UK borrowing falls faster than expected in August September 20, 2013 As always, how you look at borrowing depends on the measure you prefer – but by public sector net borrowing excluding financial interventions the deficit was slightly lower in August. Down from £14.4bn to £13.2bn, that's a touch lower than expected. Martin Beck, UK economist, Capital Economics: The improvement was driven by a fall in [...]
RBS sale of Direct Line stake nets £630m September 20, 2013 An update from RBS has confirmed that the sale of a stake in home insurer Direct Line has raised £630m (release). That's an 18 to 20 per cent premium on the insurer's 175p floatation price. Now the state-backed bank retains a 30.3 per cent stake in the insurer, which was floated last Autumn. RBS previously [...]
RBS offloading £630m worth of stake in Direct Line September 19, 2013 State-backed bank RBS is offloading a 20 per cent stake in Direct Line, expected to net around £630m (release). City AM understands the bank could get 207p to 210p for the stock, a discount of four to five per cent on the trading price. That's an 18 to 20 per cent premium on the insurer's [...]
Nokia boss Elop takes £15.8m golden handshake to move back to Microsoft September 19, 2013 A Nokia announcement to shareholders has shown boss Stephen Elop received a €18.8m (£15.8m) sum to move to Microsoft (release). Tech giant Microsoft snapped up Nokia's mobile devices deal in a €5.33bn (£4.5bn) deal at the start of September. Elop's new role is as Microsoft's vice president of devices and services. That's a little more [...]
US manufacturing indicator booms in September to 30 month high September 19, 2013 US manufacturing data just smashed expectations. The Philadelphia Fed manufacturing survey is in at 22.3 for September, up from 9.3 prior. Analysts had forecast a rise of just 0.7 points to 10. Amna Asaf, economist, Capital Economics: The surge in September's US Philly Fed manufacturing index to a two-and-a-half-year high suggests that the recent improvement [...]
Better than expected US jobs data this week September 19, 2013 Some nice initial jobless claims numbers for the US, They've risen from 294,000 (revised up from 292,000) to 309,000 this week. Worse raw data, but below forecasts of a rise to 330,000. Continuing jobless claims up, from 2.815m (revised down from 2.871m) to 2.787m. Analysts had been expecting them all the way up to 2.9m. [...]
Former CBI boss tasked with restoring banking’s image at head of professional standards body September 19, 2013 Former head of the CBI and ex-editor of the Financial Times, Sir Richard Lambert, is to head up a new banking standards body designed to repair the image of Britain's banks. Lambert's appointment was first revealed by Sky News, and he is considered a suitably heavyweight candidate for the role. The form CBI boss quit [...]
Survey shows strongest manufacturing growth since 2007 September 19, 2013 Strong manufacturing data released for September – The CBI's industrial trends survey shows orders increasing from zero to nine, smashing analyst expectations of a rise to just two. Factory output expectations came in at 33 versus expectations of 25, and export orders at six versus minus seven. Samuel Tombs, UK Economist, Capital Economics: September’s UK [...]
Bernanke’s legacy: The long-nosed Malayan tapir September 19, 2013 Ben Bernanke, governor of the Federal Reserve, will soon be leaving his role – amid investor and economist focus on how and when the Fed will taper. Tapering – or a reduction in the rate of expansion of the monetary base – was expected this month. Market watchers had been forecasting the announcement since June [...]
Retail sales drop unexpectedly in August September 19, 2013 UK retail sales have dropped by 0.9 per cent in August, a shrink where analysts had expected a 0.4 per cent growth. In the year to August, that's a 2.1 per cent rise, well below last month's three per cent, and short of economist forecasts of a jump to 3.3 per cent growth. Sadly, it [...]