Equities are getting smashed as US shutdown drags on into 13th day October 14, 2013 After a confidence rally on Friday, we're seeing European stocks drift down along with US futures. Rumours of a deal over the US debt ceiling have been vaporised over the weekend as fiscal deadlines approach. The US faces a default on 17th October if no progress can be made. Much of the US is closed [...]
France and Germany to be hit by harder hedge fund rules than peers October 11, 2013 France and Germany are piling extra restrictions on overseas hedge funds on top of basic rules laid out in new EU laws, a survey out this morning has found. Both are “gold-plating” certain temporary rules curtailing the ability of non-EU funds – like US mega hedge funds – to market their products to investors, [...]
EU clears joint venture between Belgacom and BNP Paribas October 11, 2013 The EU Commission has cleared a joint venture between Belgium telecommunications company Belgacom and BNP Paribas. The joint venture will provide communication of discounts, vouchers, offers and coupon redemption services and mobile wallet services to Belgian consumers and businesses. The deal was allowed to proceed because it was found to satisfy several aspects of the [...]
Shale gas revolution will see US become largest oil producer October 11, 2013 The International Energy Agency has called America's shale energy revolution a "game changer," and said that it will be a major factor in the Unites States becoming the worlds largest oil producer over the next five years. The 2013 medium-term oil market report evaluates the impact of changes to the oil market up to the [...]
UK construction surges on housing growth – but building is still behind UK’s needs October 11, 2013 UK construction is up four per cent in the year to August, according to new ONS estimates, and that's largely driven by new work. New work rose 5.5 per cent in the same period, with the new housing subcomponent of that category up 16.7 per cent while infrastructure fell by 5.5 per cent. Despite that [...]
Two thirds of economists oppose Help to Buy October 11, 2013 A Bloomberg News survey of 31 economists has shown a majority oppose the government's controversial Help to Buy scheme. Two thirds of the economists surveyed described the scheme as "bad." The government intervention into the housing market will see taxpayers on the hook for 15 per cent of a home's value, the purpose of which [...]
Privatised Royal Mail floats at 330p as any wanting more than £10,000 of stock get turned away October 10, 2013 Allocation details for the biggest privatisation since the 1980s have been released. Royal Mail shares have sold at 330p. All members of the public who applied will get £750 of shares, but anyone who applied for over £10,000 will get nothing. 67 per cent of shares will go to institutions (as opposed to the 70 [...]
Richemont denies rumoured Net-A-Porter sale October 10, 2013 Richemont has denied industry rumours over the possible sale of luxury fashion designer Net-A-Porter. Richemont has a long-standing policy of not commenting on market rumours. Exceptionally in this case, Richemont wishes to make it clear that The Net-A-Porter Group is not for sale. Richemont advises that it has no further comment. (Release) Net-A-Porter has only [...]
Bank of Japan governor confident of US resolution October 10, 2013 Bank of Japan (BoJ) governor Haruhiko Kuroda has said he does not expect the the US to default on its debt. Speaking on Thursday at the Council on Foreign Relations, the governor said "I don't expect US default." The US Congress has until 17 October to reach an agreement to raise the debt ceiling (although [...]
Tried to buy Royal Mail shares? See how many you’ll get after 4.30pm October 10, 2013 The Department for Business Innovation & Skills has announced that Royal Mail share allocations and further details will be released after market close. So some time after 4.30pm. It's all pretty much speculation for now – but two sovereign wealth funds are expected to receive shares, while a fifth have been set aside for individuals, [...]
