US industrial production rises but misses expectations September 16, 2013 US industrial production has risen 0.4 per cent in the month of August following expectations of a 0.5 per cent rise. The rise was dampened by utilities. July saw figures flatline, with no increase. U.S. factories have upped output 0.7 per cent for August. This is the best increase since December and led by auto production.
Barclays expects £50m fine over Qatari payments investigation September 16, 2013 Barclays banks has confirmed that it faces fines of £50m over payments between Qatar and the bank, in a right issue prospectus released today. The FCA has investigated certain agreements, including two advisory services agreements entered into by Barclays Bank with Qatar Holding LLC (“Qatar Holding”) in June and October 2008 respectively, and whether these [...]
Lib Dems look to up tax on cider with reclassification September 16, 2013 One of the more bizarre recommendations from the Liberal Democrat party conference comes in the form of a push to redefine cider, revealed in notes first published by City A.M.. We want to alter the definition of cider for duty purposes to exclude the mass-produced, lower quality products from the beneficial low duty rates (compared [...]
Barclays sees significant drop in investment bank income September 16, 2013 It's prospectus release day for Barclays – as they prepare to raise £5.8bn of capital through a rights issue (release). In an update on their current trading and prospects, things are looking less than rosy at the bank's investment banking arm: The Group's adjusted income for July and August 2013 was £0.5 billion lower than [...]
Soak the rich: Lib Dem plans to hit those earning over £50,000 with higher tax bills September 16, 2013 In notes first published by City A.M., it has been revealed that the Liberal Democrats are looking for those earning over £50,000 to pay more in tax. The Liberal Democrat press team calls this "looking at how the richest … could make a further contribution". In these difficult times, it is important that everyone makes [...]
Figures looking up for French Connection with narrowed first-half loss September 16, 2013 French Connection had reduced loss before tax of £6.1m, down from the 2012 figure of £6.3m, in its half-year report to the end of July. (Release) The British retailer also highlighted its improved cash position of £22.3m, up from £21.2m in 2012, lack of debt and significant reduction in stock levels. With reaction to its winter [...]
Victory for Clegg on economics as left-leaning Lib Dems fail to scupper motion September 16, 2013 Liberal Democrats have supported Nick Clegg's motion "Strengthening the UK Economy" (pages 37-39). The proposed and largely rejected changes – put forward by the left-leaning faction the Social Liberal Forum (SLF) – are below. The party leadership were happy to accept the first amendment if the first four lines of that did not pass, and [...]
GlaxoSmithKline combination drug for melanoma gets FDA priority review September 16, 2013 GlaxoSmithKline (GSK) announced today that it has received a Priority Review from the US regulator Food and Drug Administration (FDA) for a combination treatment for melanoma. In the US alone, more than 8,000 people die of melanoma each year, with 68,000 of the one million diagnoses of skin cancer each year caused by melanoma. (Release) [...]
Lib Dem lines to take for interviews – in full September 16, 2013 The Lib Dems appear to have given journalists their full lines to take for every interview: Five things to remember for every interview This conference sees the party in a confident mood We have a strong record of achievement in Government Our priorities are jobs and easing the squeeze on household budgets Labour cannot be [...]
Anglo American withdraws from Alaskan copper project September 16, 2013 Miner Anglo American has announced that it is withdrawing from its Pebble copper project in Alaska (release). he Pebble Limited Partnership (PLP) was created in 2007 between AA Pebble and an affiliate of Northern Dynasty Minerals Ltd. ("Northern Dynasty"), who are equal partners in PLP. Following the withdrawal, PLP will proceed under the sole ownership of [...]