Pound hits $1.62 – highest since 3 January September 30, 2013 Growing fears that political squabbles in the US will result in a temporary government shutdown have seen the dollar weaken against the pound. It's now hit $1.62 – a 3 January high. US bonds are more mixed – 10 years slightly weaker, but five year treasuries a tad stronger. Economists are worried that a temporary [...]
Management shakeup for M&S as Asia exec leaves September 30, 2013 British retailer Marks & Spencer (M&S) is to see more change to its senior management. Sky News' City editor Mark Kleinman reported that Pascal Martin, the executive responsible for the 120 M&S stores in Asia, is to leave next month, having been with the company only since 2011. His replacement, says Sky, is Bruce Findlay, [...]
Cook says humans are most important part of Apple turnover recipe September 30, 2013 Apple boss Tim Cook has given employees of the tech giant bonus leave, so that they can have the whole Thanksgiving week off. His letter to staff is below, and recognises that "our most important resource — our soul — is our people." Team- It’s been an exciting summer. For the first time, we’ve launched [...]
Stress test for EU insurers says European regulator September 30, 2013 Next year, EU insurance companies face a "comprehensive stress test", the European insurance and pensions regulator said today. (Release) Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA) told the European Parliament today that more consistent and centralised supervision, at a European level, of European firms was needed. Risk assessment, he said, [...]
Britain objects to EU power grab over spectrum auctions September 30, 2013 Reuters reports that Britain has objected to rules from the European Commission giving them the authority to block what they perceive as overly expensive auctions of mobile spectrum. A note from the British government sent to EU leaders raises a series of objections to the measures which were unveiled only a few weeks ago. EU [...]
SSE Fitch rating of A- remains unchanged following Ed’s energy freeze September 30, 2013 The ratings agency Fitch Ratings has today affirmed utilities company SSE the Long-term Issuer Default Rating (IDR) of 'A-' with a Stable Outlook. This comes after Ed Miliband's price freeze announcement last week; the A- rating signifies that economic situation can affect the finance of a company, but is an unchanged rating for the company. [...]
London named top city in the world September 30, 2013 London has been voted top city in the world following the results of the internationally renowned bi-annual Anholt-GFK Roper City Brands Index. The UK capitol won first place for the city that makes it easiest for people from different cultures to fit in as well as first place for overall ranking. London & Partners chief [...]
Outlook good for US business as Chicago PMI comes in above expectations at 55.7 September 30, 2013 Outlook for US business is looking positive, as the Chicago purchasing managers' index for September came in at 55.7, exceeding expectations of 54 and up from August's figure of 53. The index captures business conditions across Illinois, Indiana and Michigan and is considered an indicator of overall economic condition for the country.
Windows phones overtake Blackberry as UK’s third largest platform September 30, 2013 Windows based phone sales accounted for 12 per cent of units in the UK in the three months to August, and in the past year has surged past rival Blackberry to become the third largest platform by sales. New figures from the Kantar Worldpanel ComTech show that Windows has posted its highest ever sales share [...]
Osborne promises budget surpluses – but deficit reduction is flatlining September 30, 2013 It's easy to offer up promises of budget surpluses at a party conference, but chancellor George Osborne's track record in government offers something more tangible. While the Office for Budget Responsibility (OBR) does forecast that net borrowing will fall to 6.5 per cent of GDP by the end of the coalition government, the UK is [...]