EU commission authorises investigation into Holcim-Cemex deal October 18, 2013 The European Commission has authorised anti-trust regulators to investigate the planned acquisition of cement giant Holcim's Spanish operations, by Mexican cement company Cemex. In a press release issued on Friday, the Commission asserted the deal could threaten competition in the Spanish cement market. The Commission will ask Cemex to notify the project. The acquisition of [...]
Banks lent less to businesses in three months to August October 18, 2013 (Bank of England) The Bank of England's latest Trends in Lending survey shows that, whilst bank lending to businesses in the three months to August fell, mortgage approvals for households rose markedly. So did lending to individuals. (Release) Net lending to businesses of all sizes fell by £2.3bn over the period. Net lending to businesses [...]
Bank of England launches Twitter Q&A October 18, 2013 Following yesterday's social media disaster for British Gas, Bank of England chief economist Spencer Dale is replying to questions on Twitter. You can track the questions with #AskBoE, and we have some of Dale's replies below. @bankofengland Why are you meeting every month when interest rates r on hold for around 2 years? — [...]
Eurozone outlook improves as austerity eases says Berenberg October 18, 2013 The decline in austerity will be one of the biggest contributors to growth in the Eurozone, according to a report published by Berenberg on Friday. The IMF has forecast that the fiscal drag on the Eurozone, due to austerity policies, will fall from 1.3 per cent in 2011-13 to 0.3 per cent in 2014. Berenberg [...]
Anglo American one of FTSE’s biggest fallers as iron production drops October 18, 2013 This morning, Anglo American saw the second biggest fall on the FTSE100 this morning as it announced iron ore production was down 24 per cent in the third quarter, year-on-year. The company withdrew from the Pebble copper project and sold its Amapa iron ore company in Brazil to miner Zamin. Kumba iron ore production fell [...]
ECB’s Nowotny says growth across the board next year October 18, 2013 The European Central Bank's (ECB) governing member Ewald Nowotny has spoken optimistically this morning on the economic situation in the Eurozone. Nowotny said that the "massive crisis" in the euro economy is over, and that, by next year, recession in the area will have ended, with all European monetary union countries seeing growth. He added [...]
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 [...]