Standard Life sees sales up, bolstered by automatic enrolment October 30, 2013 Standard Life has announced a significant increase in sales of long term savings products in the first nine months of the year, with life and pension sales of £17,329m (present value of new business premiums). (Release) The boost from automatic enrolment of UK employees to company pension schemes has seen corporate pensions up 11 per [...]
German unemployment sees unexpected rise in October October 30, 2013 German unemployment has risen by a seasonally adjust 2,000 in October, after rising by 24,000 (revised from 25,000) last month. Economists had expected no change. The adjusted unemployment rate remains at 6.9 per cent, in line with analyst expectations. Christian Schulz, senior economist at Berenberg, says that the number of unemployed "was almost unchanged". Schulz [...]
Legoland owner Merlin announces share price for London listing October 30, 2013 Merlin entertainments has announced it will be offering its shares between 280 and 330 pence in a float that will see between 20 and 30 per cent the company sold off. The company may be valued at as much as £3.3bn. Merlin Entertainments is the world's second largest theme park operator with more than 70 [...]
As Spanish economy exits two year recession warnings that it could see contraction again in 2014 October 30, 2013 Spain has seen the first positive GDP print in over two years, as GDP grew in the third quarter by 0.1 per cent, in line with economist predictions. That's the first rise in Spanish GDP since the first quarter of 2011, and Ben May, European economist at Capital Economics, says that the "pick-up is likely [...]
Next raises profit guidance as it beats sales expectations October 30, 2013 Clothes shop Next has reported sales up 4.3 per cent in its third quarter to 30 October, above its second half guidance range of between one and four per cent. Next Retail saw third quarter growth of 0.4 per cent, whilst Next Directory – its home catalogue and online business – saw 10.7 per cent [...]
Barclays profit up as bank says it’s cooperating over Euribor October 30, 2013 Barclays has reported pretax profit of £2.851bn in the nine months to 30 September, up from £962m for the same period last year. The figure, says the bank, reflects a reduced own credit charge of £125m, from £4.019bn last year. (Release) But the lender did see adjusted profit before tax fall 20 per cent to [...]
What you need to know before the open – 30/10 October 30, 2013 US equity markets saw another record close yesterday, and the German DAX continues to break records, too. European stocks were marginally behind. Asian markets closed up today. Yesterday, the ECB's Ewald Nowotny ruled out the prospect of further rate easing in Europe in the near future. ETX Capital #morningcall FTSE +19, DAX +20, CAC [...]
Britain can build on its position as a leading centre of Islamic finance | Morning Wire October 30, 2013 WITH London opening its doors to the World Islamic Economic Forum (WIEF), the buzz around Islamic and ethical finance continues to grow louder and stronger, and it’s easy to see why. As an industry worth around $1.85 trillion (£1.15 trillion) globally, with growth rates of up to 15 per cent each year, many are attracted [...]
Ignore the cranks: Orthodox economics can account for the 2008 financial crash October 30, 2013 ONE OF the more annoying false memes of recent years has been the notion that standard corporate finance models have not worked in or since the 2008 financial crisis, and that no orthodox economics account of that crisis has been offered. As someone who implements standard finance models, and has written orthodox economics accounts of [...]
When to invest in passive vehicles October 29, 2013 The rising popularity of tracker funds partly reflects their flexibility, says Annabel Palmer INVESTORS are increasingly turning to passive funds. In the four years to June 2013, the assets held in passive investments have more than doubled in the US. And according to the Investment Management Association, tracker funds’ share of total funds under management [...]