The Eurozone “isn’t something that could go wrong, it has gone wrong” February 26, 2013 Speaking at the House of Commons Treasury Committee, Monetary Policy Committee member Professor David Miles remarked that the Eurozone "isn't something that could go wrong, it has gone wrong". He reminded the committee that many European economies appear to be going backwards, with growth rates close to zero. Ian McCafferty spoke on the Bank of [...]
Italian deadlock weighs on FTSE February 26, 2013 The leading share index sank this morning as Italy voted for a hung parliament, which spooked stock markets. Italy faced political deadlock after a protest vote left no party or no likely coalition with enough seats to form a majority. In early trading, the FTSE 100 was down almost 1.3 per cent, with financial shares [...]
Bank of England’s Bean says UK will recover this year February 26, 2013 The Monetary Policy Committee's Charles Bean has suggested that the UK could recover as early as this year: At present, my expectation is that growth will gradually strengthen this year and next on the back of that, a further easing in credit conditions, and an improvement in the global environment. But downside risks remain, [...]
Taxpayers’ Alliance campaign calls time on excessive beer duty February 26, 2013 Today the TaxPayers' Alliance calls on chancellor George Osborne to reduce the UK's punishing beer duty with their new campaign, Mash Beer Tax. Their website notes that: High taxes make your drinks more expensive, with tax often constituting a third of the price of a pint. In the last 4 years, 5,800 pubs have [...]
Italian regulators consider short selling ban February 26, 2013 Italy's regulator says considering short selling ban.(you know when things are going pear-shaped when they blame speculators). — Steve Collins (@TradeDesk_Steve) February 26, 2013 Italian regulators have implemented temporary short selling bans before, and to do so again could make matters worse. Fidessa's Dr Christian Voigt has written for us before on the misguided thinking [...]
West Coast rail fiasco to cost £50m February 26, 2013 TAXPAYERS have been landed with a bill of “£50m at the very least” for the West Coast rail fiasco, according to MPs. The final cost to the taxpayer of the botched West Coast Main Line franchise award could be “very much larger”, a Public Accounts Committee report warned this morning. The Department for Transport [...]
CRH chief to retire February 26, 2013 BUILDING materials group CRH said this morning that its chief executive is to retire, as full-year operating profit fell three per cent. Myles Lee will retire from the FTSE firm at the end of this year, following a five-year tenure. Operating profit came in at €845m (£728m) for the full year, down from €871m [...]
Trading in Credit Suisse and UBS halted February 26, 2013 Trading in Credit Suisse and UBS was halted for 15 minutes as markets continue to panic. Shares in Italian banks halted before they've even opened. — Jamie McGeever (@ReutersJamie) February 26, 2013 Seeing as FTSE MIB was up nearly 4% at one point yesterday, we're talking about a nearly 9% swing in the stock market [...]
European markets slide on open February 26, 2013 As markets open for the first time since Italy's political gridlock has become apparent, numbers are red across the board: FTSE MIB -5 per centFTSE 100 -1.4 per centIBEX -3.4 per centDAX -2.1 per centCAC -2.5 per cent BERLUSCONI SAYS MARKET ARE BIT CRAZY — Steve Collins (@TradeDesk_Steve) February 26, 2013
Profit leaps at GKN February 26, 2013 PROFITS jumped 19 per cent over the full year for car and aeroplane parts maker GKN, as it was boosted by record profit from all four of its divisions. GKN, which includes driveline, powder metallurgy, aerospace and land systems units, this morning posted a pre-tax profit over the year of £497m, up from £417m [...]
