Accelerating GDP confirmed in third quarter with growth in all four sectors October 25, 2013 Encouraging results this morning as the preliminary estimate for third quarter GDP saw a rise of 0.8 per cent, the strongest pace of growth in over three years, and in line with expectations, following the second quarter's 0.7 per cent increase. The economy is, though, still 2.5 per cent smaller than pre-crisis peak. All four [...]
German business conditions less rosy in October as they miss expectations October 25, 2013 German IFO numbers have painted a slightly depressed picture for business conditions with IFO business climate for October at 107.4 – the first monthly fall since April, and missing expectations of 108.0 and down marginally on September's 107.7. Current assessment came in at 111.3 – down from 111.4 and versus expectations of an increase to 111.6. [...]
Carlsberg overhauls charter and proposes hike in dividend October 25, 2013 The Carlsberg Foundation is set to remove an obligation in its charter, that it must own at least 51 per cent of the voting rights and more then 25 per cent of the share capital in Carlsberg Group. In a press release on Friday the Carlsberg Foundation confirmed it had submitted an application to amend [...]
Samsung sales soar on chips and Galaxy S October 25, 2013 Samsung Electronics has announced that its net profit climbed 25.6 per cent in the third quarter to 8.24 trillion won (£4.7bn), boosted by a surge in shipments of its Galaxy S smartphone and higher prices for memory chips. A record operating profit of 10.2 trillion won (£5.92bn) was up 26.08 per cent from the same [...]
Life and pensions group Phoenix on track to hit targets after solid business October 25, 2013 Britain's largest pension fund consolidator Phoenix Group said today that it has seen a year-to-date cash generation of £734m, putting it on track to deliver a top-end end-of-year target of £650-£750m in the nine months to 30 September. Shares jumped on the news. The insurer continues to discuss merger plans of Phoenix and Swiss Re's [...]
What you need to know before the open – 25/10 October 25, 2013 With UK GDP German IFO out later today, European markets are set to open mixed. US markets closed higher yesterday, boosted in after-hours trading by positive reactions to Amazon and Microsoft results. Daily % change of FX majors vs. USD: JPY +0.28, CHF +0.20, GBP +0.17, EUR 0.12, AUD -0.14, NZD -0.44 — DailyFXTeamMember (@DailyFXTeam) [...]
Carney: Mega-banks welcome in London October 24, 2013 Governor signals end to banker bashing in dramatic u-turn THE END of banker bashing was officially called yesterday, after the new Bank of England governor said he is comfortable with Britain developing an enormous banking sector over the coming decades. In a dramatic u-turn, Mark Carney told an audience of City heavyweights that a well structured sector [...]
London house prices set to soar by 35 per cent over the next five years October 24, 2013 HOUSE prices in the capital are set to spiral further upward by more than a third in the next five years, according to new research seen by City A.M. Property services firm CBRE expects the capital’s house prices to soar by an astonishing 34.8 per cent between 2014 and 2018, according to its latest forecast. [...]
Scottish Power hikes bills as green tax debate rages October 24, 2013 SCOTTISH Power yesterday became the fourth of the big six suppliers to raise its energy prices, adding £113 – or 8.6 per cent – on to the average annual dual fuel bill. Like many of its peers, Scottish Power maintains that high profit margins are not to blame for the bill increase, instead blaming wholesale [...]
Eight things to take away from Carney’s speech October 24, 2013 1. The Bank of England is pleased with banks’ liquidity buffers – it has pushed banks to make sure they can survive market strains. 2. The authorities had been concerned banks would tap up the Bank of England’s liquidity facilities instead of getting liquidity in the market, so they made it expensive to access the [...]