Church of England snaps up 314 RBS branches September 27, 2013 Church of England backed consortium Williams & Glyn's has agreed the purchase of 314 branches from state-backed bank RBS, with Corsair Capital and Centerbridge Partners also in on the deal (release). RBS was required to divest 308 branches as a condition of the state assistance it receives. The consortium will put £600m of investment into [...]
US personal spending and income data a little stronger in August September 27, 2013 US data a little stronger this afternoon, but nothing surprising – all in-line with analyst estimates. Personal spending growth up from 0.1 per cent to 0.3 per cent in August. Personal income is up even more, up 0.4 per cent from last month's 0.1 per cent. That's the biggest gain since March. Paul Ashworth, chief [...]
Annual German inflation drops to 1.4 per cent in September September 27, 2013 Price pressures seems to be broadly stable in German for this September. A preliminary estimate shows consumer price inflation at zero this month, as it was in the last. In the year to September, inflation stands at 1.4 per cent, slightly lower than the 1.5 per cent estimated. As in the wider Eurozone, inflation varies [...]
French court orders DIY shops to close on Sunday September 27, 2013 The companies affected were Castorama a subsidiary of Kingfisher with over 12,000 employees and 105 stores and Leroy Merlin 53,000 employees in 2010 and 300 stores. A total of 15 stores will be closed on Sunday in the Paris area. The case came to court due to a complaint by Bricorama, another DIY retailer which [...]
Government to receive £1.3bn from Royal Mail sale – but warns of coming strike action September 27, 2013 The government prospectus for the sale of 497-year old Royal Mail reveals that the state will take £1.3bn to £1.7bn from the sale. Fees will exceed £50m, with the government paying £28.5m and the Royal Mail itself a further £23m. Investors should … assume national strike action will take place during the period immediately after [...]
Chinese giant puffer fish tower causes angst September 27, 2013 In China, a 90-metre long sculpture-come-viewing tower that is shaped like a giant puffer fish has come under fire online. Encrusted in almost 9,000 copper scales, the 70m yuan (£7.1m) brass arrangement has prompted wrangling over government decadence. The fish is on an island in Yangzhong county, eastern Jiangsu province, and stands 15 storeys above [...]
JC Penney to end year with £830m cash before 84m share sell off September 27, 2013 JC Penney is to end the year with £830m cash, excluding the profits from the retailers 84m share sell off. The news was disclosed in a regulatory filing on Friday after a turbulent week for the troubled company. Last night JC Penney shares fell by 4.5 per cent in after-hours trading from previous [...]
British expansion is priority for Grafton September 27, 2013 Irish building supplies group Grafton has announced plans to prioritise its expansion in the UK. In an interview with Reuters, the chief executive Gavin Slark said that, once it switches its listings to London in October, the recovering British market will be the company's focal point for expansion. Last week, Grafton announced its move to [...]
Fed’s Evans says forward guidance has helped to boost growth September 27, 2013 The Fed's Charles Evans has said that forward guidance has helped to boost GDP growth while the central bank was unable to to cut short term interest rates. Evans believes that unemployment remains unacceptably high while headwinds continue to contribute to a weak economy. He said that the use of monetary policy to combat financial [...]
Carney says no longer case for QE September 27, 2013 Speaking optimistically about economic recovery Bank of England governor Mark Carney has said there's no case for more quantitative easing, in an interview with the Yorkshire Post today. Following the interview, the pound moved up swiftly against the dollar. More details and analysis available on the liveblog.