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 [...]
Germany and Austria are the only EU countries with youth unemployment in single figures July 31, 2013 As Eurozone unemployment falls for the first time since 2011, the picture is still far from rosy. Especially if you're young. Youth unemployment is now less than 10 per cent in only two Eurozone states – Germany and Austria. In June 2013, 5.512 million young persons (under 25) were unemployed in the EU27, of whom [...]
Rate of increase in Italian consumer prices fell in June July 31, 2013 Italy’s annual rate of consumer price inflation fell to 1.1 per cent in June, down from 1.2 per cent the month before and lower than analysts’ expectations of a rise to 1.8 per cent. Compared to the month before, the consumer price index (CPI) was flat, down from a 0.3 per cent rise in May [...]
Steady Eurozone inflation hides the massive differences across member states July 31, 2013 Eurozone inflation has stayed flat at 1.6 per cent in the year to July, as measured by the consumer price index. Economists had forecast a rise to 1.7 per cent. This aggregate figure hides the massive variance in inflation rates across the Eurozone's members. Estonian CPI is still above three per cent. Howard Archer, chief [...]
EU spokesman says Eurozone unemployment is “horrendously high” July 31, 2013 European Commission spokesman Dennis Abbott has said that Eurozone unemployment is "horrendously high" after it has fallen for the first time since 2011. Abbott has said that member states need to carry out reforms to boost employment, but that there is no miracle cure. Eurozone unemployment has stayed flat at the revised figure of 12.1 [...]