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 [...]
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 [...]