UBS expects to report forecast-beating second quarter profits July 22, 2013 Swiss bank UBS estimates its net profit in the second quarter of 2013 was up 62 per cent to CHF690m (£480m) – above analyst expectations of a 31 per cent rise to CHF558m. Its pre-tax operating profit is estimated to be CHF1.02bn (release). UBS’s wealth management unit – the focus of recent efforts to streamline [...]
Gold prices jump on the back of a weak dollar July 22, 2013 Gold prices jumped two per cent to a high of $1,319.70/t oz last night as the dollar fell against key currencies. This comes as Federal Reserve chairman Ben Bernanke said the ending of quantitative easing did not have a set timetable. This kind of monetary stimulus is often thought of as a support for gold. [...]
Before the open – 22/07 July 22, 2013 After US markets hit record highs on Friday, the FTSE is expected to rise on the open. ETX Capital #morningcall: FTSE100 up 9 points, the DAX higher by 27 points and the CAC40 up by 8 points — ETX Capital (@ETXCapital) July 22, 2013 Our macro data is rather light and all of a US [...]
Duchess of Cambridge enters early stages of labour July 22, 2013 Kensington Palace have confirmed that the Duchess of Cambridge has been admitted to hospital, and has entered the early the stages of labour. The Duchess of Cambridge travelled by car from Kensington Palace to the Lindo Wing of St Mary's Hospital with the Duke of Cambridge. — James Manning (@JamesManning4) July 22, 2013
Compulsory audit tenders could cost consumers quality, money and competition July 22, 2013 The Competition Commission (CC) has shied away from compulsory auditor switching, instead pushing for mandatory tenders every five years, in an attempt to break up the big four (PwC, Deloitte, Ernst & Young, KPMG). FTSE 350 companies should put their statutory audit engagement out to tender at least every five years. Companies may defer this [...]
Why the French model may have the answer to the NHS’s many challenges July 20, 2013 IT IS often said that the NHS is “the envy of the world”, but this claim is now increasingly difficult to justify. Yesterday, professor Sir Bruce Keogh published his review into 14 NHS hospital trusts with high mortality rates. “Mediocrity is simply not good enough,” he said, with the probe uncovering poor standards of care, [...]
ENRC begins legal proceedings against former director July 19, 2013 Miner ENRC has filed a legal claim in the High Court against a former non-executive director, Paul Judge (release). For breach of fiduciary duty to ENRC, relating to the disclosure of confidential information to the media and for the return of all confidential documentation in his possession. Gerhard Ammann, chairman of ENRC said: We have [...]
Sale of government’s £5bn Lloyds stake may begin this September July 19, 2013 The government is weighing the sale of its stake in Lloyds as soon as September, valued at approximately $7.6bn (£5bn), according to reports by Bloomberg.
China moves towards lending determined by markets forces, rather than government fiat July 19, 2013 China will remove its floor on lending rates tomorrow, and markets seem to be interpreting the move by the People's Bank of China as easing. See the reaction in the Australian dollar: Controls on bill discount rates and a ceiling on lending rates for rural credit co-operatives will also be scrapped, allowing banks more freedom [...]
US bellwether General Electric beats earnings forecasts July 19, 2013 US utility company General Electric has just beaten earnings forecasts, making $0.36 per share in the second quarter, rather than the $0.35 expected. Revenues less satisfying, making just $35.12bn as opposed to estimated revenues of $35.56bn. The company is often seen as an indicator of future economic performance in the US, and said that it [...]