US pending home sales fall 0.4 per cent in June July 29, 2013 US pending home sales have fallen 0.4 per cent in June, from a 5.8 per cent rise (revised from 6.7 per cent) in the previous month. That's a nasty revision, and this month's figure is worse than the 0.1 per cent decline expected. pending
New EU bonus rules mean bankers can be paid in bonds to promote long-termism July 29, 2013 A new European Union law which will cap bonuses from 2014 will also allow bankers to be paid in bonds. Current rules allow bonuses to be up to 50 per cent cash, with the remainder in shares that can not be immediately sold. The new rules will allow bankers to be paid in bonds known [...]
Business group says that employment tribunal fees will encourage businesses to hire July 29, 2013 As changes to the legal system come in today, business group the Institute of Directors argues that the introduction of user fees for employment tribunals will help businesses to hire. Alexander Ehmann, head of regulatory policy at the Institute of Directors, said: The introduction of fees for employment tribunals will have a direct effect on [...]
Feel-good factor drives up retail sales for first time since February as heatwave hits Britain July 29, 2013 Retail sales have risen for the first time in five months, according to the CBI's latest monthly distributive trades survey (release). Reported sales grew to 17 in July from 1 previous, beating analyst estimates of a rise to 10. The survey of 60 retailers saw year-on-year high street sales this month grow at a stronger [...]
Barclays shares slump as it confirms regulator talks to fix balance sheet July 29, 2013 Shares in Barclays have dropped by more than 3.5 per cent today as it confirms that it is in discussions with the Prudential Regulatory Authority (PRA) "regarding its financial and capital management plans" (release). The 9.46 announcement appears to have had little impact on the bank's shares, which dropped on the open. The statement has [...]
Aberdeen outflows hit £3.4bn July 29, 2013 ABERDEEN Asset Management today reported net outflows of £3.4bn in the three months to 30 June, more than analyst forecasts of £1.3bn. The London-listed asset manager said that funds had mainly been drawn out of its lower margin products, although its emerging markets funds also saw some losses. Aberdeen attributed £0.3bn of outflows to the [...]
Perrigo buys Elan for £5.6bn July 29, 2013 PERRIGO today agreed to buy Irish pharmaceuticals firm Elan for $8.6bn (£5.6bn), giving the US drugmaker an operating base in Ireland and gateway for expansion into international markets. The deal – which ends a long-running takeover battle between Elan and US investment firm Royalty Pharma – is expected to create operating expenses and tax savings [...]
Rio Tinto to sell Northparkes stake for £533m July 29, 2013 FTSE 100-listed Rio Tinto today said it has agreed to sell its 80 per cent stake in Northparkes copper and gold mine in Australia to metals producer China Molybdenum for $820m (£533m). “Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy,” said Rio Tinto chief [...]
Ryanair first-quarter profits fall 21pc July 29, 2013 RYANAIR today posted a 21 per cent fall in first-quarter profits to €78m (£67.3m), due to higher fuel costs and the timing of Easter. The budget airline said that average fares fell four per cent during the period, but revenue per passenger grew one per cent. Ryanair expects yields to rise in the second quarter [...]
Italian business confidence beats estimates in July July 29, 2013 Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8. The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased [...]
