Bernanke has considered negative interest rates February 27, 2013 During questioning at the House Financial Services Committee today, Democrat representative Gregory Meeks asked Fed chairman Ben Bernanke if he had considered zero or negative interest rates. Bernanke said that nominal negative interest rates as a policy was on the table and is an idea that is "discussed periodically" but that the stimulatory effects of [...]
Bernanke soothes US markets February 27, 2013 In the second day of testimonies, Fed chairman Bernanke's remarks are considered less important. However, they do appear to have had some impact on markets as the VIX (a measure of volatility in US markets) has moved downwards during this session before the House Committee. (Source: Yahoo! Finance) Former candidate for the Republican Presidential nomination, [...]
Yahoo’s end to working from home may backfire February 27, 2013 Over at Slate, Matthew Yglesias suggests that Yahoo president Marissa Mayer may not be against working from home per se, but is attempting to cleanly lay off low productivity workers: You think you have some reason to believe that the full-time workers from home on the Yahoo staff are a disproportionately low-productivity cohort. Announcing this [...]
Standard Chartered looks to buy wealth management unit February 27, 2013 Standard Chartered is rumoured to be in talks to buy Morgan Stanley's Indian private wealth management unit according to Reuters sources. The unit manages approximately $1 billion including loans. It was not immediately clear what the price tag might be, but one of the sources said wealth management units in India get bids at 1.5 percent to [...]
WPP-owned Ogilvy & Mather acquires majority stake in Media February 27, 2013 Ogilvy & Mather, the global marketing communications group, has confirmed that it has acquired a majority stake in Strike Media Proprietary Limited in South Africa. Strike is a mobile marketing and technology agency delivering customised mobile strategy, campaigns,design and development services to clients across the financial, retail, consumer and telecommunications sectors. It posted revenues of [...]
Eurozone outlook worsens as retail struggles February 27, 2013 Data from Markit Economics today showed that yet again there has been no expansion in Eurozone retail this February (release). Our economics reporter Ben Southwood comments: The state of the retail sector worsened further, data from Markit showed, with the currency bloc’s purchasing managers’ index (PMI) slipping to 44.5 in February, from 45.9 in [...]
Fed governor Bernanke testifies to the House Committee February 27, 2013 Watch live on C-SPAN3. Questions are not known beforehand, so answers can affect the markets. It is worth watching the dollar alongside this session.
Ikea pulls sausages from stores as horsegate continues February 27, 2013 Ikea is pulling its wiener sausages from sale in France, Spain, UK, Ireland & Portugal. The sausages are produced by Dafgaard, the same Swedish suppler as its meatballs. Dafgaard is contesting the results of tests conducted on the meatballs by Czech Republic officials. "Out of 320 tests performed in the last three weeks, none contain [...]
FTSE Group and Canada TMX confirm combined fixed index deal February 27, 2013 In a press release on Canada TMX's website (release) the Canadian group confirmed that it would be working with FTSE Group in a deal that will see TMX receive £72.2m. They will combine their fixed income index businesses in a new joint venture. FTSE TMX Debt Capital Markets will be the third largest fixed income exchange [...]
Euro slips as Grillo blasts rival February 27, 2013 As Beppe Grillo says that rival Pier Bersani is a "a dead man talking" and is making "indecent proposals" to his Five Star Movement the euro slips against the dollar: (Source: Yahoo! Finance) The political deadlock looks likely to continue, and we may see the rally in Italian markets this morning wane following these remarks.