Regulator fines Deloitte £14m over MG Rover fiasco September 9, 2013 Regulators have issued Deloitte a £14m fine and a severe reprimand for matters relating to their role as advisers to MG Rover during its collapse in 2005 (release). The accountancy firm advised four of Rover's directors – the Phoenix Four – who had taken over the company for £10m five years before its collapse. Mr [...]
Eurozone investor confidence jumps to May 2011 high September 9, 2013 Eurozone investor confidence surveys see a marked improvement in August, with a read of 6.5. That's up from -4.9 last month, and smashes expectations of a jump to -2.8.
GlaxoSmithKline confirms Lucozade and Ribena sell off for £1.35bn September 9, 2013 GlaxoSmithKline has announced an agreement with Japanese consumer goods company Suntory to sell off its Lucozade and Ribena businesses for £1.35bn (release). Combined sales of the two brands saw annual sales of £0.5bn GSK's Consumer Healthcare business has been increasing its focus around a core portfolio of healthcare brands, with a particular emphasis on emerging [...]
Primark expects higher profits on stronger sales and store openings September 9, 2013 Associated British Foods has announced that "operating profit for the second half will be ahead of expectations" as results are boosted by a strong performance from fashion retailer Primark. Sales at Primark for 2013 are now expected to be 22 per cent higher than the last at actual exchange rates. Here's what they put the [...]
Before the open – 09/09 September 9, 2013 We're expecting the FTSE to open a little higher as momentum from Asian markets carries on into Monday's session. That comes after some stronger Asian data this weekend, as Chinese exports grew by 7.2 per cent in August, beating expectations of a six per cent rise. Japan's Nikkei closed up 2.48 per cent on the [...]
BG Group sees oil production falling by 30,000 barrels a day on Egyptian instability and Norwegian delays September 9, 2013 Multinational oil and gas company BG Group has announced that oil production is set to suffer in the wake of "on-going political and social instability" in Egypt and delays to production in Norway (release). BG Group now sees a reduction of 30,000 barrels of oil equivalent per day in 2014. Despite that, the company's guidance [...]
Think tank sees UK growing at fastest pace in three years September 6, 2013 Think tank NIESR has estimated that UK GDP grew by 0.9 per cent in the three months to August, up from an estimate of 0.7 per cent growth in the three months to July. The latest time NIESR estimated growth this fast was in July 2010, when it was also at 0.9 per cent. Our [...]
Sell-off as Putin announces Russia is assissting Syria with arms shipments September 6, 2013 US equities and the dollar are selling off on the announcement by Russian President Vladimir Putin that Russia will assist Syria if strikes against Syria are launched. Putin has said that Russia is already assisting Syria with arms shipments. USDJPY hit hard as US Treasury bonds rallying again (yields lower) on Russia rhetoric. Wow. — [...]
US unemployment drops to December 2008 low despite weaker job creation numbers September 6, 2013 A weak number from the US gives nonfarm payrolls at 169,000 in August, from 104,000 seasonally adjusted jobs added in the previous month. That 104,000 is revised way down from 162,000 last month, and June's number see revisions from 188,000 to 174,000. So that's three weak numbers in a row. Markets were looking for a [...]
Fed’s Evans says monetary policy isn’t on a preset course but expects rates rise in 2015 September 6, 2013 The Fed's Charles Evans has said that the Federal Reserve should hold on tapering of quantitative easing – a reduction in the rate of expansion of the US' monetary base – until inflation picks up. Evans said that he expects the first Fed funds rate increase to come in late 2015, with unemployment below seven [...]