UK’s financial services continue to build their competitive edge August 12, 2013 THE FINANCIAL sector in the UK is becoming increasingly competitive, fuelled by a surge in business volumes as the economy heats up, according to a report released by TheCityUK today. The professional body announced the first back-to-back quarterly improvements in competitiveness in two years, with rising business volumes, improved credit conditions, and a third quarter [...]
Companies scramble to borrow before rates rise in coming years August 12, 2013 BOND markets are set for a surge in the coming months as firms look to take advantage of low rates before economic conditions change, JP Morgan executives forecast yesterday. It comes after Bank of England governor Mark Carney said he would consider hiking rates when unemployment falls below seven per cent, which he expects to [...]
Fidelity looks into the future with Google Glass market app August 12, 2013 FIDELITY Investments, the US money manager, yesterday became the first finance company to unveil software for Google’s wearable computer spectacles. The company, through its Fidelity Labs research and development unit, has launched an app for the glasses to show quotes of four major US stock markets for users at close time. Google’s pioneering Glass project [...]
Thames megaport threatened by hardline union campaign August 12, 2013 UNION tactics are threatening the success of the enormous London Gateway port development, its chief executive has told City A.M. “The biggest threat to the project is Unite the Union,” said Simon Moore. “They are out to see London Gateway fail.” Moore said he had to placate his superiors at parent company DP World after Unite [...]
Taxman plans crackdown on risky advisers August 12, 2013 TAX ADVISERS who push “high-risk” schemes on clients will face fines of up to £1m under government plans revealed yesterday. Her Majesty’s Revenue & Customs also wants to name and shame promoters of tax avoidance strategies deemed to be too risky, in the hope that customers will steer clear of these providers. Tax advisers that [...]
GlaxoSmithKline gets US green light for new drug targeting HIV August 12, 2013 THE US Food and Drug Administration yesterday approved Tivicay, GlaxoSmithKline’s drug targeted at HIV-1, the most common strain of the virus that causes AIDS. The drug, known generically as dolutegravir, is intended to be taken daily in combination with other HIV drugs. Tivicay, which interferes with one of the enzymes necessary for the virus to [...]
Greek GDP dips nearly a quarter in last five years August 12, 2013 THE STRUGGLING Greek economy is still shrinking, but has posted the smallest quarterly fall in two years, according to official figures released yesterday. Between the second quarter in 2012 and the second quarter this year, the embattled Mediterranean nation saw a 4.6 per cent contraction, the shallowest reduction since 2011. The country’s GDP [...]
Weak growth adds to heated debate over Japan’s sales tax August 12, 2013 THE JAPANESE economy grew by 0.6 per cent in the second quarter of this year, slipping below expectations and adding fuel to a debate over a controversial tax hike. Analysts had expected a rise of around 0.9 per cent, which was seen in the previous quarter, but growth is still more robust than it was [...]
Hungary repays IMF loans but EU suspends finance to the state August 12, 2013 HUNGARY yesterday paid back its emergency loans from the International Monetary Fund (IMF) well in advance of a 2014 deadline. The government believes it is now in a sufficiently strong position to finance itself from tax revenues and the bond markets. But the country has also had its funding for development programmes cut off by [...]
Sales blooming at Cath Kidston August 12, 2013 CATH KIDSTON, the quirky British retailer known for its brightly coloured floral prints, said yesterday sales topped £100m for the first time last year thanks to strong demand in the UK and overseas. The homewares and accessories chain, founded by the eponymous designer 20 years ago, said it now has more stores overseas than in [...]
