Daily FX: Analyst picks September 9, 2013 CURRENCY STRATEGISTCHRIS VECCHIO My pick: Long dollar-yenExpertise: Fundamental and technical analysisAverage time frame of trades: A few hours to a few weeks US non-farm payrolls disappointed on Friday but dollar-yen closed the week above ¥98.80, the condition necessary to enter a long position. I took ¥99.10 at the close on Friday; and the news that [...]
Before the open – 09/09 September 9, 2013 We're expecting the FTSE to open a little higher as momentum from Asian markets carries on into Monday's session. That comes after some stronger Asian data this weekend, as Chinese exports grew by 7.2 per cent in August, beating expectations of a six per cent rise. Japan's Nikkei closed up 2.48 per cent on the [...]
Scrap the licence fee – and drag British TV into 21st century September 8, 2013 THERE is a simple solution to the scandal that is currently engulfing the BBC, centering around the size and scope of payoffs to former staff and the implication that public money was squandered. The answer is to reform the way the BBC is funded, and to allow it to spend its own money hiring and [...]
Firms steering clear of deals in newer markets September 8, 2013 COMPANIES have shied away from making takeover bids in emerging markets so far this year, as part of the wider slump in global mergers and acquisitions, research published today suggests. The number of bids for targets in high-growth economies from firms in developed nations fell 23 per cent on the same period a year ago [...]
Chinese mobile networks ready for new iPhone September 8, 2013 TELECOM carriers China Unicom and China Telecom will carry Apple’s newest iPhone models within days of their launch in Beijing this week as the US technology giant tries to regain lost ground in its second biggest market by releasing the phones faster. Apple said last week it was holding a satellite event in Beijing on [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
Banks in a flap as Zapp’s app sparks a scrap September 5, 2013 BANKERS have launched a complaint against upcoming rival mobile payments app Zapp, accusing the platform of unfairly presenting its position as an industry-backed development, City A.M. has learned. Competition is heating up in the sector as banks and app providers grapple for a share of the new and potentially huge market. The Payments Council has [...]
Lenovo boss shares the spoils by splitting bonus with employees September 2, 2013 LENOVO’s chief executive will share his $3.25m (£2m) bonus with employees for the second year running. Yang Yuanqing will distribute the money to around 10,000 workers to recognise their contribution to the business, in a move seen as unusual for a Chinese company. The payment will amount to more than £200 per employee. Yang was [...]
Yahoo exit Chinese web September 2, 2013 YAHOO has shut down its Chinese website, completing its exit from the Chinese market. The departure highlights the growing trend of major US internet companies who have struggled to compete in the Asian market in recent years. Yahoo’s Chinese web offerings have been run by online services giant Alibaba since 2005. The firm has seen [...]
Europe Report: Factory stats boost Europe’s stock markets September 2, 2013 EUROPEAN shares surged yesterday in a broad-based rally after Chinese and European factory data showed the global economic recovery is on track. A batch of upbeat notes from top investment banks, including a UBS upgrade on continental European equities to “overweight” from “neutral”, also lifted the market mood. The FTSEurofirst 300 index of top European [...]