Mark Carney: A report card on the governor’s first 100 days in office October 7, 2013 NAPOLEON said that he wanted lucky generals. He would have made Bank of England governor Mark Carney, who will reach 100 days in office this week, Field Marshall. Since July, UK economic data has been exceptionally good. The economy probably expanded 1 per cent in the third quarter, likely the fastest rate in the developed [...]
CNBC Comment: Fresh concerns for America’s housing market October 7, 2013 BEN Bernanke and the US Federal Reserve have done all that mere mortals can do to repair the housing market post-financial crisis, but despite tarting up the mortgage industry like Cinderella for the ball, buyers are not jumping into the golden carriage to attend the best party ever staged. How can this be, when house [...]
New York Report: US stocks face turbulence on debt dispute October 6, 2013 US stocks are likely to face another week of rising turbulence as efforts to settle the budget dispute in Washington drag on, leaving investors worried about the more critical issue of raising the US debt ceiling. The budget impasse has led to a partial US government shutdown for nearly a week, already longer than many [...]
Why our loose networks of entrepreneurs need to find a collective voice October 6, 2013 A CHASM has opened up, with entrepreneurs on one side and politicians and the public on the other. It may not be an obvious division, but it is damaging nonetheless. And it is why I’m launching a new think tank today, The Entrepreneurs Network, with support from the Adam Smith Institute. It’s time to amplify [...]
Fed’s Fisher says no-one has confidence in the government but there won’t be a default October 4, 2013 The Federal Reserve's Richard Fisher has said that uncertainty over the shutdown of the US federal government has put business in a defensive crouch, as no-one has confidence in the federal government, and that the US is a country in denial. Shutdown of several functions of the Federal government has now lasted for four days [...]
Analysts bullish on gold in wake of US government shutdown October 4, 2013 A Bloomberg survey of 30 analysts showed 18 expected gold prices to rise next week, eight expected a fall and four were neutral. The shutdown of the US federal government and political battles over the debt-ceiling are expected to drive investors towards the precious metal. After a long decline, bullion gained 7.6 per cent in [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2013 Avanti Communications Group Paul Walsh, chief executive of Diageo, has joined the board of satellite data company Avanti Communications as a non-executive director. He is also a non-executive director of FedEx Corporation and Unilever. Prior to joining Diageo, Walsh held financial and commercial positions with InterContinental Hotels and in the GrandMet food business, becoming CEO [...]
America warns of global chaos if it defaults on debt October 3, 2013 THE WORLD faces an even worse recession than the ongoing financial crisis if the US congress fails to lift the country’s debt limit, top officials warned yesterday. The US Treasury said yesterday if the current impasse over government spending is not resolved within a fortnight then it will have a “catastrophic effect on not just [...]
Record issue of Euro junk bonds in September amid debt renewal October 3, 2013 EUROPEAN junk bond issuances hit a record high last month thanks to an increase in the number of companies looking to refinance debt. September saw €10.5bn of high yield bonds supplied to the market, driven by corporate refinancings, which are responsible for about 60 per cent of issuances so far this year. The third quarter [...]
Private sector US job data misses estimates – and markets have little else to go on October 2, 2013 While the US government is in shutdown, we're not likely to get labour market estimates from the public sector statisticians – and when they do come they may be rushed, and face revisions afterwards. So for now markets are making do with private sector data releases, and the ADP number just missed estimates. Expected to [...]