Higher-than-expected inflation prompts another downgrade of Brazilian growth August 21, 2013 Brazilian bank Itau BBA has become the latest bank to cut Brazil’s growth forecast after reports that inflation rose at by more than expected – generating further speculation the central bank will increase the pace of increase in borrowing costs. The IPCA-15 consumer price index rose at a monthly rate of 0.16 per cent and [...]
US existing home sales increase at fastest rate in three years August 21, 2013 More homes than expected were sold in the US in July, according to data from the National Association of Realtors (NAR) (release). Existing home sales – which are completed transactions including single-family homes, townhomes, condominiums and co-ops – rose to a seasonally adjusted annual rate of 5.39m in July – up from a downwardly revised [...]
Bloomberg steps up privacy reforms August 21, 2013 Bloomberg has made further changes to its data policies following an external review into how its journalists were accessing client log-in activity on the company's trading data terminals (release). While the review by law firm Hogan Lovells and regulatory compliance firm Promontory Financial Group found that the news agency already had appropriate client data policies [...]
Merkel confirms details of potential Greece bailout will not be decided until mid-2014 August 21, 2013 German chancellor Angela Merkel has confirmed that any decision on the details of a potential third bailout for Greece will not be made before the middle of next year. Speaking to SAT.1 television, she said she could not say today what amount Greece would evenutually need – echoing earlier comments made by her spokesman Steffen [...]
Press freedom body calls for Cameron to investigate Miranda detention August 21, 2013 The Committee to Protect Journalists, an international media freedom organisation, has written to prime minister David Cameron urging him to lauch a “thorough and transparent” investigation into the detention of David Miranda at Heathrow Airport. Miranda is the partner of Guardian journalist Glenn Greenwald, thought to have been carrying journalistic material related to the story [...]
German government looks to moderate growing Greece tensions ahead of elections August 21, 2013 Germany's finance ministry is attempting to diffuse growing tensions over Greek aid in the run-up to next month's elections. Spokesman Martin Kotthaus said today that Greece is fulfilling the terms of its aid programme, and that the situation will be reviewed in 2014. He ruled out another restructuring of Greek sovereign debt, but added that [...]
US weekly mortgage applications index falls to two year low August 21, 2013 The Mortgage Banker’s Association's index for US mortgage applications fell to a two-year low last week, it was revealed today. Mortgage applications in the week to 16 August fell by 4.6 per cent, following a 4.7 per cent fall the week before. The index hit 450.4 from 471.9 the week before. The weekly purchase index [...]
UK public finances run up unexpected deficit August 21, 2013 The UK's public finances posted an unexpected deficit in July, exposing the government's failure to reign in spending. July is typically a good month for the public coffers, as it is the time of year when high taxes on income and wealth are recorded from self assessment and quarterly corporation tax returns. Indeed, tax receipts [...]
What the analysts are saying about July’s public sector deficit August 21, 2013 This morning, the Office for National Statistics said the UK government posted a £62m deficit in July – down from an £823m surplus the year before (full story here). Here's what analysts are saying about the figures. Martin Beck, UK economist at Capital Economics: Despite signs of life in the economy, July’s public finances data [...]
Irish central bank appoints new financial regulator from Banque de France August 21, 2013 The Irish central bank has appointed Cyril Roux as deputy governor of financial regulation to replace Matthew Elderfield. Roux will join from the Banque de France, where he holds the position of first deputy secretary general of the French prudential supervisory authority for banks and insurance companies (Autorité de Contrôle Prudentiel et de Résolution) – [...]