Sterling still reeling from a Tucker punch February 27, 2013 When Monetary Policy Committee member Paul Tucker mentioned that some at the Bank had been considering negative nominal interests rates yesterday he knocked the pound down to below 1.51 against the dollar. While sterling regained some strength during the day, it's fallen back down to around that 1.51 level again this morning. Our banking specialist Tim [...]
FTSE 250 Results Round-up – 27/02 February 27, 2013 Barratt Developments, the residential property development company, released results for the six months to December (results) with profits increased by 113.4 per cent to £46.1m. Chief executive Mark Clare said that: Although we remain cautious as to whether the thaw in lending conditions will be sustained, improvements in mortgage lending and the success of the [...]
FTSE 100 Results Round-up – 27/02 February 27, 2013 Weir Group, the engineering company, has released full year results for the year ended December (results). They saw pre-tax profits rise from £396.3m to £443.1m. Chief executive Keith Cochrane has said that 2013 will bring more challenging markets. ITV, the media company, has released full year results for the year ended December (results). The [...]
Gold prices spike overnight February 27, 2013 As we discussed yesterday, gold prices will move upwards when markets expect inflation. This happens as gold is seen as a good store of value. They did exactly that overnight. Our reporter Julian Harris writes: The price of gold rebounded sharply last night after US Federal Reserve chief Ben Bernanke leapt to the defence [...]
Centrica’s residential energy profits heat up February 27, 2013 Centrica, the utility company, has released results for the full year to the end of December (results) and have announced a headline 11 per cent increase in profits in residential energy supply. Phil Bentley is to step down as managing director of British Gas by the end of June and will leave the company by [...]
Bernanke says Fed’s balance sheet isn’t the biggest February 26, 2013 In replying to Senator Shelby about the size of the Fed's balance sheet, Fed chairman Ben Bernanke said "there are other central banks whose balance sheets have been this large, such as Japan." Perhaps he's not choosing a great example there. Bernanke suggested that the Fed has thought through how to unwind QE without damaging long-term [...]
Italian parties rule out alliances February 26, 2013 Italy looks to stay in gridlock for a while longer as various groups have now confirmed that they are not looking for alliances. Beppe Grillo, the anti-politics third candidate has Tweeted (still preferring to avoid the mainstream media) that he is not interested in coalitions. Pier Bersani, leader of the centre-left coalition has now confirmed [...]
Lord Rennard statement following sexual harassment allegations February 26, 2013 This follows news that Scotland Yard will investigate the sexual harassment allegations made against Lord Rennard. This statement has been released via a spokesman: Lord Rennard refutes these allegations. He will co-operate with any properly constituted inquiry. He has been notified of an internal investigatory panel within the Party. The matter must now be regarded [...]
Bernanke to push ahead with asset purchases February 26, 2013 In his prepared statement for testimony to the Senate, Bernanke has dropped great big hints that QE is to continue, saying that: In the current economic environment, the benefits of asset purchases, and of policy accommodation more generally, are clear
US economy surges with consumer confidence and house sales up February 26, 2013 Consumer confidence is up to 69.6 in February from 58.4 in January, with expectations of only 61.0. That's the highest since November. Meanwhile house price sales have soared to 437,000 from 378,000 on a month on month basis (381,000 expected).
