Barratt profits jump as their typical house price rises to £194,000 September 11, 2013 Barratt Developments hasn't just seen pre-tax profits jump (up from £100m to £104.8m in the year ended 30 June) but average selling prices too (release). Some solid numbers, and dividend payments are set to recommence (not new information). On that basis, CS are calling Barratt up one to two per cent on the open. A [...]
African Barrick COO resigns with immediate effect to “pursue other interests” September 11, 2013 A surprise departure in the FTSE 250 this morning. African Barrick Gold's chief operating officer (COO) has upped and left (release). Marco Zolezzi, who's been in the job since September 2010, has "resigned with immediate effect to pursue other interests." For now, CEO Brad Gordon takes responsibility for the role. He commented on Zolezzi's resignation: [...]
ECB’s Asmussen stresses importance of publishing minutes that could help or hinder forward guidance policy September 10, 2013 The European Central Bank's (ECB) Jorg Asmussen has that the central bank is ready to act if conditions deterioriate, but that it is too early for an exit from accomodative monetary policy. Asmussen said that forward guidance is intended to reduce market volatility and overreactions. That makes sense, as it's essentially a promise by central [...]
Goldman, Nike and Visa to join Dow Jones as leading US index is shaken up September 10, 2013 It's all change in the leading US index, the Dow Jones Industrial Average. The Dow says that the changes made are based on the shift in industry representations and the low stock values of departing companies. Breaking: Goldman Sachs, Nike, Visa to be added to Dow Jones Industrials. $GS $NKE $V — Carl Quintanilla (@carlquintanilla) [...]
Tokyo 2020 likely to be economic non-event September 10, 2013 Economic confidence in Japan has seen a boost from the announcement that Tokyo will host the Olympic Games in 2020. That enthusiasm could be misplaced, according to Capital Economics. Marcel Thieliant, Capital Economics: Tokyo’s hosting of the 2020 Olympic Games is unlikely to provide any material contribution to economic growth in Japan. Overall spending on [...]
TSB’s lending decisions aren’t that local after all September 10, 2013 The boss of Lloyds spin-off TSB says that the new project will "bring local banking back to Britain". All money put with a local branch is intended only to support a local loan or mortgage. Decisions over how that borrowing is issued isn't as decentralised as that may imply. Paul Pester, chief executive office, TSB: [...]
EU transaction tax could be killed by incompatibility with existing treaties September 10, 2013 A planned European Union (EU) Financial Transaction Tax (FTT) may be killed on legal grounds, according to legal services for EU member states. In a document they stated that the plan "exceeds member states' jurisdiction for taxation under the norms of international customary law". The plan is not compatible" with the EU treaty "as it [...]
Chief regulator thinks interest swaps compensation should be complete by April 2014 September 10, 2013 Compensation for interest rate swap mis-selling should be complete by April 2014, according to the chief executive of the Finacial Conduct Authority (FCA). So far only £500,000 has been paid out for just 10 cases. Banks have taken on 2,800 staff to deal with more than 30,000 cases. FCA boss Martin Wheatley said that "nobody [...]
Is this the new(er) normal? Government faces higher borrowing costs as bond yields rise September 10, 2013 (Tradeweb) Most economic data has bounced since Mark Carney arrived at Threadneedle Street, but since the Bank of England's adoption of forward guidance, so have government borrowing costs. After hitting July 2011 highs of three per cent last Friday, the yields on gilts have now moved back above three per cent today (pictured). These 10 [...]
Glencore Xstrata leads index on better than expected synergies September 10, 2013 Glencore Xstrata shares are leading the FTSE 100 this morning on news that the miner is gaining better than expected synergies from its recent merger (release). At least $2 billion of synergies estimated for 2014, materially exceeding the initial merger guidance of $500 million;$450 million to come from marketing synergies as forecast, $175 million from [...]
