What the other papers say this morning – 14 October 2013 October 13, 2013 FINANCIAL TIMES Tory plan to raise allowance to £12,500 Senior Conservative politicians are drawing up plans to raise the personal tax allowance to £12,500 as a key election pledge in 2015. Top party officials believe the move will enable the Tories to claim they are tackling the cost of living crisis by taking low earners [...]
What the other papers say this morning – 11 October 2013 October 10, 2013 FINANCIAL TIMES New York Fed sued over Goldman A former bank examiner filed a suit against the Federal Reserve Bank of New York, claiming she was fired after criticising Goldman Sachs for its policies on managing conflicts of interest. Carmen Segarra is suing the New York Fed and three of its officials in federal court [...]
Melrose sells off two US firms to KKR for £630m October 10, 2013 ENGINEERING turnaround specialist Melrose Industries yesterday said it has agreed to sell lifting equipment company The Crosby Group and material handling equipment maker Acco Material Handling Solutions to private equity powerhouse KKR for approximately $1bn (£630m). The deal value is at the top of the expected range and is payable in cash on completion. The [...]
Renminbi comes to Europe as central banks arrange swap line October 10, 2013 THE PEOPLE’S Bank of China (PBoC) announced yesterday that it has successfully inked a swap arrangement with the European Central Bank (ECB). The move represents the latest stage of the renminbi’s transition to an international currency, as the growth of China’s economy requires the expansion of the use of its currency. Although the currency is not [...]
What the other papers say this morning – 10 October 2013 October 9, 2013 FINANCIAL TIMES Outsourced contractors face blacklist Ministers will be able to blacklist contractors who provide substandard services for the first time under rules set to be ratified by the European Union within weeks. The government has been pressing for the measures in the wake of G4S’s failure to provide security guards at the Olympics and [...]
Investment Comment: Emerging markets: A risky bargain October 8, 2013 Despite cheap valuations, investors must exercise extreme caution EMERGING market equities have underperformed developed markets for three years in a row. This year has been particularly volatile for the former, with concerns over the deceleration of the Chinese economy and the growing realisation that a wind-down in quantitative easing (QE) by the US Federal Reserve [...]
Burberry shares slide after chief warns on China October 7, 2013 SHARES in Burberry plunged yesterday after the brand’s chief executive stressed that the slowdown in China could be more than a passing phase for the luxury sector. The Chinese economy’s growth this year looks set to meet the government’s 7.5 per cent target. However, that would still represent the slowest pace of expansion in 23 [...]
Bottom Line: Retailers shouldn’t rely on Asia October 7, 2013 BURBERRY may have been quick to say that Angela Ahrendts’ comments had been taken out of context yesterday, but there’s no doubt that a Chinese slowdown – past, present or future – is weighing heavily on retailers and investors’ minds. Ever since the financial crisis tightened the purse strings of luxury brands’ traditional client base [...]
London Report: FTSE hit by US debt and weak sales in China October 7, 2013 BRITAIN’S main share index fell yesterday, with broad sentiment bruised by political stalemate over the US debt ceiling, and with luxury goods group Burberry hit by concerns over a slowdown in its sales in China. The US government moved into a second week of shutdown, raising the risk that a compromise will not be reached [...]
DailyFX: Analyst picks October 7, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short dollar-yen from ¥97.75 Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks My long New Zealand dollar-dollar exposure was cut down at $0.8240 from $0.8165 for a modest 0.75 per cent gain, but my attention has shifted into “risk-off” FX [...]