Eurozone construction output growth slows in July September 18, 2013 Eurozone construction output growth has dropped from 0.7 per cent to 0.3 per cent in July. That's the fourth consecutive rise in sectoral output. That puts the annual squeeze to July at -1.2 per cent.
If US tapering happens today markets have been proved right yet again September 18, 2013 Fans of liberal economics will often say the market is a fantastic co-ordinator of activity, and as an aggregator of information, is really good at predicting future events. The start of US Federal Reserve tapering has been "priced in" for September 2013 for a while now. That is, traders have expected this month as the [...]
Regulator finds flouting of rules to avoid commission bias in financial advice September 18, 2013 A regulator has found that some life insurers are not abiding by rules put in place to remove commission bias in financial advice. The Financial Conduct Authority (FCA) said that many firms involved in their review have now changed their arrangements, while two firms have been referred to enforcement. The FCA asked 26 life insurers [...]
Weale stops turning: Bank of England committee votes unanimously against rate hikes September 18, 2013 Bank of England Monetary Police Committee (MPC) members unanimously against interest rates and increases to asset purchases this month. No MPC member thought that policy tightening was needed at present, but warned that continued rapid house price increases would be a concern. The 4% increase in the sterling price of oil would be likely to [...]
Engineer Smiths Group continues to move away from government clients to commercial customers September 18, 2013 Engineering company Smiths Group has seen profits flatten in the year ended 31 July from the same period last year. Pre-tax profits are up just slightly from £497m To £498m (release). Revenue growth is also weak at the company, up just two per cent to £3,109m. The company has taken a knock from lower margins [...]
Iron pellet producer Ferrexpo takes £50m stake in Ferrous Resources September 18, 2013 FTSE 250 listed iron ore pellet producer Ferrexpo has announced that it's taken a 14.4 per cent stake in Ferrous Resources (release). Total consideration for the stake, which was acquired between January and September 2013, was approximately US$80 million. Ferrous is an iron ore company, based in the iron ore quadrangle of the Minas Gerais [...]
Apple stock rebounds as Chinese stocks of new iPhones sell out September 17, 2013 Apple's Chinese website shows all pre orders of their 5C and 5S devices have sold out (a translation of their Chinese site here), but there's still no word on what total pre orders are at. That's unusual from Apple. Typically, they'll announce pre order numbers shortly after they launch. Those pre orders begun shortly after [...]
Clegg announces free school meals for children in first three years of school September 17, 2013 Nick Clegg will tomorrow announce that all children in their first three years of education will receive free school meals, covering around 1.5m a year. Lib Dems believe that free meals provide an even greater academic boost than enforced literacy hours by enabling children who may not get enough food from home to concentrate during [...]
Berlusconi’s firm to pay £450m for damages from Mondadori purchase September 17, 2013 Former Italian Prime Minister Silvio Berlusconi's holding firm – Fininvest – has been ordered to pay damages of €540m (£453m) as a result of the purchase of publisher Mondadori. Fininvest holdings include football club A.C. Milan, insurance and banking company Mediolanum, and Italian film production company Medusa. The ruling by Italy's top appeals court follows [...]
US housing market confidence drop sees end to four months of improvement September 17, 2013 The US housing market has seen builder confidence drop for the first time in four months, according to new figures from the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Revisions saw last months' headline figure drop from 59 to 58, and September's disappointed too. Coming in at 58, that's below economist [...]
