Mercedes-Benz speeds onto markets with 30,000 orders October 18, 2013 Daimler has received more than 30,000 orders for its flagship Mercedes-Benz S-Class, in less than three months since the model was launched, said the company today. The roll-out of the luxury car has been the fastest in the company's history. (Release) The new Merc is now available in all of Daimler's key markets – arriving [...]
Cable pens another defence of Royal Mail selloff as shares soar to 500p October 18, 2013 Shares in Royal Mail hit 500p this morning, soaring up 50 per cent since they were initially floated on the stock market last week at 330p. Vince Cable has again defended the pricing of the company, rebutting claims that he cost the taxpayers hundreds of millions of pounds by undervaluing shares, reports Sky News' City [...]
EU and Canada agree free trade deal October 18, 2013 The European Union and Canada have agreed a major free trade deal. The deal comes after four years of negotiation and is the first of its kind between the EU and a G7 country. It is expected to generate £17.42bn through trade and new business. President of the European Commission, Jose Manuel Barroso and Canadian [...]
UK walks away unscathed from US shutdown October 18, 2013 The UK has not been too affected by the US debt debacle, says economic research consultancy Capital Economics. Managing director Roger Bootle commented that, while fourth-quarter US GDP might be "a little sub-par" – meaning that a slowed economy could have affected UK exports – they do expect annualised growth of between 1.5 per cent [...]
An absent US resolution leaves commodities gloomy October 18, 2013 With no enduring resolution to the US debt ceiling debate, commodities will remain in the doldrums, says Goldman Sachs. The investment bank warns that the uncertainty around the debt ceiling is being viewed as an extension of QE, with delays on a tapering decision complicating the Fed's reaction function. It isn't clear whether the absence [...]
EU commission authorises investigation into Holcim-Cemex deal October 18, 2013 The European Commission has authorised anti-trust regulators to investigate the planned acquisition of cement giant Holcim's Spanish operations, by Mexican cement company Cemex. In a press release issued on Friday, the Commission asserted the deal could threaten competition in the Spanish cement market. The Commission will ask Cemex to notify the project. The acquisition of [...]
Banks lent less to businesses in three months to August October 18, 2013 (Bank of England) The Bank of England's latest Trends in Lending survey shows that, whilst bank lending to businesses in the three months to August fell, mortgage approvals for households rose markedly. So did lending to individuals. (Release) Net lending to businesses of all sizes fell by £2.3bn over the period. Net lending to businesses [...]
Bank of England launches Twitter Q&A October 18, 2013 Following yesterday's social media disaster for British Gas, Bank of England chief economist Spencer Dale is replying to questions on Twitter. You can track the questions with #AskBoE, and we have some of Dale's replies below. @bankofengland Why are you meeting every month when interest rates r on hold for around 2 years? — [...]
Eurozone outlook improves as austerity eases says Berenberg October 18, 2013 The decline in austerity will be one of the biggest contributors to growth in the Eurozone, according to a report published by Berenberg on Friday. The IMF has forecast that the fiscal drag on the Eurozone, due to austerity policies, will fall from 1.3 per cent in 2011-13 to 0.3 per cent in 2014. Berenberg [...]
Anglo American one of FTSE’s biggest fallers as iron production drops October 18, 2013 This morning, Anglo American saw the second biggest fall on the FTSE100 this morning as it announced iron ore production was down 24 per cent in the third quarter, year-on-year. The company withdrew from the Pebble copper project and sold its Amapa iron ore company in Brazil to miner Zamin. Kumba iron ore production fell [...]