Here’s why 2014 could be a great year for the US December 16, 2013 The US economy is transitioning to faster growth and higher interest rates, according to a research note by Deutsche Bank. Joseph LaVorgna, Chief US Economist said: We expect monetary policymakers to soon transition to a slower pace of monetary accommodation. This implies that over the next year, long-term interest rates are poised to rise significantly [...]
Positive manufacturing numbers bring little cheer to Eurozone GDP December 16, 2013 Unfortunately, the modest rise in Eurozone purchasing managers' index (PMI) doesn't do much to change to view that GDP growth in the region is likely to have been weak in the fourth quarter. The headline index rose from 51.7 to 52.1, its highest level since May 2011. But a third consecutive monthly decline in the [...]
All this analyst wants for Christmas is Fed tapering. Here’s why December 16, 2013 Most would put the uncertainty of a Fed tapering announcement near their top of big 2013 unknowns – and some strong data from the US has convinced some Fed watchers that they may start to remove monetary support. But the discussions over when the Federal Open Market Committee (FOMC) will actually get round to tapering [...]
Why the World Cup is reversing the fortunes of Aggreko December 16, 2013 Some good news for generator hire specialist Aggreko, as it announced this morning that it's been chosen to supply power for next year's FIFA World Cup in Brazil and the Commonwealth Games in Glasgow. The firm also said that its full year results for 2013 will be "slightly ahead of expectations". Underlying group revenues for [...]
What you need to know before the open – 16/12 December 16, 2013 Dispiriting numbers from China – the HSBC purchasing managers' index came in at 50.5 overnight, a three-month low – along with ongoing tapering anxiety, mean Europe's set for a lower open this morning. Of course, this is the last full week of trading before the Christmas break, and of 2013. ETX Capital #MorningCall FTSE [...]
Lloyd’s insurer gets £600m Japanese offer December 16, 2013 ONE OF Lloyd’s of London’s biggest insurers is on the verge of being snapped up by a Japanese insurance giant, in a deal worth around £600m. Canopius Group, which is majority owned by UK private equity firm Bregal Capital, is in talks with Sompo Japan Insurance about the deal, which could be agreed as early [...]
StanChart strips finance boss of risk role after Bank pressure December 15, 2013 STANDARD Chartered finance chief Richard Meddings has been stripped of his role overseeing the firm’s risk division following pressure from the Bank of England. The lender was forced to hand over responsibility for risk to chief executive Peter Sands after the Prudential Regulation Authority (PRA), the central bank’s financial watchdog, expressed concerns over Meddings holding [...]
Mandela laid to rest December 15, 2013 NOW TAKE HIS LEGACY FORWARD, SAYS ZUMA SOUTH Africa buried Nelson Mandela yesterday, laying the country’s first black president to rest at his ancestral home in Qunu. Before the burial, 4,500 family, friends and dignitaries attended a state funeral service in a huge domed tent, its interior draped in black, in a field near the [...]
Japan’s M&A push December 15, 2013 Japanese insurers have been searching high and low for revenue growth amid an ageing society – and overseas acquisitions are proving a popular trick. Tokio Marine, Japan’s largest property-casualty insurer, bought a Lloyd’s of London insurer four years ago when it paid £440m to buy underwriter Kiln Group. It also agreed to pay $2.7bn for [...]
Heathrow protests gather pace over expansion plan December 15, 2013 PROTESTERS against a third runway at Heathrow airport are braced for action as transport secretary Patrick McLoughlin yesterday refused to rule out plans to expand the site. The government-backed Airports Commission, chaired by Sir Howard Davies, is publishing an interim report tomorrow that will provide a shortlist of locations for new runways, with a final [...]