US house prices climb at fastest rate since 2006 January 29, 2013 HOME prices in the US shot up at the quickest pace seen in almost seven years in November, data revealed yesterday. The Case-Shiller 20-city composite home price index grew 5.5 per cent in the year to November 2012, according to data from S&P Dow Jones Indices – the biggest yearly price gain since August 2006. [...]
Swiss government gives £340m to the UK Treasury in tax deal January 29, 2013 THE SWISS authorities have paid HM Revenue & Customs an initial £340m as part of a deal to crackdown on tax evasion, chancellor George Osborne revealed yesterday. The payment was made on Monday and forms the first part of an arrangement that the Treasury hopes could raise up to £6bn in extra revenue over the [...]
Watchdog says local councils will struggle to balance budget January 29, 2013 LOCAL government faces a funding crisis and many authorities could be forced to make substantial cuts to core services, according to a report released today by the National Audit Office (NAO). The NAO estimates that local authorities are planning to reduce spending by £4.6bn by April 2013 but councils still need to identify about half [...]
Eurozone sees investment dip as income falls January 29, 2013 BUSINESS investment slid across the Eurozone in the third quarter of 2012, as household income sunk as well, data revealed yesterday. The euro area business investment rate fell from 20.2 per cent in the second quarter of last year to 19.9 per cent in the third, Eurostat figures showed, after adjusting for seasonal variations. This [...]
ECB policymaker joins chorus against upping inflation target January 29, 2013 INCREASING central banks’ inflation targets might stimulate growth in the very short run, but would lead to a dangerously volatile economy in future, the European Central Bank’s (ECB) top economist Peter Praet warned yesterday. He joins policymakers including Sir Mervyn King and Adam Posen in opposing suggestions made by incoming Bank of England governor Mark [...]
City Moves for 30 January 2013 | Who’s switching jobs January 29, 2013 Pinsent Masons Michael Isaacs has been appointed partner in the law firm’s financial sector disputes practice. He is a banking litigation specialist, and joins from Addleshaw Goddard. Issacs has over 20 years’ experience in the sector. Mizuho International The London-based securities and investment banking arm of Mizuho Financial Group has appointed Antony Slotboom as head [...]
Best of the Brokers January 29, 2013 HYDER CONSULTING The engineering consultancy’s trading update yesterday said that trading had improved in key Asia Pacific and Middle East areas, but analysts at Panmure Gordon warned against buying the stock, claiming that although they are fans of the business, growth is already priced into Hyder’s Shares after “a strong show of late”. Analyst Mike [...]
FTSE 100 smashes through 6,300 level January 29, 2013 The FTSE 100 nudged back over the 6,300 level this morning – which it smashed through for the first time in almost five years yesterday – as it edged up around 0.15 per cent. Steelmaker Evraz was the biggest blue chip gainer this morning, adding 2.38 per cent. Global miner Anglo American rose two per [...]
William Hill profits boosted by online growth January 29, 2013 Operating profit jumped in 2012 for bookmaker Wiliam Hill, as it was boosted by strong revenue growth from its online business. The firm said this morning that operating profit was up 20 per cent over the 12 months, boosted by a 12 per cent increase in group revenues. William Hill, which has more than 2,300 [...]
Bumi sets date for boardroom battle January 29, 2013 Coal miner Bumi said this morning its general meeting would be held on 21 February, for shareholders to vote on co-founder Nat Rothschild’s proposals to overhaul the board. The financier has proposed the removal of 12 out of 14 current directors of Bumi. But in a circular to shareholders this morning, Bumi said that Rothschild’s [...]