Case for rise in rates building November 6, 2013 TWO OF City A.M’s panel of economic experts voted for a hike in rates again this month, saying the economy appears to be building strength quickly. Seven members of our shadow monetary policy committee (MPC) remain against hiking rates, but the situation marks a dramatic turnaround from the summer, when some members were still in favour [...]
City A.M. shadow MPC 7-2 against rate hike November 6, 2013 ALLISTER HEATH | CITY A.M. “With robust growth in the third quarter and a mounting pile of evidence that the UK economy is heating up, the Bank’s record-low interest rates aren’t just wrongheaded, but unsafe. The MPC should hike bank rate to 0.75 per cent.” GRAEME LEACH | INSTITUTE OF DIRECTORS “There is no need for [...]
Best of the Brokers for 07 November 2013 November 6, 2013 MEGGITT Cantor Fitzgerald has upgraded its recommendation for the engineering firm from “hold” to “buy” and raised its target price from 520p to 590p. The broker said it was impressed by efforts to improve operating metrics and that the reaction to last week’s profit warning was “severely overdone”. RSA INSURANCE GROUP Canaccord Genuity has maintained [...]
London Report: FTSE ticks down as nine-month rally loses pace November 6, 2013 THE UK’S main equity index dipped lower yesterday, with credit data group Experian slumping after its interim results, while traders said the market might stall in November after a strong run-up last month. The blue-chip FTSE 100 index, which rose four per cent in October to reach 5-month highs, closed down by 0.1 per cent, [...]
New York Report: Microsoft helps Dow to close at a record high November 6, 2013 THE Dow industrials closed at a record high yesterday, led by gains in Microsoft and encouraging European economic data, while the S&P 500 also rose but closed shy of its own record. Meanwhile the Nasdaq fell, hurt by losses in Tesla Motors and as investors readied for Twitter’s much-anticipated IPO. The benchmark S&P 500 rose [...]
Nationalisation of development land is hindering home building in Britain November 6, 2013 THE Community Infrastructure Levy (CIL) regulations quietly dropped on the doorstep of land owners on 6 April 2010, with the property industry greeting the arrival with a weary “here we go again”. Taxes on the development of land, to pay for infrastructure needed as the result of development, have failed dismally on three previous occasions. [...]
The devil is in the detail in the government’s plan to ringfence UK banks November 6, 2013 HOW often have you heard executives chuntering on about “red tape”? Sometimes, however, regulations affect people who don’t voice their concerns quite so loudly – customers. This is because the implications of such regulations are not always obvious, not least to the consumers or small businesses that would be affected. I have a few concerns [...]
New York’s profligate new mayor risks fiscal ruin to London’s gain November 6, 2013 SEVERAL cities have declared bankruptcy in the US in the last few years, with Detroit the most prominent example. Based on this week’s mayoral election results, it’s not inconceivable that New York City may join the queue. The new mayor-elect Bill de Blasio has a tax-and-spend agenda reminiscent of the profligacy that led Greece to [...]
Letters to the Editor – 07/11 – Short memories, HS2 alternatives, Best of Twitter November 6, 2013 Short memories [Re: There is sadly mass support for nationalisation and price controls, Tuesday] I wonder if the supporters of nationalisation ever tried to get a phone line installed in the 1970s. Have they compared energy prices now with rates back then, adjusted for inflation? Are they aware that the state monopolies made substantial operating [...]
The watch that reads the markets November 6, 2013 Enduring love Perpetual calendars mean a century of timekeeping Page 30 Get in free to salonqp London’s fine watch show opens today Page 28 Loving the rear view Watches that are as beautiful from behind as from the front Page 32 Watch-wearing rules Our guide to how to – and how not to – sport your [...]
