Goldman sees jump in euro against dollar July 17, 2013 Goldman Sachs has forecast the euro to rise against the dollar to $1.40 within the next twelve months. The median estimate of 66 analysts from a Bloomberg survey, by comparison, is a move to $1.24 by the middle of 2014. Thomas Stolper, chief currency strategist at Goldman Sachs in London, said that while the dollar [...]
European Commission refers Greece to Court of Justice for failing to recover incompatible state aid July 17, 2013 The European Commission has referred Greece to the European Court of Justice for failing to recover incompatible state aid from Greek casinos and from Aluminium of Greece. In 2009, the Commission received a complaint about the unfair taxation of private casinos in Greece, with a €12 per person admissions tax imposed on private casinos, while [...]
Public sector net debt will hit 99 per cent of GDP by 2063 unless government makes the tough decisions on spending July 17, 2013 Current government policies will cause spending to go up more than revenues in the long-term, meaning it will need to increase taxes or cut spending further, according to the Office for Budget Responsibility’s latest fiscal sustainability report. Assuming that immigration remains low, at around 140,000 per year, the UK faces a demographic shift over the [...]
Eurozone construction sees big downwards revisions and enters contraction in May July 17, 2013 Construction output in the euro area has fallen by 0.3 per cent in May, from a 1.0 per cent rise last month (revised down from 2.0 per cent). In the year to May, Eurozone construction has fallen by 5.1 per cent. The euro saw little reaction to the bad news.
UK unemployment edges down from last quarter July 17, 2013 UK UNEMPLOYMENT from March to May was 0.2 per cent lower than the previous quarter at 7.8 per cent, according to new data today from the Office for National Statistics. 2.51 million people were out of work, down 57,000 from December 2012 to February 2013. The number of people claiming jobseeker’s allowance fell by 21,200 [...]
Balfour Beatty wins £70m contract extension July 17, 2013 INFRASTRUCTURE group Balfour Beatty today announced that it has been awarded a five-year extension to its contract with Yorkshire Water, worth around £70m. Under the extended contract, which runs from 2015 to 2020, Balfour Beatty will continue to upgrade the water network, replacing mains and relining old mains. “We are delighted that our long relationship [...]
Dramatic fall in jobseeker’s allowance claimants as unemployment remains stable July 17, 2013 UK unemployment in the three months to May was stable at 7.8 per cent, in line with expectations. When compared to the three months to February 2013, this was a fall of 0.2 percentage points, or 57,000 people to 2.51m. The International Labour Organisation measure of unemployment includes jobless people who want to work, are [...]
Pounds jump up a cent against the dollar as Carney unites the Bank of England against further QE July 17, 2013 None of the Monetary Policy Committee (MPC) wanted more quantitative easing at the last meeting, the Bank of England's minutes reveal. Of the nine MPC members zero voted for increased asset purchases. The pound has spiked up against the dollar on the news. Gilt yields have spiked up following the MPC minutes this morning pic.twitter.com/vtDWn2n1Pj [...]
BHP Billiton output soars July 17, 2013 FTSE 100-listed BHP Billiton today announced that production at two of its mines had exceeded guidance this year and expansion of its iron ore division is running ahead of schedule. Total iron ore production increased by seven per cent to 170 million tonnes in the 2013 financial year, while copper increased by 10 per cent [...]
Waiting for Bernanke: Analyst expectations July 17, 2013 Ishaq Siddiqi, market strategist, ETX Capital: Fed chairman Bernanke’s testimony to US Congress turning out to be the key-risk event over the next two session, prompting both the bulls and bears to avoid building too much risk exposure. Stocks on Wall Street fell on Tuesday and Asian markets were mixed in overnight trade giving European [...]