translation of his comments: "I consider this a necessary next step, therefore the ECB Executive Board to the Governing Council is a proposal. submit for discussion and decision, "he told the Süddeutsche Zeitung. (Süddeutsche Zeitung) [...]
US mortgage applications decline accelerates to two year low July 31, 2013 US mortgage applications have fallen 3.7 per cent in the week ended 26 July, from a 1.2 per cent fall the week before. That's a two year low for the mortgage applications index. The Mortgage Bankers Association purchase index fell by 3.4 per cent.
Siemens replaces ousted chairman with finance head and announces third quarter earnings early July 31, 2013 German engineering group Siemens has named its finance chief Joe Kaeser as its new boss to replace chief executive Peter Loescher, who was ousted following a meeting of the supervisory board. Loescher will leave by mutual consent four years before the end of his contract, following a second profit warning this year. Last week, Siemens [...]
Goldman suggests Obama may reduce tax on repatriation of corporate cash stockpiles July 31, 2013 Goldman Sachs have suggested that Obama's new tax scheme could signal support for the low-tax repatriation of foreign profits. The bank's comment team has listed 50 S&P500 companies with as much as $1.8 trillion (£1.2 trillion) invested overseas in 2012. Here's the list of the companies with the most assets overseas, by Goldman's reckoning: General [...]
RBS hopes to name new chief executive on Friday July 31, 2013 The Royal Bank of Scotland is hoping to name its new chief executive alongside its results on Friday, according to Sky sources. Sky Sources: RBS hopes to name new chief executive to replace Stephen Hester along with results on Friday — Sky News Newsdesk (@SkyNewsBreak) July 31, 2013 However, there is no formal deadline for [...]
Rihanna wins ruling against Topshop in t-shirt battle July 31, 2013 Popstar Rihanna has won her case against Topshop owner Arcadia for using an image of her on a range of tops in 2011 and 2012 without her permission. Rihanna said that the fashion store was attempting to pass off the t-shirts as officially approved by the singer, a claim which Topshop disputed. Mr Justice Birss: [...]
Top UK law firm teams up with Hong Kong powerhouse to create first global law firm headquartered in Asia July 31, 2013 Top 20 UK law firm SJ Berwin and Asian regional powerhouse King & Wood Mallesons have announced they will be combining to create the first global law firm to be headquartered in Asia. The two firms together have a global reach, with King & Wood Mallesons the largest law firm headquartered outside of the US [...]