Euro plummets on suggestions of negative deposit rates November 20, 2013 The euro just took a beating against the dollar, falling on news that the European Central Bank (ECB) is considering negative deposit rates. They're weighing the option of a minus 0.1 per cent deposit rate. That's according to Bloomberg, who say that the central bank is considering a "smaller-than-normal cut" if the officials do decide [...]
Fall in US home sales picks up pace in October November 20, 2013 The number of completed transactions on home sales in the US fell 3.2 per cent in October, with the existing home sales index coming in at 5.12m. The reading follows September's drop of 1.9 per cent, to 5.29m. Analysts had expected a fall of 2.6 per cent to 5.15m. Paul Diggle, property economist at Capital [...]
US business inventories see largest rise since January November 20, 2013 US business inventories rose by 0.6 per cent in September – their largest jump since this January. Analysts had expected an increase of just 0.4, the same as that seen in August (revised up from 0.3 per cent). Business inventories data is compiled by the US Census Bureau and measures the change in inventories from [...]
Government lavishes over £400,000 on PR for Green Deal November 20, 2013 Figures released to Sky News under the Freedom of Information Act show that the government spent £413,815 on PR consultants to promote its Green Deal initiative. The lavish spending works out at £1,889 for each household which has had energy efficient measures installed. The Green Deal has so far been implemented in only 219 properties [...]
US retail sales return to growth in October despite shutdown November 20, 2013 US retail sales are up again in October, and well ahead of analyst estimates. They jumped by 0.4 per cent, after seeing no growth last month (revised up from a 0.1 per cent fall). Paul Dales, senior US economist at Capital Economics, says that the number is "a very decent result at a time when [...]
US CPI falls to four-year low of one per cent in October November 20, 2013 CPI in October increased just 1.0 per cent, compared to October 2012 – the smallest 12-month increase since October 2009. Analysts had expected a 1.1 per cent increase, following September's 1.2 per cent rise, which was the smallest gain since April. The drop, says Paul Ashworth of Capital Economics, is unlikely to impact the Fed's [...]
Labour rejects recommendations to overhaul benefits for under 25s November 20, 2013 The Labour party has distanced itself from a report which calls for, among other things, overhauling out-of-work benefits for the under 25s. The influential Institute for Public Policy Research (IPPR) on Wednesday published the report "No more NEETs: A plan for all young people to be learning earning." The report made three key recommendations which [...]
Just four commuters use Boris’ £60m Emirates Airline cable cars November 20, 2013 One of London's great white elephant projects – the Emirates Airline cable cars – were used by just four regular commuters in the week from Saturday 13 October. With a capacity of 2,500 people an hour, the link between the O2 in Greenwich and the ExCel centre at the Royal Docks operates well below that [...]
UK mortgage lending hits five year high November 20, 2013 Gross mortgage lending in October has risen to £17.6bn according to Council of Mortgage Lenders (CML) data. This represents an increase of 36.6 per cent year-on-year and nine per cent month-on-month and was the highest monthly gross mortgage lending seen since October 2008. The housing market is being supported by improving consumer confidence, increasing employment [...]
Diageo quenches thirst for bourbon with new premium brands November 20, 2013 Alcohol giant Diageo has said it does not need to buy spirits producer Beam Inc and is set to launch two new premium bourbon brands, Orphan Barrel and Blade & Bow. Commenting on whether Diageo would seek to acquire the maker of Jim Beam and Maker's Mark, chief executive of officer, Ivan Menezes said, "we [...]