Why silver will underperform next to gold over the next two years July 22, 2013 Despite the recent price spike of both gold and silver, silver will continue to underperform gold given its greater susceptibility to industrial volatility and reduced household demand, according to a note from Capital Economics. This goes against what a number of other analysts have been arguing. The price of silver was up over five per [...]
Former bank of England governor introduced to Lords as Baron King of Lothbury July 22, 2013 Former governor of the Bank of England Sir Mervyn King was introduced to the House of Lords today as a non-party political peer under the title Baron King of Lothbury. Sir Mervyn King goes into the phone box and comes out Lord King, arriving today at the House of Lords: pic.twitter.com/pKfxh8NPN0 — Sam Coates Times [...]
UK government: EU membership in our interest but other diplomatic avenues should be explored July 22, 2013 A UK government audit of EU powers in the realm of foreign policy has argued it is strongly in the country’s interest to retain membership of the union. The key benefits cited included: Increased impact from acting in concert with 27 other countries; greater influence with non-EU powers, derived from our position as a leading [...]
Typical US house prices up 13.5 per cent from a year ago to £140,000 July 22, 2013 Some ugly numbers in the form of existing US home sales for June. Rather than rising from 5.18m to 5.26m, they've dropped to 5.08m. And last month's 5.18m figure has been revised down to 5.14m. That puts the monthly change at -1.2 per cent, rather than the 0.5 per cent improvement forecast. Total inventory has [...]
UK supportive of EU taxation policies but warns against further encroachment on sovereignty July 22, 2013 An audit of the effects of the UK’s EU membership on taxation carried out by the government has found broad support for current tax policies, but reported that these views would be subject to change if the EU attempts to encroach further on the country’s sovereignty. The government consulted Parliament and its committees, businesses, and [...]
Business group warns that tighter listing rules won’t prevent future problems July 22, 2013 As Bumi shares have resumed trading today after three months of suspension, the Institute of Directors has warned that to tighten up listing rules would be a mistake, and unlikely to prevent another Bumi saga. Dr. Roger Barker, director of Corporate Governance and Professional Standards at the Institute of Directors: The fact that companies like [...]
McDonald’s revenues miss expectations as European sales remain suppressed July 22, 2013 McDonald’s has reported second quarter revenues of $7.08bn, or $1.38 per share, missing analyst expectations of $1.41 per share (release). Year-on-year, second quarter revenues were up 2.4 per cent, and earnings per share rose by seven per cent. Net profits were up five per cent to $1.40bn. In the US, comparable sales were up one [...]
Regulator fines high frequency trader nearly £600,000 for market manipulation July 22, 2013 For the first time ever, the Financial Conduct Authority (FCA) has taken action against a high frequency trader, and fined the US professional £597,993 for "deliberate manipulation of commodities markets". Michael Coscia is said to have placed false orders for Brent Crude, Gas Oil and Western Texas Intermediate (WTI) futures from the US on the [...]
Portuguese prime minister will reshuffle cabinet further and make Portas right hand man July 22, 2013 Portuguese prime minister Pedro Passos Coelho has reaffirmed his intention to reshuffle the cabinet following assurances from president Anibal Cavaco Silva that early elections would not be called to help him push through the austerity programme. Coelho also confirmed speculation by saying it was his intention that junior coalition partner Paulo Portas would be made [...]
The value of money has plummeted by two-thirds since Prince William was born July 22, 2013 Inflation has caused the value of money to fall dramatically since the year of Prince William's birth, in 1982. £100 in 2012 would be worth as much as £299 back then, according to research by Lloyds TSB Private Banking. The Cambridges may be thankful that they aren't toying with the property ladder, as the average [...]