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Any Other Business – 18/07 July 17, 2013 ■ Former England cricket captain Mike Gatting has been getting around the City charity sporting circuit lately. Not only did he complete annual Standard Chartered Great City race last week – and blindfolded too – he then hopped straight on his bike for five days of cycling – from Chester-le-Street to Lord’s cricket ground – [...]
Euro falls sharply against the dollar on Bernanke’s comment July 17, 2013 The euro has fallen sharply against the dollar as Federal Reserve chairman Ben Bernanke spoke today about monetary policy (live stream here). The euro broke below 1.31 against the dollar. Haresh Menghani, senior market analyst at Admiral Markets, has said that a fall below this level could leave the pair "vulnerable to re-test 1.2800 trend-line [...]
Bank of Canada minus Carney holds interest rates steady July 17, 2013 The Bank of Canada has left its interest rate target unchanged at one per cent as expected. It is the first decision made without the leadership of current Bank of England governor Mark Carney and the first under new governor Stephen Poloz. While US economic expansion is encouraging and Japanese fiscal and monetary stimulus is [...]
European stocks on rollercoaster ride July 17, 2013 The main European stock indices are all looking fairly similar today, with the FTSE starting strong after solid results from BHP Billiton, before following the DAX and CAC down after major downwards revisions and a contraction in eurozone output coupled with a unanimous vote from the Bank of England Monetary Policy Committee to hold quantitative [...]
Italian central bank revises down growth forecast July 17, 2013 The Italian central bank has said it expects a slowdown in the economy, revising down its prediction for gross domestic product (GDP) for 2013 to -1.9 per cent from -1.0 per cent, reflecting weaker than expected productivity in the first half of the year. The Banca d’Italia points to “a slowdown in world trade and [...]
Cost cutting and strong sales and trading performance boost Bank of America profits July 17, 2013 Profits at Bank of America jumped by 63 per cent in the second quarter of the year thanks to its cost-cutting programme and higher revenues from equities sales and trading. Net income rose to $3.57bn or 32 cents per share, up from $2.10bn or 19 cents per share the year before. Analysts had expected earnings [...]
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 [...]
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 [...]