Hong Kong authorities weaken currency to maintain price cap October 22, 2012 THE HONG KONG Monetary Authority (HKMA) sold off domestic dollars in an effort to weaken the currency on Friday after the Hong Kong dollar appreciated strongly. It is the first time in almost three years that the HKMA has had to step in to defend its currency cap, which allows the currency to trade at [...]
Households get more confident as squeeze lifts October 22, 2012 THE TIGHT squeeze on household finances showed signs of loosening in October, data showed today, just as consumer sentiment improved to its best level in a year, according to separate figures. Household budgets were deteriorating at their slowest pace for two years in October, Markit said, as the UK climbs out of the second dip [...]
Remortgaging recovers after hitting 12-year low in August October 22, 2012 REMORTGAGE lending bounced back in September, according to data released by LMS today, but not enough to erase the declines over the past year. Remortgage lending climbed 9.5 per cent last month, the data showed, hitting £3.2bn after August’s 12-year low of £2.9bn – but lending was still 27.8 per cent below where it was [...]
Pension saving gender divide widens in 2012 October 21, 2012 THE GAP between men’s and women’s retirement savings widened further over the past year, data from Scottish Widows revealed yesterday, as the second dip of the recession hit personal finances. Women are saving £776 less than men a year, the report said, up from £700 reported last year. If the divide persists, a 30-year-old woman [...]
Think-tank says alcohol duties steer drinkers to illegal booze October 21, 2012 HIGH ALCOHOL duties are driving drinkers to dangerous and duty-free illegal beverages, a report from the Institute of Economic Affairs claimed today. As the price of legally-purchased alcoholic beverages rises, more and more consumers are turning to illicit alternatives, the report claims, losing the exchequer as much as £1.2bn every year. “The government’s focus on [...]
Fed expected to sit on hands in October after flurry of activity October 21, 2012 THE FED will hold fire at this week’s policy setting meeting, analysts predicted over the weekend. The Federal Open Markets Committee – which sets interest rates and quantitative easing (QE) – will keep the status quo at this week’s meeting, analysts say, after a flurry of accommodative monetary policy measures at the last meeting in [...]
City Moves | Who’s switching jobs October 21, 2012 KPMG Michael Anderson has been appointed to the newly-created role of head of direct tax litigation at KPMG in the UK. He joins from Dorsey & Whitney, the US law firm, where he was a partner in its tax litigation team. Anderson has specialised in the area for 10 years. RBC Wealth Management The wealth [...]
Best of the Brokers October 21, 2012 BARCLAYS Canaccord has cut its rating on the bank from “buy” to “hold” while keeping its price target at 280p. The broker reckons a shake-up at Barclays Capital to make it more independent could bolster the shares. REDROW Panmure Gordon keeps its “hold” rating and 152p target on the house builder after takeover talks failed [...]
UK set to celebrate the official end of the recession after Games boost October 21, 2012 THE UK is this week expected to officially exit recession, with news from the Office of National Statistics set to confirm the double dip is over. The ONS will publish its first estimate of third quarter GDP, with analysts predicting impressive growth, due in part to the Olympics. Howard Archer, of IHS Global Insight, said: [...]
Jittery market awaits deluge of Q3 earnings October 21, 2012 US earnings started the quarter on the wrong foot, and things have only got worse. Expectations for the third quarter were dismal, with forecasts for a decline in profits from a year ago. But a recent flurry of high-profile reports has investors scowling at the weak revenue numbers, adding to worries about the state of [...]
