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 [...]
One of America’s biggest hospital operators buys rival to take advantage of Obamacare July 30, 2013 The second largest for profit US hospital operator – Community Health Systems – has announced the purchase of its small rival Health Management Associates (release). CHS will acquire all of the issued and outstanding common stock of HMA for a combination of cash and CHS stock currently valued at $13.78 per HMA share, based on [...]
Greek lottery deal could open door to €650m OPAP privatisation July 30, 2013 Greece has secured a €190m deal with a consortium led by its gambling monopoly OPAP to run the state lotteries for the next twelve years, Reuters reports, citing a senior official involved in the talks. The Greek government agreed in May to sell a 33 per cent stake in OPAP to Greek-Czech fund Emma Delta [...]
How awful would the market for cars be if we treated them like houses? July 30, 2013 The market for housing in the UK is perverse. By comparing it with the market for cars, Duncan Stott, affordable housing campaigner for PricedOut, shows just how mad our system is: Imagine if every car that got made had to get planning permission to be manufactured, with the aim of protecting the environment and avoiding [...]
Initial reactions to Barclays results and capital shortfall plan July 30, 2013 Source: Yahoo Following the drop in Barclays's share price after it announced a drop in profits and plans to fill a bigger-than-expected £12.8bn capital hole, analysts have been mulling what this means for the bank. Mark Kimsey, a senior trader at Accendo Markets, says investors are getting fed up with Barclays and moving into state-owned [...]