Dubai’s Nakheel returns to halted artificial island project October 8, 2013 Dubai based developer Nakheel will be resurrecting the development of part of one of three islands, another indicator that recovery after the 2008 financial crisis is now in full swing (at least if you're the sort of person with the funds to visit a private island). Rebranded from Palm Deira to Deira Island, the palm-shaped [...]
MEPs vote for wave of tobacco regulation October 8, 2013 The European parliament has passed a host of anti-tobacco regulations. The parliament on Tuesday backed proposals to increase the size of cigarette warnings on cigarette packs to 65 per cent. This was however lower than the original 75 per cent proposed by Labour MEP Linda McAvern. The current EU standard for health warnings, covers 30 per cent [...]
Demand for Royal Mail shares exceeds £30bn October 8, 2013 With shares worth around £2bn to be sold, institutional investor demand has swamped that supply according to Sky News' City editor Mark Kleinman. That doesn't include demand from members of the public. Kleinman says that a "last-minute rush for shares" is expected throughout today. If you still want to buy shares, find out how here.
Parents’ education matters and 55-65 year olds more proficient than young people, says study October 8, 2013 (OECD) The Organisation for Economic Co-operation and Development (OECD) has published its report on adult skills proficiency, 24 rich countries, surveyed just shy of 9,000 age-working adults in England and Northern Ireland. (Release) Here's some illuminating things the report found: – Young people in England were rated 22nd out of 24 countries for literacy proficiency. [...]
Arrests in UK, Sweden and US after takedown of darknet marketplace Silk Road October 8, 2013 A total of four men have now been arrested in the UK over connections to recently suspended darknet auction site Silk Road. That resulted from investigations and seizures by the FBI. Arrests have also been reported in Sweden and Seattle. Three of those men are in their early 20s, and were arrested in Manchester. A [...]
Tax havens are finished says SocGen CEO October 8, 2013 Societe Generale, chief executive, Frederic Oudea has told French television channel BFM that the days where individuals and company's could channel money into secretive accounts in order to avoid tax are over. Oudea said on Tuesday: With all the reforms today that have been done by various governments, tax havens – that is to say [...]
Bank’s Tucker says stress tests will be more important October 8, 2013 The Bank of England's Paul Tucker has said that bank stress tests will become profoundly important, and that they must incoporate international scenarios. Tucker said that if you "have an overseas bank operating a massive branch that probably ought to be a subsidiary" and that if ever a central counterparty fails anywhere in the world, [...]
German factory orders fall unexpectedly in August October 8, 2013 German economic expansion falters with factory orders coming in at -0.3 per cent for August, missing the mark after expectations of a rise of 1.2 per cent, and following July's -2.7 per cent. The factory orders index includes shipments, inventories, and new and unfilled orders.
Shares up as dei Paschi cuts more staff October 8, 2013 The world's oldest bank, Italian Monte dei Paschi has seen shares surge following its announcement that it's cutting another 3,360 jobs, in order to receive €4.1bn in European aid. The bank's experience of a "more challenging macroeconomic scenario than the one initially expected" sees it evoke a restructuring plan as it continues to take steps to [...]
Nationalised rail company returns £208m to the taxpayer October 8, 2013 Directly Operated Railways has returned £208.7m to the taxpayer after a huge increase in revenues. DOR, a holding company setup by the Department of Transport, took over the running of the London-Scotland route four years ago. Turnover has increased 4.2 per cent to £693.8m, total ticket sales were also up by 4.2 per cent. It [...]