Claimant count sees biggest fall since June 1997 as unemployment rate stays flat October 16, 2013 Unemployment is unchanged in the UK – now at 7.7 per cent in the three months to August. Last month the figure was at 7.7 per cent, and economists had forecast no change. The number unemployed fell by 18,000 to 2.48m, but that wasn't enough to affect the headline rate. Employment rose by 155,000 to [...]
Miner Hochschild announces it’s on track for 2013 silver target October 16, 2013 Mining firm Hochschild has reported a solid third quarter and said that it was on track to achieve its 2013 20.0m ounces silver target. (Release) Production in the period was good for the company, with attributable production of 5.4m silver equivalent ounces. Hochschild also got approval for its Inmaculada mill construction permit from the Peruvian [...]
Investors hope 11th hour deal will prevent US default October 16, 2013 As the United States faces a default scenario if a deal is not agreed today, many now expect a sovereign debt downgrade as Fitch has put the country's current AAA rating on negative watch. Investors are hoping that there will be an 11th hour deal, as there was before the fiscal cliff in 2012. Ishaq [...]
BBA announces retirement of chairman Michael Harper October 16, 2013 Multinational jet company BBA aviation has this morning announced the retirement of chairman Michael Harper, following yesterday's report that Sir Nigel Rudd, outgoing chairman of Invensys, is expected to join the board of BBA. (Release) City A.M.'s Marion Drakers writes yesterday: Sir Nigel, who is also the chairman of Heathrow Airport Holdings, could be announced [...]
What you need to know before the open – 16/10 October 16, 2013 US uncertainty still dominates – Asian markets remain cautious as the dollar pared gains yesterday, following a series of meeting that failed to see an agreement reached. The FTSE is expected to have a weak start as European markets are set to open flat this morning – although equities are expected to climb today on [...]
Double trouble: Investors wipe millions from Invesco and Burberry as star names quit October 15, 2013 TWO of the City’s biggest names shocked investors yesterday by stepping down from their jobs, leaving gaping holes at the top of multi-billion pound firms. Invesco’s star fund manager Neil Woodford announced he would leave the company next year after more than two decades, while Burberry chief executive Angela Ahrendts has spectacularly quit the luxury [...]
Fitch threatens US rating as debt talks enter final day October 15, 2013 WITH just a day left until the US Treasury reaches the debt ceiling, the country’s politicians remained gridlocked last night, lacking a crucial deal to prevent a financial default. Credit ratings agency Fitch placed the country’s current AAA rating on negative watch, saying that “prolonged negotiations” over the debt ceiling undermine “confidence in the role [...]
UK housing soars back to pre-financial crash prices October 15, 2013 THE PRICE of an average house in the UK steamed past its previous nominal peak during August, reaching record levels again, according to Office for National Statistics (ONS) figures revealed yesterday. The announcement came as Martin Weale, a member of the Bank of England’s rate-setting monetary policy committee (MPC), voiced his concern over the recent [...]
Q and A: What will happen if the US defaults? October 15, 2013 Q BY MICHAEL BIRD What was the deadline that passed at the end of September? A At midnight on 30 September, the deadline to avoid a government shutdown passed, meaning that around 800,000 nonessential employees of the government were sent home. Q What is the significance of events happening this week? A Treasury secretary Jack [...]
Yahoo reaches top of forecasts October 15, 2013 INTERNET giant Yahoo’s third quarter results narrowly beat expectations last night, with a slight decline in revenue. Chief executive Marissa Mayer said: “I’m very pleased with our execution, especially as we’ve continued to invest in and strengthen our core business.” Yahoo’s revenue dipped from $1.202bn (£750m) in the third quarter of last year, to $1.139bn [...]