Japan’s Kuroda confident of hitting inflation target despite tax rise December 20, 2013 Bank of Japan (BoJ) Governor, Haruhiko Kuroda reaffirmed his position on Friday that Japan is successfully heading towards its target inflation rate of two per cent. Kuroda told a press conference: We expect Japan's consumer inflation to slightly exceed one per cent by year end. There have been doubts as to whether the BoJ will [...]
Npower to pay £3.5m to customers after breaking sales rules December 20, 2013 Not overly festive news for Npower this morning. The UK energy supplier has, for the second time this month, been ordered to pay out to help vulnerable customers, after an Ofgem investigation found fault with its business procedures. The £3.5m payment will see at least £25 go to each Warm Home Discount customer. The probe [...]
UK holds on to AAA rating while EU suffers downgrade December 20, 2013 The UK economy received an early Christmas present on Friday. Ratings agency Standard & Poor's has maintained the UK's credit rating at AAA. S&P believes the UK will experience higher growth and rising productivity in the coming years. Average annual real GDP growth is expected to reach more than two per cent between 2013 and [...]
What you need to know before the open – 20/12 December 20, 2013 With Christmas drawing ever nearer, today's the last day of the final full week of trading, but we've still got a fair amount of data coming in. Disappointing numbers over in the US yesterday saw markets slip, finishing the day mixed. But Europe moved up, meaning we could see the FTSE 100 finish higher for [...]
Firms paid to clock off early to keep lights on December 19, 2013 FIRMS could be asked to switch their lights off next winter, as the threat of a UK-wide energy shortage increases. The National Grid will invite businesses to reduce their consumption or turn off gas and electricity completely between 4pm and 8pm on weekdays next winter, to guarantee enough energy to cope with growing demand. Companies [...]
High Street champion Bill Grimsey accuses Debenhams of bully-boy demands December 19, 2013 RETAIL veteran and former Wickes boss Bill Grimsey has hit out at Debenhams, accusing the department store group of “bully-boy tactics” after it demanded discounts from its suppliers just days before Christmas. The small business champion, who launched an independent review into the high street this autumn, said the demands made on suppliers were “unacceptable”. [...]
High street kicks-off sales frenzy ahead of Christmas December 19, 2013 DISCOUNTING activity in the crucial run-up to Christmas has begun in earnest as new figures out yesterday showed that nearly three quarters of retailers were now holding sales in a last-minute bid to win over shoppers. PwC said 72 per cent of the 100 high street retailers surveyed were now on sale or holding promotions [...]
A Merry Christmas and thanks for your support during 2013 December 19, 2013 AFTER months of speculation about how the markets would react to the gradual phasing out of monetary stimulus in the US, we got part of our answer over the last 36 hours. And, it has to be said, it’s so far so good. Some assumed that even a hint of a tightening of monetary policy [...]
Khodorkovsky’s pardon causes market gains December 19, 2013 RUSSIAN stock markets gained yesterday after Russian President Vladimir Putin vowed to pardon Mikhail Khodorkovsky, once Russia’s richest man, after he spent more than ten years behind bars. The move was seen as a boost for investors increasingly worried about political freedoms and Russia’s ability to reform the economy. Russian stocks have underperformed emerging market [...]
What the other papers say this morning – 20 December 2013 December 19, 2013 FINANCIAL TIME Taper pressures emerging markets Markets soured on the day after the US Federal Reserve’s dramatic tapering of its asset purchases from $85bn to $75bn per month as the dollar climbed and vulnerable emerging markets came under pressure. The taper heralded a new era of dollar strength, with the US currency up by 0.6 [...]