London Report: FTSE faces worst week on week run since 2008 December 12, 2013 BRITAIN’S FTSE 100 fell again yesterday, heading for its longest run of weekly drops since 2008, led by a sell-off in engineering and retail sectors and rattled by concerns about an imminent scaling back of US monetary stimulus. Sports Direct led falling stocks, down 12.6 per cent in its biggest one-day drop for over two [...]
New York Report: Taper paranoia sees US stocks losing ground December 12, 2013 US STOCKS fell yesterday as retail sales rose solidly in November, adding to signs the economy is strong enough for the Federal Reserve to begin reducing the pace of monetary stimulus. Profit-taking also played a part in the market’s decline, with investors selling some stocks to lock in gains from this year’s rally. The S&P [...]
It’s going to take the UK “some time” to get its AAA rating back December 12, 2013 Fitch's chief sovereign analyst, James McCormack, has told Reuters that "it is going to take some time" for the UK to get its AAA rating back. Ratings agency Fitch followed Moody's in downgrading Britain's sovereign rating to AA+ in April. "At the time I think that was the right call to make," McCormack told Reuters. [...]
How creative destruction is sweeping through Britain’s high streets December 12, 2013 2013 has been a year of rapid change for the UK's high streets, with Blockbuster announcing today that a buyer can't be found for its ailing outlets. Many commentators have bemoaned the shifting landscape of the high street, and mourned the loss of the old and familiar. These complaints are nothing new. The disruption of [...]
Spike in US jobless claims could eliminate chances of December taper December 12, 2013 After some great US unemployment data last Friday, today's spike in initial jobless claims (for the week to 6 December) may mean that any chance of the Federal Reserve beginning tapering in December has vanished. Those initial jobless claims have jumped from 300,000 (revised up from 298,000) to 368,000. Analysts had anticipated an increase to [...]
Capita picks up government tagging contracts after Serco and G4S scandal December 12, 2013 Outsourcing group Capita will be assuming responsibility for the government's so-called tagging contracts for monitoring prisoners, Justice secretary Chris Grayling said today. The coalition plans to introduce state-of-the-art satellite tagging, which'll save time and money when it comes to tracking criminals, and policing, it says. The statement confirmed that the Ministry of Justice will have [...]
It’s Groundhog Day for investors as Fed tremors continue to scare markets December 12, 2013 European markets are in the red as investors fret over the prospect of reduced asset purchases by the Federal Reserve. Mike van Dulken, head of research at Accendo Markets says that those Fed tapering fears are "ruling the roost". A surprise improvement in last Friday's unemployment data was originally greeted by rallies in US equities, [...]
Mortgage lending soars. But will it all end in tears? December 12, 2013 Lending to first time buyers rose dramatically in October, according to the Council of Mortgage Lenders. First time buyers advanced 26,800 loans in October, the largest number of loans in a monthly period since November 2007. Strong buyer interest is strengthening activity in the housing market but limited supply remains a major problem. House prices [...]
How much is a Co-op Group chairman worth? December 12, 2013 £1. Former City minister Lord Myners has been brought in by the embattled Co-op Group to help reverse its fortunes, and he told BBC Radio 5 live that he would be paid £1 a year for his work. His role as senior independent director will mean he oversees a governance review for the group. Its [...]
Fracking puts America on the path to energy independence December 12, 2013 US crude production has reached a 25 year high as shale gas slashed the need for foreign oil imports. The US pumped over eight million barrels a day in the week ended December 6, according to the Energy Information Administration (EIA). US oil output surged by 18 per cent over the past year, the fastest [...]