US economy: Commerce Department’s estimate revised up to 1.4 per cent with consumer spending boost March 25, 2016 The US economy grew at an annualised rate of 1.4 per cent in the fourth quarter of last year, according to the latest official estimate. The GDP figure, announced by the US Commerce Department today, was above an initial estimate of 0.7 per cent. And the second estimate from analysts suggested growth would be one [...]
US company McCormick “disappointed” with conduct of the board of Mr Kipling owner Premier Foods – but could improve takeover offer March 25, 2016 McCormick has said it is “disappointed” with the way the board of UK rival Premier Foods, owner of Mr Kipling, is “conducting itself”. But the US firm, known for its spice brands such as Schwartz, has said it could be willing to improve its offer for the company. Premier this week rejected a second takeover [...]
Google fined €100,000 in France for failing to “effectively uphold” the right to be forgotten March 24, 2016 Google has been fined €100,000 (£79,000) by the French data protection authority. The fine has been made in relation to the so-called right to be forgotten law. The Commission Nationale de l'Informatique et des Libertes (CNIL) said Google had not fully upheld the right because its scrubbing of results does not extend far enough. Read more: Why the right to [...]
Chocolate prices, sugar prices and El Niño: Why your easter egg is more expensive this year March 24, 2016 The Easter bunny will be feeling additional pressure on its margins this year, thanks to a jump in the cost of its most popular confectionery. The price of milk chocolate is 10 per cent higher this Easter compared to last year, according to commodities intelligence service Mintec. "Global demand for cocoa is expected to exceed production, leading [...]
Premier Foods share price dips after Japanese instant noodle maker Nissin agrees to buy 17 per cent stake in Mr Kipling owner March 24, 2016 Japanese instant noodle maker Nissin Foods has agreed to buy a 17.27 per cent stake in Mr Kipling owner Premier Foods from US private equity firm Warburg Pincus. The deal has been announced the day after Premier rejected a second takeover approach from US rival McCormick. The share price of Premier fell slightly today after jumping [...]
Brent crude and WTI: Oil prices heading for biggest weekly slide in two months March 24, 2016 Global oil prices slipped under the $40 per barrel mark today, putting it on course for its biggest weekly slide in two months. Brent crude, the global benchmark, fell 1.6 per cent to $39.81 per barrel this morning. Meanwhile, West Texas Intermediate crude, the US benchmark, slumped 1.9 per cent to $39.05. The oil price [...]
IMF: Low oil prices won’t kickstart economic growth until interest rates rise March 24, 2016 Why haven't low oil prices delivered a "shot in the arm" to global economic growth as many economists had initially expected? The International Monetary Fund (IMF) lays the blame squarely on the world's central banks, which have taken monetary policy into unchartered territory. In a new blog post published today, co-authors Maurice Obstfeld, Gian Maria Milesi-Ferretti, and Rabah [...]
Dollar advance during Thursday trading puts pressure on Asian shares and commodities March 24, 2016 The dollar rose for a fifth straight session on Thursday, putting pressure on Asian shares and commodity-rich markets such as Australia. The dollar advance, seeing it up around 0.47 per cent against other major currencies during Thursday trading, was prompted by another Federal Reserve official indicating there could be more than one increase in US interest [...]
Rum-maker Bacardi stirs things up by moving its European headquarters to Spitalfields March 24, 2016 Bacardi, maker of the world's leading rum brand, is moving to the other side of town after announcing plans to decamp its offices in west London to a new scheme in Spitalfields. The family-owned spirits company has agreed to let the entire third floor – or 9,564 square feet – of TH Real Estate's The Steward Building near Liverpool Street on [...]
Libor scandal: Judge orders former UBS and Citigroup trader Tom Hayes to pay over £878,806 March 24, 2016 Former UBS and Citigroup trader Tom Hayes was ordered to pay just shy of £900,000 by a court yesterday, or face yet more time in jail. Hayes, who was found guilty last August on eight counts of conspiracy to defraud for his role in manipulating Libor, was hit with an £878,806 confiscation order following a [...]