Pound gains as retail sales perform well in June July 18, 2013 (Source: ONS) Retail sales are up 2.1 per cent in the year to June, above the 1.6 per cent growth economists had been forecasting. The pound is performing better on the news. The growth into quarter 2 (0.9%) will therefore contribute approximately 0.1 percentage points to gross domestic product (GDP) when estimated from the output [...]
Greece’s latest austerity measures could push government over the edge July 18, 2013 The narrow approval of fiscal reforms demanded by troika lenders in the Greek parliament late last night will put further pressure on Antonis Samaras’s government, potentially resulting in early elections. Robin Bew, chief economist and editorial director of the Economist Intelligence Unit, said today: #Greece agrees civil service layoffs to keep bailout alive. But politics [...]
ECB’s Asmussen says that jobs should be at the centre of policymaking July 18, 2013 The European Central Bank's (ECB) Jorg Asmussen has said that the crisis which currently grips the Eurozone is not a product of the common currency, but of international business models and practices. He said that "austerity versus growth" is the wrong debate, and that fiscal consolidation will remain on the table, and that jobs should [...]
Eurozone current account surplus fell in May July 18, 2013 The eurozone current account surplus remained elevated in May at a seasonally adjusted €19.6, down from the revised €23.8bn recorded last month and marginally lower than the €20bn expected. The current account, which measures the net flow of current transactions like goods, services and interest payments in and out of the eurozone, remains down from [...]
London Stock Exchange reports solid revenue growth and a good start from new acquisition July 18, 2013 The London Stock Exchange has reported a 39 per cent annual increase in revenues to £249.7m for the three months ended 30 June 2013, boosted by £49m in revenues from its LCH.Clearnet acquisition and growth across all business divisions. Commenting on performance in the past quarter, group chief executiveXavier Rolet said: The Group has made [...]
US man gets a temporary $92 quadrillion windfall after PayPal error July 18, 2013 Online payments broker PayPal accidentally credited a US man with $92 quadrillion after an error. Chris Reynolds, 56, of Delaware, Philadelphia, told the Philadelphia Daily News it was "a big surprise" to find his emailed monthly statement said he had an ending balance of $92,233,720,368,547,800. When he logged on to the site, however, he found [...]
CRH appoints company veteran as new chief executive July 18, 2013 Building materials producer CRH has announced the appointment of Albert Manifold as its chief executive following the retirement of Myles Lee after 32 years with the group. Manifold, 50, will assume his new post on 1 January 2014. He has been a board member and chief operating officer at CRH since January 2009, and has [...]
Year of British sport contributes to record results for Sports Direct July 18, 2013 Sports Direct International has reported a 21 per cent increase in annual revenues and a 40 per cent boost in underlying pre-tax profits for the 52 weeks to 28 April 2013, Group revenue in the period was £2.19bn, up from £1.84bn the year before, driven largely by a 17.3 per cent boost in its UK [...]
Before the open – 18/07 July 18, 2013 Chinese shares fell last night amid ongoing concerns that the government will extend property curbs and reduce the finance available to developers continued to weigh on Chinese markets. However, sentiment was boosted somewhat by US Federal Reserve chairman Ben Bernanke’s comments yesterday indicated he will remain dovish on monetary policy and that asset purchases “are [...]
London is now UK’s uncontested entrepreneurial powerhouse July 18, 2013 IF small businesses are the future, then London’s place at the heart of the British economy is assured. Figures today reveal that 17 out of the top 20 UK areas for new business creation were located in London in the past year – and remarkably, that Silicon Roundabout was by the far the leading centre [...]