Mining company Vedanta sees record oil and gas production October 9, 2013 Metals and mining company Vedanta has reported record oil and gas production in the second quarter of 2013. (Release) The global business, which is the largest miner in India, saw 213,299 barrels of oil equivalent per day (boepd) produced over the period, ending 30 September. Mined metal production increased 16 per cent in the second [...]
Janet Yellen to be next Fed Chief October 8, 2013 PRESIDENT Barack Obama will today nominate Janet Yellen to be the new chair of the Federal Reserve, making her the first woman to hold the most important job in the global financial system. Yellen will replace the outgoing Ben Bernanke at the end of January subject to approval by the US Senate, a White House [...]
Investors scramble for Royal Mail shares October 8, 2013 ROYAL Mail last night shut the order book on its historic £3.3bn privatisation, with the postal service’s 497-year stint as a public body set to end when it joins the London Stock Exchange on Friday. Unprecedented demand has seen hundreds of thousands of retail investors scrambling for shares in the massively oversubscribed state sell-off, the biggest [...]
Lenders fear bubble if UK does not get more houses October 8, 2013 MORTGAGE lenders yesterday warned house building levels are still dangerously low, as the government’s new Help to Buy scheme launched with the backing of five banks, including HSBC. The scheme gives a government guarantee to buyers with a small deposit saved up, making banks more willing to lend and increasing the range of mortgages on [...]
Q and A: How can I get a loan with Help to Buy? October 8, 2013 Q Am I eligible for a loan with this guarantee? A The loans are available to buy a house for less than £600,000 that you will live in. It only applies to capital repayment loans, and is only for buyers with a deposit of between five and 20 per cent of the price. Q How [...]
What the other papers say this morning – 09 October 2013 October 8, 2013 FINANCIAL TIMES Prosecutors give SAC ultimatum US prosecutors have given SAC Capital until November to resolve criminal charges against the hedge fund founded by Steven Cohen or risk paying more than the $1.8bn offer on the table, people familiar with the matter said. Lawyers for SAC Capital met representatives from the US attorney’s office in [...]
U-turn as IMF hikes forecast for UK growth October 8, 2013 THE INTERNATIONAL Monetary Fund (IMF) revised its forecasts once again yesterday, hiking its expectation for economic growth in the UK to double what it predicted only six months ago. The IMF’s estimate for UK growth was raised further than any other advanced economy in its latest economic outlook. As recently as July, the organisation forecast 0.9 per [...]
US markets slip as Obama warns no immediate end to shutdown October 8, 2013 US MARKETS slipped yesterday as President Obama warned that there is no instant solution to the budget stand-off that has forced the US government into shutdown mode. Obama said Republican opponents in Congress are making it impossible to discuss raising the country’s debt ceiling because they were demanding too many concessions, including a delay to his flagship healthcare [...]
Royal Mail: What happens next? October 8, 2013 LAST NIGHTBrokers struggled to deal with demand as individual investors raced to place their orders for shares in the biggest privatisation for a generation. Institutions had until 5pm to place their orders. TODAYMinisters and bankers begin discussing how the Royal Mail shares will be allocated. Investors are highly unlikely to receive the full amount of [...]
Paul Tucker tells bank directors to toughen up October 8, 2013 BANKS need more non-executive directors who can understand the balance sheet and who can stand up to executives, Paul Tucker said yesterday. The outgoing Bank of England deputy governor told MPs that regulators imposing new rules on banks’ managers and monitoring activity more closely is not enough to stop the sector getting into trouble again, [...]