US charges major hedge fund SAC Capital with criminal fraud July 25, 2013 A US federal grand jury has indicted Steven Cohen’s hedge fund SAC Capital Advisors just days after the US Securities and Exchange Commission filed civil charges against Cohen himself. SAC is charged with wire fraud as well as four counts of securities fraud. According to the indictment, the hedge fund obtained and traded on inside [...]
IMF urges European Central Bank to cut rates and use non-standard measures to boost lending and growth July 25, 2013 The International Monetary Fund (IMF) has said it expects eurozone GDP to contract by 0.6 per cent for a second consecutive year in 2013, before a modest 0.9 per cent expansion in 2013. It also said the European Central Bank should lower its key policy rate and use non-standard tools to boost lending and support [...]
China and India to account for half the projected jump in energy consumption by 2040 July 25, 2013 China and India will account for half of the 56 per cent growth in global energy consumption between 2010 and 2040, according to a report from the US Energy Information Administration (EIA). Shale gas and other fossil fuels will continue to supply 80 per cent of the world's energy needs, despite rapidly growing use of [...]
Boeing drives US durable goods orders to unexpected high July 25, 2013 New orders for durable goods in the US rose for the third consecutive month in June by 4.2 per cent, higher than the 3.6 per cent growth recorded in May and far above analyst expectations of 0.5 per cent growth. But some beady eyes noted that a lot of this growth stemmed from a single [...]
US initial jobless claims miss forecasts rising 7,000 this week July 25, 2013 US initial jobless claims for the week of 19 July have risen from 336,000 (revised from 334,000) to 343,000. Analysts had expected a smaller rise to 340,000. Continuing claims for the week of 13 July dropped from 3.116m (revised from 3.114m) to 2.997m, with economists forecasting a greater fall to 2.98m. Nothing that departs significantly [...]
General Motors posts stronger than expected results – but it’s still not value for taxpayers July 25, 2013 General Motors (GM) has joined a host of other US firms in posting better than expected results today amid strong demand from the US and cost-cutting in Europe, but the bailed out company is far from in the clear. Net income in the second quarter of 2013 fell to $1.2bn, or 75 cents per share, [...]
Yellow Pages owner agrees debt restructuring deal as shares become worthless July 25, 2013 Yellow Pages owner hibu has agreed terms to restructure its £2.3bn of debt with its banks set to take control. In an open letter to shareholders, chairman Bob Wigley admitted that shares in hibu were now worthless, and the company stopped trading on the London Stock Exchange this morning. The deal is subject to the [...]
Spain’s biggest bailed out bank reports €200m profit July 25, 2013 Spain’s biggest bank in state hands Bankia has reported a €200m profit for the first half of the year – up from a record loss of €19.2bn in 2012. Last year’s loss was the biggest of any bank in the world, and sparked fears that the eurozone’s fourth largest economy could need an international bailout. [...]
Brewer SABMiller sees revenue growth held back by cold weather July 25, 2013 Brewer SABMiller has announced a trading update for the quarter ended 30 June (release). Group revenue and group revenue per hl both grew by 2% on an organic, constant currency basis Total beverage volumes on an organic basis were level with the prior year Lager volumes on an organic basis declined 1%, with growth in [...]
German vice chancellor draws party dividing line by ruling out debt cut in Greece July 25, 2013 Germany’s vice chancellor Philipp Roesler has ruled out another debt cut for Greece, saying it would be more constructive to help the country modernise its energy infrastructure. There are no shortcuts to recovery like "bailouts or haircuts" or printing money, he said. The "right way out" would come from "sound fiscal policy in Greece on [...]