Left behind: Vodafone is the only stock down in the FTSE 100 after Fed rally September 19, 2013 London's leading index, the FTSE 100, opened up nearly 80 points higher this morning – and just one stock is in the red right now. An announcement from the US Federal Reserve that it will not be reducing the scale of it asset purchases – known as tapering – has sent stocks to record highs [...]
Portugal cut to BB by S&P on second bailout fears September 18, 2013 Ratings agency Standard & Poor's has cut Portugal's sovereign debt rating to BB with negative implications. From their release: On Sept. 18, 2013, Standard & Poor's Ratings Services placed its 'BB' long-term foreign and local currency sovereign credit ratings on Portugal on CreditWatch with negative implications. At the same time, we affirmed our short-term sovereign [...]
Berlusconi’s back: Former Italian PM will reform his Forza party September 18, 2013 Controversial (or disgraced, take your pick) former Italian Prime Minister Silvio Berlusconi has announced that he's reforming his Forza party. He's vowed to stay in politics – saying that it can be "done outside Parliament" – ahead of a Senate committee vote to decide whether he be allowed in public office. Berlusconi also hit out [...]
Three big bets see odds on Kohn for top US Fed job shorten September 18, 2013 All eyes on the bookies for an indication of who might replace US Federal Reserve chairman Ben Bernanke. The odds for the second favourite – Donald Kohn – have narrowed after three big bets on his name. The disance between him and the clear favourite – Janet Yellen – is now a lot narrower. @LorcanRK [...]
ARM shares surge on takeover rumour September 18, 2013 Shares in electronics company ARM have jumped on (completely unconfirmed) talk of an Intel takeover. They're up just over three per cent for the day at the moment. You'll find ARM chip designs in the majority of the world's smartphones, and that dominance has taken the Cambridge based company from strength to strength.
US housing starts and building permits miss in August September 18, 2013 Disappointing numbers for the US construction sector. Building permits are down three per cent from 0.954m (revised from 0.943m) to 0.918m in August. Economists had expected growth to 0.95m. Housing starts are also ugly. They climbed 0.9 per cent from 0.883m to 0.891m, but missed analyst estimates of a jump to 0.917m. Paul Diggle, property [...]
European Commission says Cyprus is on track despite huge hikes to unemployment forecasts September 18, 2013 The European Commission has announced that Cyprus' economic programme is on track, with modest growth expected to return in 2015 (release). That will follow a forecast cumulative contraction of 13 per cent in 2013/14, and an 8.7 per cent contraction this year. However the EC noted that downside risks remain substantial. The island's public debt [...]
Manchester United sets revenue goalposts at £420-430m for 2014 as global brand grows September 18, 2013 Football club Manchester United has posted record annual revenues of £363.2m, up 13.4 per cent on the last full year (release). Commercial revenues are up 29.7 per cent to £152.5m, 42 per cent of the club's total revenues. During the year the club announced seven global sponsorship partnership, four regional spartnership and nine financial services [...]
Osborne says home building is up – but we’re well behind where we need to be September 18, 2013 Chancellor George Osborne says homebuilding is up – but avoided dropping the relevant numbers, when challenged at a business conference today. Challenged at the Institute of Directors conference on the coalition's progress in implementing supply-side reform of the construction industry, Osborne said that "housebuilding is up and planning applications are up". The statistics are however, [...]
Miner Fresnillo could be back with a boom: Explosives permits expected to be reinstated September 18, 2013 Miner Fresnillo has announced that court proceedings to reinstate Minera Penmont's explosive permits are expected to reach a decision quickly (release). In August Fresnillo announced that the Magistrate in Sonora issued requests to suspend explosives permits at a number of sites. The Ministry of Defense suspended those permits at Dipolos, Soledad, Herradura and Noche Buena. [...]
