Any Other Business – 22/08 August 21, 2013 High street retailers appear to be upping their game after Marks & Spencer announced earlier this week that its new campaign – Meet Britain’s Leading Ladies – was shot by famous fashion photographer Annie Leibovitz. It seems that the shop, which has renewed efforts to win back its female customers, has now set a trend [...]
Whisteblower Bradley Manning sentenced to 35 years in prison with three years credit August 21, 2013 The American army private Bradley Manning, who leaked US government documents to Wikileaks has been sentenced 35 years in prison with 1294 days credit. The terms also included the forfeit of all pay and allowances, and a dishonorable discharge. Manning, who has sometimes gone by the name Breanna, has been incarcerated for a period of [...]
ECB’s Asmussen says Greece must continue reforms as fears about third rescue package intensify August 21, 2013 The European Central Bank's (ECB) Jorg Asmussen has said that Greece must continue to implement reforms, saying that the country will have a sound banking system once recapitalisation is complete. Saying that he "came to Athens to take stock of the current programme" and "to see what the situation is", Asmussen said that he had [...]
India may be forced to tighten monetary policy as it faces financial crisis August 21, 2013 As emerging markets including India tank with the rupee hitting record lows against the pound and the dollar, Shweta Singh of Lombard Street Research suggests that expectations of quantitative easing withdrawal are now "baked in". It now looks as if Raghuram Rajan will have a tough start at India's central bank (a stark contrast to [...]
UK manufacturing order books in best shape for two years August 21, 2013 The UK's manufacturing output order book is in its best state since August 2011, according to new CBI figures. The order book balance indicator has improved from -12 to zero in July. Economists had predicted an improvement to just -8. Other measures also improved, with the manufacturing output expectations balance at +25 from +12. The [...]
Berlusconi gives 10 day ultimatum to Italian prime minister August 21, 2013 Italian prime minister Enrico Letta thinks that 2014 will be a "historical year" for Europe as it the economic community could begin to recovery. Now a political rival threatens to topple his government. Newspaper Corriere reports that former prime minister Berlusconi has given Letta a 10 day ultimatum to find a solution to allow Berlusconi [...]
Over two thirds of manufacturing businesses expecting higher sales turnover in next six months August 21, 2013 As many as 67 per cent of manufacturing businesses – a record high – are expecting their sales turnover to increase over the next six months. This follows 82 per cent of firms gaining new sales after introducing new products or services in the past two years. The latest data from the Manufacturing Advisory Service [...]
Weidmann says that ECB bond buying endangers central bank independence August 21, 2013 The European Central Bank's (ECB) Jens Weidmann has warned that bond buying threatens central bank independence. These comments will be seen as quite an understatement by those who believe that the ECB already has an independence problem. Weidmann stressed the downsides to Germany of the exit of any member state from the Eurozone, claiming that [...]
Look ahead to Federal Reserve minutes for clues of QE taper timing August 21, 2013 Ishaq Siddiqi, market strategist, ETX Capital: Taper blues continue to curb enthusiasm to build risk across equity, commodity and forex markets Wednesday. US Treasury 10-year note still elevated at 2.82% but off two-year highs seen this week. FOMC meeting minutes to steal the show later with many in the market viewing the report as a [...]
Lloyds sells off Heidelberger Leben for less than expected £250m August 21, 2013 State-backed bank Lloyds has sold off German life insurer Heidelberger Leben to Cinven Partners and Hannover Ruck for €300m (£250m) (release). That's below what the market had expected for the sale. The gross assets subject to the transaction are £7.2 billion, which are predominantly policyholder assets. In the year to 31 December 2012 the business [...]
