New York Report: Nasdaq reaches 14-year high as stocks rally August 18, 2014 WALL Street rallied yesterday, with the Nasdaq closing at a 14-year high, as increasing confidence among home builders and hopes for receding tensions in Russia emboldened investors in the equity market. The Dow Jones industrial average jumped 175.83 points, or 1.06 per cent, to close at 16,838.74. The S&P 500 rose 16.68 points, or 0.85 [...]
Dr Martens boots its chief up to chairman August 18, 2014 BRITISH footwear brand Dr Martens has poached the European boss of rival shoe company Deckers Outdoor to become its new chief executive. Steve Murray will take over as chief executive of the punk boot brand in October when its current boss David Suddens will step up to become non-executive chairman. The group, bought out by [...]
Rain Newton-Smith: UK business body CBI gets new economics chief August 17, 2014 The confederation of British Industry (CBI) today announced the appointment of Rain Newton-Smith as the business group’s director of economics. Newton-Smith moves from Oxford Economics, a consultancy at which she was head of emerging markets, and has previously worked on monetary analysis at the Bank of England. The CBI said that Newton-Smith’s expertise in Asia [...]
Firms invest in serviced offices August 17, 2014 PROPERTY investment firm Forum Partners has teamed up with one of the UK’s leading serviced office providers to form a joint venture targeting commercial offices in central London. Forum Partners and Office Space in Town have committed over £30m towards the joint venture and are in talks with other blue chip investors for further funding [...]
City workers take grueling morph suit TRY-ART-LON triathalon challenge August 17, 2014 They're usually the preserve of stag parties and festival goers but morphsuits played a big part in Rothschild Wealth Management director James Peterson’s weekend. He and his two friends, Jamie Ritchie – a partner at Wilsons law firm and friend Charles Betts donned purple morph suits to take part in their self-styled TRY-ART-LON, a [...]
Jackson Hole: Home of the annual American monetary policy forum August 17, 2014 ■ The Federal Reserve Bank of Kansas City, one of the US central bank’s regional arms, invented the annual economic symposium back in 1978. ■ But the bank moved hosting the economic symposium from Kansas City after the first few years to Jackson Hole, a picturesque valley on the edge of the Teton Range of [...]
Best of the Brokers for 18 August 2014 August 17, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ESURE GROUP Berenberg has upgraded to “buy” from “hold”, also raising the target price to 286p from 267p. The broker believes esure can deliver an attractive yield of over six per cent in 2014-16, and is well placed to grow earnings in the [...]
London Report: Rate watchers to eye MPC minutes to see if dissent surfaces August 17, 2014 THERE will be keen interest in the details of the latest set of MPC minutes, out on Wednesday. The main question will be: does the MPC remain unanimous in its stance, or was there some dissent for the first time against Mark Carney? Today will see interim reports from Amlin, Bovis Homes Group, Clarkson and [...]
The Week Ahead: Yellen debut at Jackson Hole August 17, 2014 FLASHES of illumination rather than fireworks are expected at this week’s annual meeting of top central bankers and economists in Jackson Hole, Wyoming. Few predict as momentous a speech as that by Federal Reserve chairman Ben Bernanke two years ago that paved the way for an unprecedented $85bn (£51bn) per month stimulus plan. His successor [...]
Russian giant Rosneft pleads for $42bn state aid as sanctions bite August 14, 2014 OIL GIANT Rosneft announced yesterday that it was seeking a $42bn (£25.15bn) loan from a fund earmarked for Russian pensions to help it weather Western sanctions imposed after the crisis in Ukraine. Rosneft, one-fifth owned by BP and run by a close ally of President Vladimir Putin, produces more oil than Iraq or Iran and [...]
