SocGen analyst warns that central banks are ignoring housing bubbles amid market euphoria – just like in 2008 October 23, 2013 Many central bankers claim that they're making progress on the problems that caused the financial crisis – but Societe Generale analyst Albert Edwards doesn't believe them. He says that "exactly the same bozos who missed the last bubble deny there is one now." In November 2008 Queen Elizabeth II asked why "no-one saw it coming". [...]
US house price growth in August is slower than expected October 23, 2013 US house prices rose in August by 0.3 per cent, according to data from the Office of Federal Reserve Housing Enterprise Oversight, marking the nineteenth consecutive monthly increase in the purchase-only seasonally adjusted index. This follows expectations of a 0.8 per cent rise and July's 0.8 per cent increase (revised down from 1.0 per cent). [...]
UK needs to be HS2 ready says Lord Deighton October 23, 2013 A growth taskforce led by Lord Deighton has said towns and cities across the UK need to be "HS2 ready." The taskforce has made the claim that the controversial project is a once in a generation chance change the face of the country. Commercial secretary and HS2 Growth taskforce chair Lord Deighton said on Wednesday: [...]
Spanish recovery unlikely to reduce unemployment says Capital Economics October 23, 2013 It is doubtful whether Spain's recovery will be strong enough to reduce the unemployment rate and public debt significantly over the next two years, according to Capital Economics. The Bank of Spain on Wednesday confirmed that Spain had exited a two-year recession largely due spike in exports. Ben May, European economist, Capital Economics: The rise [...]
Government will supply fuel to Scotland as Grangemouth closure interrupts supply October 23, 2013 Ed Davey, secretary of state for energy and climate change, has spoken on Ineos' closure of the Grangemouth petrochemical plant in Scotland, saying that the government "is saddened by this move". Davey said that the plant has significance both for the local community and the Scottish economy. Davey urged the two parties to continue dialogue [...]
Cameron reiterates support for innovation-destroying energy market interventions October 23, 2013 Prime Minister David Cameron has voiced support for energy market intervention in a heated session of Prime Minister's Questions today. While the Prime Minister did support "rolling back the costs that have been imposed on people's energy bills" in the form of energy sector levies, he reiterated his backing for intervention that he claims will [...]
EU drafts new regulation to clampdown on high frequency trading October 23, 2013 The European Parliament has drafted a deal with national governments for tougher regulation of high frequency trading (HFT). The new measures will add to the plethora of new financial regulations already proposed by EU Commissioner, Michel Barnier, including shifting derivatives trading onto regulated markets and restrictions on commodity speculation. Christian Social Union MEP, Markus Ferber [...]
Job losses as Grangemouth petrochemical plant to close October 23, 2013 Grangemouth petrochemical plant is to close, bringing job losses, it has been announced. Liquidators will be appointed within the week, says owner Ineos. Up to 800 jobs are under threat. The site's well-known oil refinery will be kept open, provided the threat of strike action is lifted, but the future of the refinery will now [...]
ECB paves way for next year’s tougher-than-expected bank stress test October 23, 2013 The European Central Bank (ECB) today announced that the stress test it'll be meting out on Eurozone banks as of this November will be tougher than many had anticipated. (Release) The three-part assessment will require all banks to have a capital ratio of eight per cent, and will take 12 months to complete. Michael Symonds [...]
BBM sees over 10m downloads for Android and iPhone in first 24 hours October 23, 2013 In less than 24 hours over 10m customers have downloaded Blackberry's instant messaging app – BBM – now available on Android and iOS platforms, making it one of the best single-day openings for a mobile app. Whether many will use the service is another matter. Rival messenger WhatsApp has a pretty entrenched position as its [...]