Before the open – 12/08 August 12, 2013 The Nikkei fell to a six-week low closing down 0.7 per cent while the yen strengthened on the back of weaker than expected second quarter GDP data this morning. However, the Shanghai Composite and the Hang Seng both jumped over 1.5 per cent as factory output topped forecasts after last Friday's close. Output grew by [...]
Taylor Wimpey announces refinancing of credit facility ahead of schedule August 12, 2013 UK housebuilding company Taylor Wimpey has announced it has completed the refinancing of its revolving credit facitility, due to mature in November next year, with a new revolving credit facility for £550m, which will mature in August 2018. Revolving credit facilities are a type of credit issued without a predetermined number of payments, usually used [...]
Nikkei falls on weak GDP data, raises questions about sales tax hike August 12, 2013 Source: Yahoo The Nikkei fell to a six-week low last night as the Cabinet Office revealed the economy grew by a weaker than expected 0.6 per cent in the second quarter, down from 1.0 per cent the quarter before. Analysts had expected a slight drop to 0.9 per cent. This means the full year GDP [...]
Any Other Business – 12/08 August 11, 2013 ■ If you’ve ever fancied your own private jet, now would be the perfect time to buy. According to business aircraft manufacturer Beechcraft, 20.8 per cent of the light and midsized private jet market in the UK is currently up for sale, with 19 per cent on the market across Europe. Anything over 10 per [...]
Worst week ever for US Treasuries August 9, 2013 US Treasuries had their worst week ever on Wednesday as investors pulled out a record $4bn from bond funds, equivalent to 1.3 per cent of assets under management (AUM). Bank of America Merrill Lynch chief investment strategist Michael Hartnett called it the “Great Rotation”, referring to the expectation that record-low bond yields will push investors [...]
Zimbabwe opposition party to challenge Mugabe election win August 9, 2013 Morgan Tsvangirai’s MDC-T party has filed a legal challenge contesting Robert Mugabe’s ZANU-PF electoral win in Zimbabwe last week. Historically, few rulings have been made in the MDC-T’s favour and the courts are often accused of being partisan. Mugabe won the election with 61 per cent of the vote giving him another five year term [...]
UBS pays $120m to settle Lehman allegations August 9, 2013 UBS has agreed to pay $120m (£77m) to settle a lawsuit regarding the misleading of investors about the financial state of Lehman Brothers. The settlement will resolve a five year litigation battle regarding the selling of nearly $1bn of Lehman structured notes between March 2007 and September 2008 when Lehman filed for bankruptcy protection. Earlier [...]
M&S Energy rebounds from mis-selling accusations launching cheapest deal on the market August 9, 2013 M&S energy has launched the cheapest energy deal on the market, just days after hitting the headlines for alleged energy mis-selling. The Fix & Save plan comes in at £1,139 per year, and protects customers from price hikes until the end of September 2014. There is, however, a cancellation fee of £50 before this end [...]
Spanish prime minister sets ambitious target for tax reform programme August 9, 2013 Spanish prime minister Mariano Rajoy has set an ambitious target for the implementation of the country's tax reform programme – the end of March 2014. The reform programme was announced at the end of April this year, aimed primarily at increasing competitiveness and flexibility in the Spanish economy and getting rid of "bottlenecks". The priorities [...]
Canadian unemployment rose unexpectedly last month August 9, 2013 Unemployment in Canada increased to 7.2 per cent in July from 7.1 per cent the month before. Analysts had expected no change. Similarly, the labour force participation rate fell to 66.5 per cent from 66.7 per cent. The number of people in employment fell by 39,400 – versus expectations of a 10,000 increase.