Q and A: China’s nuclear fusion with Britain October 20, 2013 Q Why is a French firm teaming up with China to build power plants in Britain? A EDF has wanted to build a third nuclear station at Hinkley Point for years, but has been searching for a new investor after UK-listed Centrica quit in February. China has enough cash to get involved in pretty much [...]
City Matters: Tangible steps forward in the UK-China relationship will deliver real benefits October 20, 2013 WITH both George Osborne and Boris Johnson flying the flag for British business in China last week, it is worth taking stock of this increasingly important UK-Sino relationship. As the government rightly recognises, the UK and London need to be plugged into fast-growing global markets like China in order to succeed in the global race. [...]
An absent US resolution leaves commodities gloomy October 18, 2013 With no enduring resolution to the US debt ceiling debate, commodities will remain in the doldrums, says Goldman Sachs. The investment bank warns that the uncertainty around the debt ceiling is being viewed as an extension of QE, with delays on a tapering decision complicating the Fed's reaction function. It isn't clear whether the absence [...]
Confirmation of high Chinese growth lifts European markets October 18, 2013 The Chinese economy has posted a thumping 7.8 per cent annual growth for the third quarter of 2013. That's in-line with consensus forecasts, and an acceleration from the 7.5 per cent growth posted last quarter. Unless the fourth quarter sees a ghastly GDP number, China will hit the government's target of 7.5 per cent growth [...]
What you need to know before the open – 18/10 October 18, 2013 Markets in Europe are expected to open up this morning following another record close on the S&P500 last night. With a 16-day shutdown over and the possibility of a default put off for the time being, taper talks are resuming in the US but it's unlikely that anything will happen before the next debt ceiling [...]
Subsidy fears as UK inks nuclear deal with China October 17, 2013 THE COALITION’S nuclear plans gained further momentum yesterday, after chancellor George Osborne said Chinese companies are allowed to buy a stake in British nuclear power plants. But it is thought that any deals will include indirect price subsidies that could trickle down to taxpayers over the 35-year life of the plant. Osborne made the announcement [...]
Snookering the housing market October 17, 2013 DESPITE widespread scepticism around George Osborne’s Help to Buy scheme, the chancellor could be forgiven for not expecting his most recent critic’s comments. In a break from training for his upcoming Chinese tournament, five-time and current snooker world champion Ronnie O’Sulllivan took to Twitter, voicing a strong criticism of the UK’s housing market. “The new [...]
Diageo hurt by weak emerging markets growth October 17, 2013 DIAGEO posted a lower than expected rise in first quarter sales yesterday as strong growth in the US was dampened by a slowdown in emerging markets such as Africa and Russia. The world’s largest drinks company, which owns brands including Guinness and Smirnoff, said organic sales rose by three per cent in the three months [...]
BBVA sells stake in China’s Citic Bank to boost capital by €2.4bn October 17, 2013 SPANISH lender BBVA yesterday agreed to sell $1.27bn (£800m) of Citic Bank shares to bolster its capital, becoming the latest foreign bank to start unwinding often difficult Chinese partnerships. Spain’s second-biggest bank by market value is selling a 5.1 per cent stake in the Chinese lender to state-owned parent group Citic. That will leave BBVA [...]
What the other papers say this morning – 16 October 2013 October 15, 2013 FINANCIAL TIMES US bankers attack London-China love US bankers and UK lawyers attacked the new light-touch regulatory regime proposed for Chinese banks in the City on Tuesday, accusing George Osborne of political interference in regulation. As the chancellor confirmed details of a plan for Chinese banks to operate via branches rather than full-blown subsidiaries, senior [...]