Eggsclusive: We use the Walkie Scorchie light beam to fry an egg September 3, 2013 The developers of the Walkie Scorchie skyscraper – aka 20 Fenchurch Street – had hoped their building would be known for its striking design and its blue chip clients. But instead City A.M. has revealed how the building has begun emitting a curious ray of light, started melting cars, set a carpet on fire and cracked [...]
US manufacturing PMI misses in August September 3, 2013 US manufacturing is growing a little slower, according to fresh data from Markit. The manufacturing purchasing managers' index (PMI) is down from 53.7 to 53.1, analysts had expected a rise to 54.0 Any number above 50 implies an expansion, so that result means that the pace of expansion has slowed PMI a bit. Now we [...]
Wonga profits up by over a third as it offers Church of England tech support September 3, 2013 Payday lender Wonga has reported a net profit after tax increase of 36 per cent to £62.5m, which the firm said "showed expansion and growth across its business." The company is now expanding internationally, as its total lent rises from £707.5m to £1.2bn in the same period. Wonga now employs over 500 staff in five [...]
Russian embassy reports no damage in Damascus after missile detection September 3, 2013 The Russian Defence Ministry announced detection of two ballistic "objects" fired towards the Eastern Mediterranean early this morning, according to the RIA News Agency. That report has now been denied by the Russian embassy in Syria, which has stated that there is no sign of a missile attack or explosions in Damascus after ballistic launches [...]
Merkel seeks to soothe German voters as elections loom September 3, 2013 German chancellor Angela Merkel is in full PR mode as federal elections approach. They're scheduled for 22 September. Merkel stressed that the last four years were "good ones" for Germany, and that debt reduction had been a "sensational success". She declared that her goal is to further reduce joblessness. Seeking to allay fears that Germany [...]
UK construction sector growing at fastest pace since September 2007 September 3, 2013 The UK's construction sector is now growing at its fastest pace since September 2007, according to new purchasing managers' index data. That's despite forecasts that the rate of expansion would slow down this August, from 57.0 to 56.9. Instead we saw a rise to 59.1. Not sure what is hotter; the pavement around the Walkie [...]
Monetary policy debates rage on as UK’s economy heats up September 3, 2013 The UK's economy is heating up – but economists haven't stopped disagreeing with each other. The monetary policy debates are as fierce as ever. Andrew Sentance, senior economic adviser at PwC and ex-Monetary Policy Committee (MPC) member has argued for a rate hike in the Telegraph. If the recovery does gather momentum in the UK, [...]
Deutsche Bank upgrades Nokia stock to hold on Microsoft tie-up September 3, 2013 Deutsche Bank has just upgraded Nokia to hold on news of the Microsoft-Nokia tie-up that's seen shares in Nokia jump by 45 per cent on the open. Kai Korschelt, research analyst, Deutsche Bank: Selling D&S to MicrosoftThis morning Nokia announced that it is selling its Devices & Services business to Microsoft for E3.8bn and a [...]
Finance minister Guindos believes Spain will return to growth this year as unemployment refuses to budge September 3, 2013 Spanish unemployment hasn't changed in August, after a rise of 64,900 last month. Analysts had predicted an unemployment rise of 5,200 in August. Finance minister Luis de Guindos announced that he believes Spain will see slightly positive economic growth in the second half of the year, with the jobs number showing a stabilising market. The [...]
Before the open – 03/09 September 3, 2013 The markets haven't yet opened, and it looks like the Microsoft-Nokia tie-up is going to be today's big story. Nokia shares are being called up between 25 and 40 per cent. With little else happening after US markets were closed for Labour day yesterday, and talk on Syria pushed back until 9 September, we may [...]