Warren Buffett admits he made “a huge mistake” on Tesco as share price tumbles again October 2, 2014 Warren Buffett has admitted making a “huge mistake” by investing in Tesco, as the supermarket's share price continued to fall today. The legendary investor, and second richest man in the world, is currently the third largest shareholder in Tesco, through his venture Berkshire Hathaway, which owns a 4.1 per cent stake. He first [...]
Mario Draghi: ECB to start buying covered bonds this month October 2, 2014 Mario Draghi, the president of the ECB, has said the Bank will be prepared to take on below investment grade asset-backed securities (to BBB-), opening the door to Greek and Cypriot banks. The central bank will start buying covered bonds and asset-backed securities this autumn, starting with the bond programme in mid-October. The programme will last [...]
ECB leaves interest rates unchanged October 2, 2014 The European Central Bank (ECB) has left its headline interest rate untouched at 0.05 per cent where it has been since early last month. The inaction was widely expected but today Mario Draghi has other big fish to fry. The bank's president is set to clarify the ECB's intentions for the asset-backed security purchasing programme [...]
Boris Johnson’s deputy Kit Malthouse slams support for electric cars October 1, 2014 Boris Johnson’s deputy Kit Malthouse is battling against fellow politicians to drive hydrogen as the clean fuel source of the future, describing battery-powered vehicles as “a temporary technology”. Speaking at Canaccord Genuity’s Hydrogen – The New Energy Landscape conference in London yesterday, Malthouse, deputy mayor for business and enterprise, told attendees that uptake of hydrogen-fuelled [...]
Weak Eurozone data puts focus on ECB decision on asset purchase programme October 1, 2014 September was a month to forget for the Eurozone as survey data released yesterday shows growth in the manufacturing sector was at a 14-month low over the month. The purchasing managers index (PMI) compiled by Markit scored a 50.3. A score above 50 indicates growth but this very weak growth suggests the Eurozone economy is [...]
Sainsbury’s new boss Mike Coupe blames “perfect storm” for sales drop October 1, 2014 Sainsbury's new chief executive said that a “perfect storm” of effects had plunged sales further into the red in the second quarter as the supermarket retailer cut its full-year sales forecast and warned that it might review its dividend. In his first official trading update since taking over from Justin King in July, Mike [...]
Boris Johnson wields a brick and calls for more new London homes in Conservative party conference speech September 30, 2014 London mayor Boris Johnson gave a typically jovial speech at the Conservative party conference in Birmingham yesterday, bouncing around on stage holding a brick above his head while promising not to throw it at the audience. Johnson, who is hoping to win a seat in the House of Commons next year, spoke of how the [...]
Chuka Umunna vows to get firms to put more ethnic minorities on boards September 30, 2014 Labour’s shadow business secretary Chuka Umunna yesterday promised to hold UK businesses to account over the number of senior black and ethnic minority staff they employ, most notably at board level. Pledging to introduce a Davies-style commission and report into why people from ethnic minorities make up just one in 15 senior management positions, Umunna [...]
Eurozone woes give Draghi leeway on QE September 30, 2014 THE EUROZONE is still flirting with deflation while unemployment remains stubbornly high, opening up the possibility that the European Central Bank (ECB) will deliver further monetary easing when it announces its latest policy decision tomorrow. Figures published yesterday by official database Eurostat showed that unemployment in August came in at 11.5 per cent – the [...]
Boris Johnson’s Conservative Party Conference speech: “Semi-Marxist Miliband”, “eat the kippers” and “planet zog” September 30, 2014 Conservative favourite and London mayor Boris Johnson has delivered an upbeat speech to the Tory faithful at the party's conference in Birmingham. With swipes at Ukip defectors, Ed Miliband and Vince Cable, the speech was well-received in a conference hall nervous about the prospects of electoral success and party unity. Johnson ran through a list [...]