Hope for drone-based delivery service in the UK where 143 UAV licenses have been issued December 2, 2013 While Amazon's drone-based Prime Air delivery service is held up by FAA rules in the US – 143 licenses for drones have been already been grantsd in the UK. With licenses granted for vehicles weighing below 7kg, 7-20kg, and over 20kg, drones could one day replace the traditional postie. As City A.M.'s managing editor Marc [...]
Lord Blackwell appointed as Lloyds chairman December 2, 2013 Lloyds banking group has announced the appointment of Lord Blackwell as chairman of the group, with effect from 3 April 2014. Blackwell replaces Sir Winfried Bischoff in his role at the state-backed bank. Blackwell has been a non-executive director of the group since June 2012, and is a member of its audit and risk committees. [...]
The S&P 500 is on its longest winning streak in over a decade December 2, 2013 As US markets continue to enjoy the Fed's quantitative easing, the S&P 500 has risen for eight consecutive weeks in the aftermath of the temporary government shutdown. S&P rises for 8 weeks in a row, its longest winning streak in a decade. — Jamie McGeever (@ReutersJamie) December 2, 2013 Fed chairman Ben Bernanke shocked [...]
PlayStation 4 becomes fastest selling console in UK history December 2, 2013 Sony's latest console offering, the PlayStation 4 (PS4), has stripped the mobile PSP platform of its title as the UK's fastest selling console. The PSP held that record for eight years, according to GfK Chart-Track. That device saw early sales of 185,000 units when released in 2005. Sony enjoyed more than 1m of PS4 sales [...]
UK manufacturing grows at fastest rate in nearly three years December 2, 2013 The UK's manufacturing outlook is at its best in 33 months in November, according to purchasing managers' index (PMI) data compiled by Markit. Jeremy Cook, chief economist at World First, notes that industry has "managed to shrug off the impact of both a stronger pound and a resumption of economic worries in the Eurozone, our [...]
Eurozone manufacturing growth is accelerating – but employment continues to fall December 2, 2013 Markit's purchasing managers' index (PMI) data for Eurozone manufacturing shows output, new orders and new exports expanding for the fifth consecutive month. The headline PMI number has risen to 51.6 in November, from a flash estimate of 51.5. Any number above 50 implies an expansion. But manufacturing employment continues to collapse. Chris Williamson, chief economist [...]
Morgan Stanley has identified five big changes that global economies need to make December 2, 2013 Morgan Stanley think that five tough transitions are now necessary for global economies to grow, or as they put it to "embark on a sounder, safer and more sustainable second half". US: From QE to credible forward guidance on interest rates. Japan: From deflation to (moderate) inflation. Europe: From financial fragmentation to a credible banking [...]
Goldman says UK revival is one of 2013’s big surprise stories – and here’s why November 29, 2013 Investment bank Goldman Sachs says that the turnaround in the UK's economic performance is one of 2013's "most notable economic surprise stories". While most held a grim outlook for the UK economy – data has improved throughout the year. As the end of 2013 approaches GDP growth has averaged around 0.7 per cent per quarter, [...]
The Bank has put the brakes on Funding for Lending – Why not on Help to Buy? November 28, 2013 Threats of an overheating housing market have reached Threadneedle Street, and they're cutting out the mortgage incentives from the Funding for Lending Scheme (FLS). This morning Bank of England governor Mark Carney said that "risks to financial stability may grow if there are further substantial and rapid increases in house prices". FLS was launched at [...]
Europe’s banks face whopping €280bn capital shortfall in 2014 November 28, 2013 The European banking sector is short to the tune of around €280bn (£233bn) according to a new report by PwC. Banks will need to make up that gap as a result of new regulation next year. The shortfall stems from the combined impact of Basel III capital ratio requirements, leverage ratio requirements, the European Central [...]
