Before the open – 23/07 July 23, 2013 Asian markets have performed well overnight as hints of Chinese easing have given traders confidence in equities. Now we're expecting that exuberance to translate into some mild gains for the FTSE and other European markets. Good morning – looking ahead to the open here are the forecasts for indices: FTSE100 +15 at 6638; DAX +20 [...]
Nation celebrates as 8lb 6oz prince is born at 4.24pm at St Mary’s Paddington July 22, 2013 BRITAIN’S future king was welcomed by jubilant crowds yesterday after the Duke and Duchess of Cambridge’s son was born, weighing 8lb 6oz. A mass of wellwishers outside Buckingham Palace cheered the new arrival, echoing the joy of the royal family. The Duke of Cambridge said simply: “We could not be happier.” A Kensington Palace statement [...]
Euro crisis flares up July 22, 2013 THE EUROZONE crisis could reignite over the summer as political clashes, uncertainty over bad bank assets and growing doubts in the ability of the European Central Bank (ECB) to keep markets calm all start to undermine confidence built up in the last year, analysts warned yesterday. Deutsche Bank analysts fear a weak commitment to austerity [...]
Watchdog sets out plans to shake up accountancy July 22, 2013 THE COMPETITION Commission has stopped short of forcing companies to regularly change their auditor, in a package of planned reforms that has split the accountancy profession. Smaller auditors yesterday called for the watchdog to go further, while the so-called Big Four firms warned of the red tape that could come with plans to force FTSE [...]
Monarchy’s extraordinary longevity is good for UK capitalism July 22, 2013 SO it is a boy, a Prince and our future King. It’s wonderful news for his parents, the Duke and Duchess of Cambridge, to whom we send our heartfelt congratulations; and an important moment for the country. The BBC and ITV interrupted their schedules; bankers’ toasted the Prince at a banquet in the City; town [...]
What the other papers say this morning – 23 July 2013 July 22, 2013 FINANCIAL TIMES Help to Buy sparks £1.3bn house sales The UK housing market has been given a sharp jolt by the government’s flagship Help to Buy scheme, subsidising an estimated £1.3bn-worth of house purchases in the past four months. Nearly 7,000 new-build homes have been reserved through the scheme since its launch in April. EU [...]
Don’t underestimate proposed changes to the UK audit market July 22, 2013 THE COMPETITION Commission’s proposals represent a more potent solution than may first meet the eye. We are very supportive of those remedies that aid competition, increase transparency between auditor and shareholders and, most vitally, improve audit quality. We think that the moves to increase transparency between the regulator, auditors, audit committees and shareholders are positive [...]
Telefonica nears deal to buy KPN phone business July 22, 2013 TELEFONICA, the owner of O2, is on the verge of clinching a $6bn (£3.9bn) deal to buy a German phone network from KPN, the Dutch group controlled by the world’s richest man Carlos Slim. The Spanish company – which took over O2 eight years ago – is in advanced talks to snap up KPN’s German [...]
Bottom Line: Competition concerns could hert(z) July 22, 2013 AS TALKS between Telefonica and KPN dragged into the night yesterday, it soon became clear that regulatory concerns remain the biggest threat to any deal being agreed. It’s no wonder the talks have been revived after years of to-ing and fro-ing between the parties – the German wireless market is incredibly competitive, and a merger [...]
Institute of Directors takes stand against tighter listing proposals July 22, 2013 THE INSTITUTE of Directors (IoD) yesterday criticised proposals to tighten listing rules for companies with controlling shareholders. The influential group said the idea put forward by the Association of British Insurers for more stringent rules on majority shareholders in London-listed companies would fail to boost governance standards. It follows criticism of London’s listing rules after [...]
