Jefferies feels the pain over Fed tapering September 17, 2013 INVESTMENT bank Jefferies yesterday reported an 83 per cent plunge in third quarter profits after being squeezed by this summer’s bond market nervousness. The bank, which has London offices on Upper Thames Street, said net income – a measure of profit – fell from $70.2m a year ago to $11.7m for three months ending August. [...]
Stable inflation fuels taper talk in the States September 17, 2013 INFLATION readings in the US barely rose in August, but gains in rents and medical care costs pointed to a stabilisation in underlying inflation that could allow the Federal Reserve to start trimming its bond purchases. The Labor Department said yesterday its consumer price index (CPI) edged up 0.1 per cent last month after rising [...]
London Report: FTSE drops from six week highs on Lloyds sale September 17, 2013 THE UK’S top share index fell off one and a half month highs yesterday, with Lloyds bank among the worst stocks, while traders held off adding to positions in fear of the US Federal Reserve reducing stimulus measures. The blue-chip FTSE 100 index closed down by 0.8 per cent, or 52.69 points, at 6,570.17 points [...]
New York Report: Expectation of modest taper lifts US shares September 17, 2013 US STOCKS advanced yesterday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting tonight. The policy-setting Federal Open Market Committee began meeting yesterday to discuss whether to trim its bond purchases, also known as [...]
Letters to the editor – 18/09 – Banking reform, Best of Twitter September 17, 2013 Banking reform [Re: We should replace Fed monetary superheroes with rules-based policy, yesterday] A bigger concern is that central banks themselves have been given superhero status. There is now a belief that they can solve any economic woes, and this is then transmitted to whoever is in charge. Central banks should do less, and leave [...]
Dessert master on his nan’s doughnuts September 17, 2013 By Jacob Kenedy , chef and co-owner of Bocca di Lupo and Gelupo THIS recipe for doughnuts comes from my Hungarian grandmother, Agnes. It is quite simply the best doughnut recipe ever, and is absolutely charged with emotion for me. The smell of the rising dough, the hot oil, the sweet yeasty toastiness of freshly [...]
Golf Comment: Johnson peaking as FedEx Cup finale nears September 17, 2013 THE BMW Championship may have ended a day late due to bad weather but there’s not too much wrong with Zach Johnson’s timing as the finale to golf’s richest competition arrives this week. Former Masters winner Johnson’s victory on Monday was his first of the year but capped a superb run of six top 10 [...]
US inflation pressures ease in August with Fed unlikely to postpone tapering September 17, 2013 The US consumer price index (CPI) has climbed just 0.1 per cent month-on-month following predictions to stay flat at 0.2 per cent. The year-on-year figure for August is 1.5 per cent, down from 1.6 per cent inflation in the year to July. A breakdown of components, month-on-month: Food: 0.1 per cent Housing: 0.1 per cent [...]
Before the open: FTSE down as markets wait for Fed stimulus meeting September 17, 2013 With a number of key events this week, the market looks to open with some caution today. The FTSE is expected down this morning, with calls of -15. Closing the Monday gaps from Friday closes, European markets look set for slightly lower opens this morning. The UK's latest inflation numbers are expected to show a [...]
Coalition launches Lloyds shares sale September 16, 2013 THE RE-PRIVATISATION of Lloyds began last night, a major milestone in the UK’s economic recovery and an important step in unwinding the bailouts of the financial crisis. The government is selling a six per cent stake in the state-backed bank, in a deal worth around £3.3bn. Bankers and lawyers worked overnight to get institutional investors [...]