Confirmation of high Chinese growth lifts European markets October 18, 2013 The Chinese economy has posted a thumping 7.8 per cent annual growth for the third quarter of 2013. That's in-line with consensus forecasts, and an acceleration from the 7.5 per cent growth posted last quarter. Unless the fourth quarter sees a ghastly GDP number, China will hit the government's target of 7.5 per cent growth [...]
QE is working says Bank of Japan governor October 18, 2013 Bank of Japan (BoJ) governor, Haruhiko Kuroda has claimed that quantitative easing is working and Japan's economic recovery will continue. Speaking to credit cooperative officials, the BoJ governor said: The BoJ will continue with quantitative and qualitative easing, aiming to achieve the price stability target of two per cent, as long as it is necessary [...]
Wall Street Journal gagged over UK Libor names October 18, 2013 The Wall Street Journal's (WSJ) European banking editor David Enrich has been ordered by the UK's Serious Fraud Office (SFO) to refrain from publishing the names of people the government plans to implicate in a criminal fraud case alleging Libor fixing. The court order means that Mr Enrich cannot publish "any names in the indictments [...]
Gas and construction man Mark Clare joins United Utilities October 18, 2013 The group chief executive of Barratt Developments Mark Clare is joining United Utilities, the UK's largest water company, as a non-executive member, said the water company today. (Release) Clare, who has held his position at Barratt since 2006, was executive director of Centrica and managing director of the British Gas Residential Energy operation before moving [...]
What you need to know before the open – 18/10 October 18, 2013 Markets in Europe are expected to open up this morning following another record close on the S&P500 last night. With a 16-day shutdown over and the possibility of a default put off for the time being, taper talks are resuming in the US but it's unlikely that anything will happen before the next debt ceiling [...]
New Libor claims hit Barclays October 17, 2013 BARCLAYS’ Libor crisis came back to haunt the bank yesterday as senior managers were accused of knowing that traders tried to manipulate the key inter-bank lending rate. In a Court of Appeal hearing lawyers claimed board-level managers knew of the manipulation, but still let borrowers take out products based on Libor. Guardian Care Homes (GCH) [...]
British Gas blames regulation for 9pc hike in energy bills October 17, 2013 THE UK’S energy debate was ignited again yesterday, after British Gas said it would be raising customers’ bills by 9.2 per cent from 23 November – adding £104 on to the average annual dual fuel bill – and blamed the government’s green initiatives for almost half of the increase. Centrica, which owns the big six [...]
Irish bank puts Royal Exchange up for sale with £75m price tag October 17, 2013 THE ROYAL Exchange looks set to change hands after its Irish owners put it up for sale with a £75m price tag. The iconic site above Bank station is being sold off by The Irish Bank Resolution Corporation, which said yesterday it has hired property advisers CBRE to market the 450-year-old building. The Royal Exchange [...]
Goldman slashes pay on weak quarter for markets October 17, 2013 GOLDMAN Sachs slashed pay in the third quarter, the investment bank announced yesterday, as profits slid in the three-month period. The bank saw profits slip two per cent to $1.43bn (£886m), largely as a result of weak market activity. The fall in earnings was blamed on both the effect of the Federal Reserve considering slowing [...]
Back to work for government workers in US October 17, 2013 US GOVERNMENT workers are returning to work after a deal was reached to lift the state’s debt ceiling and thereby end the shutdown – a move that sent the S&P 500 to a record high last night. Weeks of feuding between the Democrat and Republican parties in Washington DC came to an end just hours before the [...]