ECB’s Draghi says Eurozone recovery is still young and fragile September 16, 2013 European Central Bank (ECB) president Mario Draghi has said that the Eurozone economy remains fragile, and that unemployment is far too high. The central bank chief said that the area has made progress, but this is not yet fully reflected in the cost of borrowing. Now he's pushes for growth with a "stable foundation, saying [...]
Surge in women on bank boards after credit crisis September 16, 2013 BRITISH banks have almost doubled the proportion of women on their boards in the past six years, according to research out today from recruiter Astbury Marsden. Twenty per cent of board directors are now women across the top five biggest UK lenders, up from 12 per cent in 2007. That is the same level as [...]
Markets seeing a Larry rally as Summers announces he won’t contend Fed job September 16, 2013 An announcement by Larry Summers that he won't be contesting the role of Federal Reserve chairman has sent the dollar down and US stock futures up. Markets are now expecting a more dovish chairman (although Summers is by no means a hawk), and the favourite is Janet Yellen. Kit Juckes, Societe Generale: Five (long) years [...]
New East London warehouse for property company Segro September 16, 2013 The property investment and development company Segro has announced its acquisition of a warehouse in Barking, East London. The company purchased the site for £30m, and the purchase price of the warehouse represents a 6.9 per cent net initial yield. Segro view East London as an area with strong potential for expansion, given the vast [...]
Before the open: FTSE expected up but dollar weak following Summers exiting Fed race September 16, 2013 The US dollar dropped sharply overnight, following Larry Summers quitting the race to replace Ben Bernanke as Fed chairman. European markets are expected to open up this morning, with the euro pushed up by a weak dollar. The German Dax is expected to hit a new record when it opens. ECB president Mario Draghi will [...]
Real estate jobs boom a worry – but labour market rebalancing September 16, 2013 IT is the fact of the day: those who work in real estate accounted for 23.05 per cent of the net jobs growth in the UK over the past year. In fact, 13 per cent of the 562,000 total jobs that now exist in “real estate activities” – which include a range of jobs, from [...]
Larry Summers quits Fed race September 15, 2013 LARRY Summers, the leading US economist, last night spectacularly withdrew from the race to become the next chairman of the Federal Reserve. The move sent shockwaves through the financial markets, pushing down the dollar. Summers had been widely seen as President Barack Obama’s likely favourite, but had recently come under intense criticism, with over 400 [...]
UK head of Credit Suisse to oversee bank sales at UKFI September 15, 2013 THE SALE of the government’s stake in Lloyds and RBS will be led by the UK boss of Credit Suisse, the Treasury will announce this morning. James Leigh-Pemberton, who has led the British arm of the Swiss investment bank since 2008, will join UK Financial Investments next month, taking over from outgoing chief executive Jim [...]
Cable sets out plans for new director ban September 15, 2013 VINCE Cable will today announce new policies to punish company directors who step out of line, in a move his aides admit is partly targeted at the financial sector. The business secretary will tell the Liberal Democrat conference in Glasgow that company directors who have been banned in foreign countries will be automatically barred from [...]
Liberal Democrats split on state of the UK economy September 15, 2013 A MAJOR split over the economy among Liberal Democrat ministers was laid open last night, with Nick Clegg and Vince Cable revealing tension at the highest levels of the party. Deputy Prime Minister Clegg rubbished business secretary Cable’s idea of restricting the second part of the Help to Buy scheme – which will see [...]
