German construction sector pace of growth at March 2012 high September 5, 2013 Germany's construction sector is now growing at the fastest pace seen since March 2012, according to new data from Markit. The sector purchasing managers' index has risen to 55.1 in August, signalling higher growth from last month's figure of 51.5. Phil Smith, economist at Markit said: A solid and accelerated increase in construction activity was [...]
Central bank decision day: Carney will sit tight, but could Draghi be a dove? September 5, 2013 Kit Juckes, Societe Generale: If you take history as a guide you could be drawn into simple US and European monetary policy conclusions: Sustained policy de-coupling has n ever happened, Fed rates reach lower lows, UK rates usually reach higher highs and the ECB lags the others. Markets are pricing in a faster pace of [...]
Betfair slides on open as total revenues fall September 5, 2013 Online bookie Betfair has seen total revenues fall by 13 per cent in the three months ended 31 July (release). While sports revenues grew by 18 per cent in the period to £4m, in all other areas, revenues declined with gaming incomes falling by 31 per cent and exchange by 13 per cent, and management [...]
Before the open – 05/09 September 5, 2013 It's central bank rate decision day across Europe, with both the Bank of England and European Central Bank announcing policy this afternoon. The FTSE is expected to rise slightly on news that the US is growing at a "modest to moderate" pace from yesterday's Beige Book update. #FTSE called up 20. Generally firmer tone for [...]
Dixons sells off e-tailer PIXmania and Electroworld stores as group sales grow September 5, 2013 High street chain Dixons as confirmed that it is selling off pure e-tailer PIXmania, and electrical goods retailer ElectroWorld operations in Turkey. PIXmania has been sold to German industrial holding company A.G. (release). Dixons boss Sebastian James said that being a purely online business "PIXmania needs a different kind of entrepreneurial vigour". Dixon's ElectroWorld operations [...]
Britain to fight EU in court on benefits rules September 5, 2013 IAIN Duncan Smith reacted with fury yesterday after the European Commission said it would take Britain to court in order to ensure EU migrants enjoy equal access to UK welfare payments. The work and pensions secretary said he would fight “every step of the way” to maintain the current system, which imposes additional eligibility requirements on non-UK nationals who [...]
EU backs down on finance tax September 5, 2013 EUROPE is reining in its planned financial transactions tax (FTT), cutting back the level of the tax and limiting its scope dramatically after leaders realised it could do enormous damage to the economy. The FTT is now likely to affect just share trades at first, rather than bonds and derivatives as originally planned, and at [...]
UK’s recovery puts pressure on governor September 4, 2013 BRITAIN’S services industry grew at the fastest rate since 2006 last month, a survey revealed yesterday, casting fresh doubt on the Bank of England’s commitment to keep interest rates on hold for the next three years. The Markit services purchasing managers’ index (PMI) for August came in at 60.5, sending the overall reading for the [...]
Former Co-op boss in row over bank bid warning claims September 4, 2013 THE FORMER boss of the Co-operative Bank yesterday claimed he warned the bank of “disaster” if it tried to buy 632 Lloyds branches in the middle of other major projects to shake up how the lender worked, but was ignored by the board. Ex-chief executive Neville Richardson also claimed he had no responsibility for the [...]
Britain slips two places in global race league table September 4, 2013 THE UK has become less competitive in the last year compared to its peer countries, according to a detailed global report published yesterday by the World Economic Forum. Despite the government’s frequently cited pledge to improve Britain’s standing in the so-called global race, the UK slipped from eighth place in 2012 to 10th place in this [...]
