Bullish Bank minutes raise chance of earlier rate hike October 23, 2013 THE BANK of England’s interest rate-setting panel said yesterday that slack in the labour market is eroding faster than expected, with the UK economy continuing to improve. Minutes from the latest meeting of the Bank’s monetary policy committee (MPC) raise the prospect of rates being lifted sooner than late 2016 – the point at which its forecasts [...]
Five facts about the modern world that will make you think October 23, 2013 1 IN the US, over 8,000 waiters have PhDs or equivalent qualifications, as have 5,057 cleaners. Roughly 317,000 waiters have university degrees, as have 80,000 bartenders and 18,000 parking attendants. These figures have been highlighted by Richard Vedder of the University of Ohio, and are based on official statistics from 2010; today’s situation is unlikely [...]
Bank of America found liable for fraud at US trial October 23, 2013 BANK of America was found liable for fraud at trial yesterday, as part of a case over its Countrywide arm’s sale of defective mortgages dating back to the financial crisis. A New York jury found that Countrywide, which was bought by Bank of America in 2008, was liable for one charge of civil fraud. The [...]
Output boost again for UK’s car factories October 23, 2013 CAR MANUFACTURERS saw another bumper month in September, with production up by over 12,000 units, 9.9 per cent higher than the same month last year. Figures released today by the Society of Motor Manufacturers and Traders (SMMT) show the dramatic improvement in the industry. The UK’s factories churned out 140,88 cars last month, pushing the [...]
What the other papers say this morning – 24 October 2013 October 23, 2013 FINANCIAL TIMES Brevan Howard moving out of UK Brevan Howard, the world’s third-largest hedge fund, has moved most of its operations out of the UK, shifting dozens of jobs to the Channel Islands, Switzerland, Asia and the US to escape EU regulation and grow internationally. Three years after opening a satellite office in Geneva, Brevan [...]
EU bank shares dive on tough stress test plan October 23, 2013 BANKS across Europe took a beating from investors yesterday as the authorities announced a higher than expected capital target for lenders. Even British banking stocks tumbled, despite this round of tests not being applied to UK institutions. The European Central Bank (ECB) is testing the biggest 130 banks in the Eurozone to study the quality of [...]
Q and A: What are the bank stress tests? October 23, 2013 Q Why are banks being stress tested by the European authorities? A In the crisis a lot of banks failed, in part because they did not have big enough capital buffers to absorb their losses. This test will see if they have increased those buffers enough. Q Will it work? A Tests have been done [...]
Ineos shuts the Grangemouth chemical plant October 23, 2013 INEOS has permanently shut the petrochemical plant at Grangemouth and threatened to keep the loss-making oil refinery closed, putting at least 1,400 jobs and a key source of fuel in jeopardy. Politicians in Scotland and Westminster hit out at the decision, which follows a week of negotiations with Unite the union that failed to persuade [...]
Bribery scandal sees Glaxo sales in China dip 61pc October 23, 2013 BRITAIN’S largest pharmaceuticals firm has suffered a 61 per cent collapse in its sales in China, following allegations of up to 3bn yuan (£305m) in bribes paid to medical staff in the country. Glaxosmithkline, announcing its third quarter results yesterday, said that sales in its emerging markets and Asia-Pacific region would have been up five [...]
Bottom Line: Chinese burn scars a clean bill of health October 23, 2013 THE PHARMA industry has not enjoyed particularly good health, of late. Fading into a distant memory are the days when a stream of blockbuster drugs could be relied upon to boost shares. Instead, increasingly-dry pipelines are squeezed by stringent regulators and the tightened purse-strings of European and American governments’ health departments. Except that Glaxo, led [...]
