End to UK’s winning streak: Poor data sees the pound plummet September 6, 2013 A string of solid data points for the UK have come to an end, as the economy's winning streak goes cold. Industrial production, manufacturing production and trade data have all been disappointing. The pound has taken a slide against the dollar on the bad news. UK industrial output has been completely flat in July, despite [...]
House price growth slows in August September 6, 2013 House prices have risen by 0.4 per cent in August, down from a 0.9 per cent rise last month, according to the Halifax house price index. Economists had forecast a rise of 0.7 per cent. House prices have risen 5.4 per cent in the three months to August on the same period last year. Nicholas [...]
French consumer confidence ticks up in August September 6, 2013 French consumer confidence is up slightly in August, from 82 to 84, according to new numbers from INSEE. That's slightly above expectations of a rise to 83. Respondents saw their financial situation slightly improved, with past situation up one point and future up two. Assessment of August being a suitable time to make major purchases [...]
Before the open – 06/09 September 6, 2013 Strong US data yesterday has led traders to fear potential US Federal Reserve tapering could be moved forward. Now the FTSE could open lower on nerves over that tapering – a reduction in the rate of expansion of the US' monetary base. So all eyes are on today's US jobs data, out at 13:30. Investors [...]
Tullow Oil discovers oil at offshore Norwegian site September 6, 2013 Tullow Oil has announced the discovery of oil at the Wisting Central exploration well, offshore Norway, the first ever oil discovery in the Hoop-Maud Basin in the Barents Sea (release). Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered 50-60 metres of net light oil pay in good [...]
Carney snubbed as UK debt costs soar September 5, 2013 THE COST of the British government’s 10-year debt spiked to a two-year high yesterday, as markets read into fresh signs from the US and UK that easy money could start drying up sooner than expected. The rising price of the government’s borrowing pours more cold water on Bank of England governor Mark Carney’s plan to [...]
Lego outbuilds Hasbro as bricks click in Asia September 5, 2013 THE popularity of a toy tribe of animal warriors has helped make Lego the world’s second-biggest toy maker. The Danish maker of colourful mini-bricks, loved by children and hated by barefoot parents, yesterday credited its Legends of Chima range, with a 13 per cent rise in sales in the first six months of the year. [...]
London is still number one for forex trading September 5, 2013 THE CITY has extended its dominance as the world’s No1 location for trading in foreign exchange markets, according to a comprehensive data set published yesterday by the Bank for International Settlements (BIS). Nearly 41 per cent of global forex trading goes through the intermediation of dealers in the UK – by far the highest market share out [...]
MPs say the civil service is a failing organisation September 5, 2013 BRITAIN’S civil service is a “failing organisation, in which most people know the system is failing,” according to a blistering report released today by MPs. The Public Administration Select Committee says the government’s existing plans to modernise Whitehall – generally considered to be the most ambitious set of civil service reforms in a generation – are [...]
Cyprus passes bank bailout conditions September 5, 2013 THE CYPRIOT parliament narrowly avoided placing their €10bn (£8.4bn) bailout in jeopardy today, when it approved legislation to bring Cyprus’ cooperative banks under the supervision of its central bank. Cyprus initially rejected the legislation when politicians from the island’s left-wing opposition parties opposed the bailout conditions. In a voting session today, the parliament agreed to [...]