Six things you need to know about the new banking standards council May 19, 2014 Sir Richard Lambert’s report on banking standards will, he hopes, trigger a big shift in the way banks hold their own behaviour to account as they try to restore their reputations. His recommendations today have changed slightly since his last update in February, but he has stuck to his call for an independent body, [...]
What is Twitch and why is it worth $1bn? May 19, 2014 Google is reportedly swooping for three-year-old video game streaming service Twitch with an offer of more than a billion dollars. While watching other people play video games might not sound like a big business opportunity, it's an industry that has grown rapidly in recent years with Twitch playing a key role in boosting its popularity. [...]
Why the US labour market is starting to tear away from its Canadian peer May 19, 2014 Things are taking off in US employment growth. A Bank of America Merrill Lynch report published today highlights a widening gap between the labour market of the US and neighbouring Canada. Analysts note that the most recent monthly non-farm payroll data from each country looks strikingly different. Canada saw payrolls fall by 28,900 in a [...]
Fatty food is the new tobacco says international report May 19, 2014 The global food industry could be facing a regulatory regime similar to that of the tobacco industry, if world leaders follow the recommendations of a report released by the World Obesity Federation and Consumers International. The two international bodies recommend that the world's governments undertake a binding commitment to place stricter controls on food marketing [...]
Bankside Power Station (AKA Tate Modern) suffers power failure May 19, 2014 Oh the irony. The Tate Modern, based in the former oil powered station on the banks of the Thames, suffered a power failure this morning causing it to shut. The gallery, one of London's most visited attractions, had to turn art fans away while they tried to return power to the huge building. [...]
Guns and butter: UK’s weapons and ammunition turnover drops by 30pc May 19, 2014 The trade-off in British manufacturing is clear. Less guns, more everything else. Turnover of UK weapons and ammunition production has dropped by 29.6 per cent in the three months to March on the same period last year, according to the Office for National Statistics. That's the biggest such fall in turnover seen across any of [...]
Why a successful Pfizer bid for AstraZeneca isn’t completely off the table May 19, 2014 The rejection of a £55-a-share offer by Pfizer for AstraZeneca has led a few market watchers to suggest that any chance of a deal has now evaporated. But while AstraZeneca shares have fallen, by around 14 per cent, stock in the pharmaceutical company hasn't settled back to where it was before Pfizer's initial approach. It [...]
Deutsche Bank shares drop on €8bn capital hike May 19, 2014 Deutsche Bank shares fell over 2.6 per cent this morning, after yesterday’s announcement that it plans to raise €8bn (£6.5bn) in new capital. The bank will raise €6.3bn in new equity via a rights issue, with the remaining €1.75bn stake taken by the Qatari royal family through its Paramount fund. Deutsche Bank also put forward [...]
Vodafone shares are in the red this morning. Here’s why May 19, 2014 Vodafone shares have shed 0.9 per cent this morning, following news that telecoms firm AT&T is buying satellite television provider DirecTV. The $48.5bn deal will create not only a fierce competitor to other cable companies, but significantly lowers the odds that AT&T will continue considering buying Vodafone. The merged firm will have around 26m video [...]
What you need to know before the open May 19, 2014 A mixed open is expected for European markets this morning, following the choppy trading seen globally last week. All eyes will be on Deutsche Bank, following its announcement that it plans to raise €8bn in new capital, and AstraZeneca’s latest announcement that it’s rejected Pfizer’s latest takeover bid. Deutsche Bank’s move could impact what the [...]