Travis Perkins announces new CEO as cold weather sees profits fall July 25, 2013 Builders merchant Travis Perkins has announced the appointment of a new chief executive officer – John Carter – who will replace the incumbent Geoff Cooper on 1 January 2014 (release). Geoff Cooper has been CEO since 2005, and retires as he approaches his 60th birthday next March. Commenting on the succession, non-executive chairman, Robert Walker [...]
Credit Suisse up in pre-market trading as results beat expectations July 25, 2013 Switzerland's Credit Suisse is doing well in pre-market trading – up 0.7 per cent right now – after some better than expected results out this morning (release). The bank posted net income for the second quarter of CHF 1.05bn (£0.73bn), beating forecasts of CHF 1.03bn (£0.72bn). Brady W. Dougan, chief executive officer, said: With an [...]
Amendment to defund US National Security Agency fails narrowly July 25, 2013 (Rep Justin Amash pictured, second from right) Last night saw an amendment proposed to the latest US defence spending bill by representative Justin Amash narrowly defeated. If it had been successful, the amendment would have curbed the ability of the National Security Agency (NSA) to snoop on the communications of Americans. A majority of Democrats [...]
Any Other Business – 25/07 July 25, 2013 Professional bean-counting company PwC has appointed its youngest partner of 2013 this week. Thirty-one-year-old technology whizz Umang Paw (pictured) has been hired to head up the firm’s information governance and e-disclosure business. But Paw tells The Capitalist that a City career didn’t always beckon – his parents wanted him to be a dentist and while [...]
There will be a woman on our notes – Bank of England confirms Jane Austen will be on the £10 July 24, 2013 The Bank of England has confirmed that Jane Austen will feature on the next £10 note, due to be introduced in 2016. She replaces Charles Darwin. We'll be waiting just under a year for a (non-Royal) woman on our cash, as Sir Winston Churchill replaces Elizabeth Fry on the £5 issue. The image of Austen [...]
US new home sales jump to five year high July 24, 2013 New home sales are up in the US, rising from 0.459m (revised from 0.476m) to 0.497m in July. Economists had forecast an increase to just 0.485m. That's an 8.3 per cent change, up from 1.3 per cent last month. This comes after existing US home sales missed on Monday.
Goldman Sachs says that 10 year bonds are now less appealing than cash July 24, 2013 In a new note, Goldman Sach's investment research team suggests that trackers are weighting 10 year government bonds too highly, and should now prefer cash. For the best returns, equities are set to deliver 13 per cent in the next 12 months say Goldman. That's a far higher rate of return than the two per [...]
Dell offer raised by founder – it’s apparently his final and best July 24, 2013 Technology giant Dell has announced that its founder Michael Dell and the private equity group Silverlake have hiked their offer for the firm to $13.75 per share. That's an increase of $0.10 per share, and constitutes what Michael Dell says is his final and best offer. The Dell special meeting has been delayed until Friday, [...]
Commuter crush: Seven out of 10 most overcrowded trains in Britain go to London July 24, 2013 The latest figures from the Department for Transport show that of the 10 most overcrowded train services in Britain, seven are London-bound. All of the worst journeys started at or ended in the capital last spring. Services running during spring and autumn of 2012 were monitored by the government, and this top 10 list represents [...]
New data suggests that tomorrow will show growth doubled in the second quarter July 24, 2013 The CBI industrial trends survey for total orders has hit its highest level in seven months, up from -18 to -12, in-line with analyst forecasts. That's a seven month high. Business optimism came in at seven from five prior (eight expected). 32% of firms reported an increase in total new orders and 27% said they [...]
