ECB slashes interest rates to record low as inflation drops November 7, 2013 THE EUROPEAN Central Bank (ECB) made the shock decision to cut its benchmark interest rate to 0.25 per cent yesterday, the lowest level in the currency union’s history. Despite widespread predictions that the ECB would hold policy stable, president Mario Draghi offered up the first rate cut for the Eurozone in over a year. The [...]
Regulators clear British firms of gas price-fixing November 7, 2013 ENERGY regulator Ofgem and financial watchdog the FCA yesterday said they had found no evidence of gas market manipulation in Britain after concluding an investigation. A year-long probe into the wholesale gas market was kicked off after a whistleblower, Seth Freedman from price reporting agency ICIS Heron, made allegations of gas price-fixing. “It has been [...]
What the other papers say this morning – 08 November 2013 November 7, 2013 FINANCIAL TIMES Currencies probe shifts to the US A global probe into alleged manipulation of the multibillion-dollar currencies market has widened its focus to include the US, with Barclays putting three New York-based traders on leave. They included foreign exchange spot traders Russell Katz and Jerry Urwin, two of these people said. Mr Katz and [...]
Doubt raised on enthusiasm for pension reform November 7, 2013 THE GOVERNMENT launched proposals for workplace pensions reform yesterday, in an attempt to reduce the burden created for employers in the wake of new auto enrolment laws The proposals revealed by Department for Work and Pensions include regulatory changes designed to allow new forms of defined benefit pensions, which are meant to give employers more flexibility [...]
RBS to pay $150m for US charges November 7, 2013 A unit of the Royal Bank of Scotland agreed to pay more than $150m (£93m) to settle civil charges alleging it misled investors in a financial crisis-era subprime mortgage product, US regulators said yesterday. The Securities and Exchange Commission said the money it will collect from RBS Securities would go toward compensating harmed investors. In [...]
Ireland cleared for bailout exit November 7, 2013 Three years after going cap in hand to international lenders, Ireland got the green light yesterday to step out on its own as the first Eurozone country to exit its bailout programme. The European Commission, European Central Bank and International Monetary Fund signed off on the last part of the €85bn (£70.8bn) aid programme, paving [...]
Groupon profit beats estimates November 7, 2013 Daily coupon website Groupon’s third quarter profit beat analysts’ estimates as strong growth in North America helped offset a decline in international revenue. Groupon shares were up nearly 8 per cent in extended trading after sliding more than 10 per cent. Revenue from North America, Groupon’s fastest growing region, grew 24 per cent, while revenue [...]
Bottom Line: Investors may be sorry they friended Twitter November 7, 2013 THE comparisons are inevitable. Just 18 months after Facebook made its market debut, Twitter looks likely to have leapfrogged Google to become the second biggest US internet IPO in history – raising up to $2.1bn and, astonishingly, almost doubling its market cap in the first hour of trading. In contrast to Facebook’s car crash of [...]
Two billionaires emerge from Twitter rich list November 7, 2013 TWITTER’S highly anticipated market debut granted entry into the billionaire’s club for not one, but two of its founders yesterday. Evan Williams, Twitter co-founder, first investor and chief executive from 2008 to 2010, now boasts share holdings in the social network worth more than $2.55bn (£1.59bn). Jack Dorsey, co-founder and chief executive from 2007 to [...]
Strong growth in US economy beats forecasts November 7, 2013 THE US economy grew well ahead of expectations in the third quarter of the year, expanding by 2.8 per cent on an annualised basis, according to the first official estimate. Though the figures revealed a slowdown in personal consumption yesterday, a rise in inventories allowed for a quicker pace of growth. The rate was faster [...]