US downgraded to A- by Dagong October 17, 2013 Chinese ratings agency Dagong has downgraded US foreign currency credit ratings from "A" to "A-". The agency cited the "long-term failure" of the US "to pay its excessive debts". More details and analysis on the liveblog.
Public expect rate hike within two years as Bank’s Dale says one may come in 2014 October 17, 2013 The proportion of the public expecting a rise in interest rates has increased significantly according to a new poll by Markit. The poll conducted by Ipsos-MORI between 11-14 October found that 69 per cent of people asked expected rates to rise within two years, a 14 percentage point rise from the previous poll in August. [...]
Stronger growth in retail sales this September despite real wage squeeze October 17, 2013 The UK's retail sector looking stronger still this September. It's a stark contrast to yesterday's confirmation that real wages are still declining. In the month of September retail sales grew by 0.6 per cent, against economist forecasts of a 0.4 per cent rise. Last month retail sales fell by 0.9 per cent. No huge reaction [...]
Gold prices spike above $1,300 October 17, 2013 Gold prices have surged by nearly $30/oz, rising to as much as $1,314/oz. No clear driver, but we're seeing the relationship between gold and the US dollar restored. Analysts at CMC say that it's a rare positive day for the precious metal, and that the spike is on a thin underlying market. Sharp rally in [...]
3D printing could spark high street revival says JP Morgan October 17, 2013 JP Morgan has suggested that 3D printing (3DP) is the trend to watch, although the short term impact will be limited. JP Morgan analysts who visited 'the future is here' exhibition concluded that 3DP should be watched closely and suggested that mall operators should focus on gaining more 3DP store tenants. A major factor in [...]
BBC awards £150m contract to construction company Interserve October 17, 2013 Support service and construction group Interserve has been awarded a £150m, five year facilities management contract with the BBC. (Release) The contract will see the group working at over 150 facilities across the UK, including Broadcasting House, MediaCityUK in Salford and all other BBC operational sites. Interserve will be responsible for 26 services ranging from [...]
US credit ratings downgraded to A- by Dagong October 17, 2013 US foreign currency credit ratings have been downgraded from "A" to "A-" by Dagong. That's the same rating Dagong has Brazil and Panama at. They cited the "recurrence of the conflict" over the debt ceiling, which Dagong says "reveals the US superstructure's incapacity to solve" its national debt crisis. Dagong said that the shutdown was [...]
Cable and Wireless CEO steps down as former British Gas director takes reins October 17, 2013 Telecoms company Cable and Wireless Communications (CWC) has announced the appointment of Phil Bentley as new chief executive officer. The former managing director of British Gas will take over from Tony Rice, who is stepping down. (Release) Rice's decision to leave the group comes before the establishment of CWC's new executive office in Miami. Rice joined [...]
US gaffer tape fix fails to inspire European markets October 17, 2013 We may have avoided a US default – but European markets aren't too exuberant about a Washington deal. There's only been a short term fix to the artificial debt ceiling constraint – and there are no signs of a credible longer term plan to deal with the debt itself. The solution has been "good, but [...]
Sky Broadband customer numbers pass five million but profit drops October 17, 2013 Sky has announced this morning that it has seen 50 per cent growth in new paid-for subscriptions, with 800,000 in the three months to 30 September. Profit before tax for the period stood at £245m – down from £288 for 2012/13. (Release) The BSkyB Group has said it has seen nine per cent growth in [...]