Equities are getting smashed as US shutdown drags on into 13th day October 14, 2013 After a confidence rally on Friday, we're seeing European stocks drift down along with US futures. Rumours of a deal over the US debt ceiling have been vaporised over the weekend as fiscal deadlines approach. The US faces a default on 17th October if no progress can be made. Much of the US is closed [...]
New acting finance chief for Michael Page as recruiter anticipates challenging fourth quarter October 14, 2013 British-based recruitment company Michael Page has announced the appointment of a new acting chief financial officer, as it reports year-on-year profit up 0.4 per cent. However, the company expects a challenging fourth quarter. Chief executive officer Steve Ingham says the firm has seen "another robust performance in the third quarter, against a backdrop of challenging, [...]
Chinese exports down as September sees strong demand and inflation October 14, 2013 (National Bureau of Statistics of China) With Chinese trade data coming in overnight, optimistic economic expectations continue to be reflected in results, with September imports rising to 7.4 per cent, exceeding expectations of 7.0 per cent. Despite healthy demand, however, export growth dropped sharply by 0.3 per cent from August's 7.2 per cent. Inflation for September rose, with the [...]
What you need to know before the open – 14/10 October 14, 2013 With any hope of a weekend agreement on the US debt ceiling now dashed, last week's market optimism has been watered down. Budget talks are moving to the Senate, but there is still disagreement between the parties. #European markets look set to fall this morning, but not by much, with just three days to go [...]
UK tangled up in 13m words of EU red tape October 13, 2013 BRITISH businesses have been hit with more than 3,500 new European Union rules since David Cameron came to power, according to figures released today that set out the enormous impact of the Brussels bureaucracy on UK companies. Despite the coalition’s commitment to cutting red tape, since May 2010 there have been 13m extra words of [...]
Coalition hopes to fire up its nuclear power plan October 13, 2013 THE COALITION hopes to get its nuclear power ambitions back on track this week by signing deals allowing work to go ahead at the new Hinkley Point reactor. Energy secretary Ed Davey said yesterday the government is “extremely close for a deal with EDF”, after months of wrangling with the French firm over the subsidies [...]
Sin taxes and VAT hit low income families hardest October 13, 2013 THE POOREST fifth of British households spend nearly one third of their disposable income on the Treasury’s indirect taxes, twice as much as the richest fifth, according to research published today. The new report, from the Institute of Economic Affairs (IEA), says that taxes on cigarettes, alcohol, fuel and other consumer goods impact the worst-off [...]
Civil servants discussed cap on Isa savings October 13, 2013 CIVIL servants have explored the possibility of imposing a cap on the amount of money that can be held in an Isa, the Treasury confirmed yesterday. Officials held talks with leading financial services companies in recent months to discuss whether wealthy individuals should continue to benefit from holding substantial savings that will never be subject [...]
Royal Mail gets ready for strike October 13, 2013 ROYAL Mail shareholders will find out on Wednesday whether workers will vote for strike action at the newly-privatised postal service. The Communication and Workers Union yesterday insisted that it is confident of winning the ballot, which could see thousands of staff walk out later this month. Royal Mail insists that its offer of an 8.6 [...]
What the other papers say this morning – 14 October 2013 October 13, 2013 FINANCIAL TIMES Tory plan to raise allowance to £12,500 Senior Conservative politicians are drawing up plans to raise the personal tax allowance to £12,500 as a key election pledge in 2015. Top party officials believe the move will enable the Tories to claim they are tackling the cost of living crisis by taking low earners [...]