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 [...]
Bernanke claims that Fed’s policies are helping main street more than Wall Street July 17, 2013 Federal Reserve chairman Ben Bernanke has said that main street is doing better than Wall Street, when challenged on what the central banker is doing for the real economy. Bernanke said that the Fed is very focused on main street, and is trying to create jobs and make housing affordable, and that low rates created [...]
Bernanke warns that Congress needs to sort out long-term fiscal issues July 17, 2013 Federal Reserve chairman Ben Bernanke has said that fiscal policy has been focused too much on the short run, to the expense of the long run. Bernanke said that in the short therm the sequester and tax increases will see growth reduced by 1.5 percentage points in 2013, i.e. the US might experience 2.0 per [...]
Euro falls sharply against the dollar on Bernanke’s comment July 17, 2013 The euro has fallen sharply against the dollar as Federal Reserve chairman Ben Bernanke spoke today about monetary policy (live stream here). The euro broke below 1.31 against the dollar. Haresh Menghani, senior market analyst at Admiral Markets, has said that a fall below this level could leave the pair "vulnerable to re-test 1.2800 trend-line [...]