Royal Mail may face fine as French antitrust investigation gets underway July 16, 2014 Royal Mail yesterday announced it might face a significant fine, as its European parcel delivery subsidiary General Logistics Systems (GLS) is being targeted by the French competition authority as part of a widespread antitrust investigation. Other parcel delivery companies, including FedEx, TNT Express, Deutsche Post’s DHL Express France SAS service and La Poste’s Exapaq and [...]
I am hungrier than ever for a Major, says Stenson July 16, 2014 WORLD No2 Henrik Stenson insists that extraordinary success last year on both sides of the Atlantic has only intensified his hunger for a first Major title when the Open begins at Hoylake today. The 38-year-old became the first man to win the PGA Tour’s FedEx Cup and the European Tour’s Race to Dubai in the [...]
Energy industry fears cutback on green subsidies after cabinet reshuffle July 16, 2014 Two key supporters of chancellor George Osborne were yesterday named as ministers in the Department of Energy and Climate Change (Decc) as part of the government’s reshuffle, prompting concerns of a squeeze on renewables investment. Matthew Hancock replaces Michael Fallon as business and energy minister and Amber Rudd replaces energy minister Greg Barker, although she [...]
Fed chair Janet Yellen defends low interest rates amid concern over frothy prices July 16, 2014 Federal Reserve chair Janet Yellen held the line during a grilling from US politicians yesterday, arguing that the economic climate meant that very low interest rates were still appropriate. “If the Fed [and Yellen] is going make a change in rhetoric, it is likelier to come at the September meeting, because that is the next [...]
New York Report: Dow up but Nasdaq falters July 16, 2014 US STOCKS closed broadly lower yesterday after the Federal Reserve, in an unusual statement, singled out the valuation of social media and biotech shares as “substantially stretched”. The Dow Jones Industrial Average rose 5.62 points, or 0.03 per cent, to 17,060.68, the S&P 500 lost 3.82 points, or 0.19 per cent, to 1,973.28, while the [...]
Federal Reserve sees social media and biotech valuations as “substantially stretched” July 15, 2014 The Federal Reserve has joined the voices calling out biotech and social media stocks as over-priced. In its Monetary Policy Report, the Fed says "valuation metrics in some sectors do appear substantially stretched," singling out smaller firms in both social media and biotechnology. So what valuation metrics might the Fed be using? The most popular [...]
Fed’s Janet Yellen: US recovery is incomplete and uncertainty remains July 15, 2014 The US recovery is far from complete. That's the message from Federal Reserve chair Janet Yellen, who in written testimony has said that "too many Americans remain unemployed" and inflation remains below the central bank's objective. Yellen has also highlighted "considerable uncertainty" surrounding the Fed's projections for economic growth. Central bank watchers will be trying [...]
Top economists aren’t convinced by Republican proposal for Federal Reserve monetary policy rule July 14, 2014 Economists aren't impressed by the latest bright idea out of Washington. A Republican proposal to have the Federal Reserve bound by a formal rule, that would mandate a relationship between the Federal funds rate and macroeconomic measures, is failing to win many fans among academic economists. Those behind the legislation are fans of economists like [...]
World Cup: Super Mario puts Germany top of world July 13, 2014 GERMANY 1 ARGENTINA 0 AET, 0-0 after 90 minutes SUBSTITUTE Mario Gotze climbed off the bench to score a breathtaking extra-time winner as Germany beat Argentina to win their fourth World Cup last night at the Maracana in Rio de Janeiro. Gotze settled a gripping final in the 113th minute with a supremely composed chest-and-volley [...]
Fed to finish $10bn monthly QE in October July 9, 2014 THE FEDERAL Reserve revealed yesterday that its quantitative easing (QE) will finally finish in October, putting a date on the end to tapering for the first time. The end date was made official by the Federal Open Market Committee (FOMC) yesterday. The timeline means the last $15bn (£8.76bn) in QE asset purchases remaining will be [...]