London Report: Carney to face questions over Bank oversight March 10, 2014 MARK CARNEY faces probably his toughest questioning so far as Bank of England governor tomorrow when lawmakers will seize on a foreign exchange scandal to press their demands for tighter oversight of the central bank. Carney will face the Treasury Select Committee over claims the Bank’s governance system is outdated. Last week the Bank suspended [...]
New York Report: Bullish market backed by US jobs rebound March 10, 2014 STRONGER-than-expected payrolls figures on Friday did more than ease concerns about US economic fundamentals – they also seemed to justify Wall Street’s record levels, suggesting the market’s uptrend could continue. February’s jobs report followed two straight months of payrolls reports that were sharply below expectations, and the rebound reinforced the theory that weakness in December [...]
John Lewis pays 15pc bonus as sales beat M&S March 6, 2014 JOHN Lewis’s partners will share a reduced bonus pot equal to 15 per cent of the average staff salary as the retailer put more money aside to shore up its huge pension fund. The £202.5m bonus, which was announced to 91,000 John Lewis and Waitrose staff yesterday at stores across the country, is equivalent to [...]
New York Report: Stocks climb as investors wait for jobs report March 6, 2014 US STOCKS mostly rose yesterday, with the S&P 500 closing at yet another record high on better-than-expected jobless claims data and the European Central Bank’s move to keep rates unchanged. But the overall sentiment was cautious ahead of today’s all-important US nonfarm payrolls report and tensions between Ukraine and Russia. The CBOE Volatility Index or [...]
Staples to shut 225 stores as sales fall March 6, 2014 US office supply retailer Staples is set to close 225 stores in an attempt to save $500m (£300m) from its annual operating expenses by 2015. The company that was taken public thanks to the private equity firm founded by former Republican presidential candidate Mitt Romney, ended 2013 with over 500,000 products on Staples.com versus 100,000 [...]
Business growth in Eurozone hits 32-month high March 5, 2014 HOPES for a strong economic recovery in the Eurozone were boosted yesterday by figures showing a rise in retail sales and a two and a half year high in private sector growth. Data company Markit published its latest composite purchasing managers’ index for the euro area, revealing a score of 53.3 for February. While all [...]
What you need to know before the open March 5, 2014 European stocks futures have been steadying further this morning after the extreme volatility seen at the beginning of the week. Equities are expected to open slightly lower, following a record finish in the US yesterday. US secretary of state John Kerry is set to sit down in talks with Sergei Lavrov, the Russian foreign minister, [...]
What the other papers say this morning – 5 March 2014 March 4, 2014 FINANCIAL TIMES Faith, hope and hedge funds for CoE The Church of England is ramping up the exposure of its £6bn endowment to alternative investments such as hedge funds and private equity in a move that will cement its position as one of the UK’s largest single investors in these types of assets. The Church [...]
Carney: Bank bonuses to face 5 year delay March 4, 2014 BANKERS could have to wait for more than five years to collect their bonuses under new rules being considered by the Bank of England, governor Mark Carney revealed yesterday. And the Bank’s prudential regulation authority is considering ways to claw back bonuses even after they have been paid out, if bankers have behaved badly or [...]
City Moves for 5 March 2014 | Who’s switching jobs March 4, 2014 DAC Beachcroft The law firm has announced the appointment of Ruth Connorton as a commercial contracts partner. She specialises in non-contentious procurement matters. Connorton joins from Eversheds, where she was head of procurement law. Ashburton Investments The investment management firm has appointed Swati Jain to its London-based distribution team. She was most recently at IIFL Wealth, where [...]