US manufacturing expansion sees unexpected decline in pace July 29, 2013 The newest figure from the Dallas Fed manufacturing business index shows a fall from 6.5 to 4.4 in July. Economists had been forecasting a rise to 7.3 (release). Texas factory activity continued to expand in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state [...]
Omnicom shares jump on merger news July 29, 2013 Omnicom shares opened up over seven per cent today on news of its planned $35bn merger with fellow advertising giant Publicis. The Nasdaq-listed company saw its share price surpass $70 and hovered around that point. Following the release of its earnings data on 18 July, a number of analysts upped their predictions for Omnicom, with [...]
US pending home sales fall 0.4 per cent in June July 29, 2013 US pending home sales have fallen 0.4 per cent in June, from a 5.8 per cent rise (revised from 6.7 per cent) in the previous month. That's a nasty revision, and this month's figure is worse than the 0.1 per cent decline expected. pending
New EU bonus rules mean bankers can be paid in bonds to promote long-termism July 29, 2013 A new European Union law which will cap bonuses from 2014 will also allow bankers to be paid in bonds. Current rules allow bonuses to be up to 50 per cent cash, with the remainder in shares that can not be immediately sold. The new rules will allow bankers to be paid in bonds known [...]
Greece has some big obstacles to clear to meet its fiscal targets and achieve primary surplus by 2014 July 29, 2013 Greece is continuing to make "overall, albeit often slow, progress" under the second economic asjustment programme, according to the European Commission's latest review of the country's economy. Although Greece has made good progress on public finances, recapitalisation of the four major banks, and several important structural reforms, there are still a number of areas that [...]
Deloitte warns serious misconduct ruling could damage financial advisory industry July 29, 2013 Big four accountancy firm Deloitte has warned that a Financial Reporting Council (FRC) tribunal ruling it engaged in serious misconduct when it advised the owners of MG Rover in 2000 over two transactions could damage the financial advisory industry. City A.M. understands that Deloitte will make an interim payment of £1.75m, with the final figure [...]
Italian prime minister: Europe will be reborn in Greece July 29, 2013 Italian prime minister Enrico Letta has visited his Greek counterpart Antonis Samaris in a show of solidarity as the country scrapes through the conditions required for its next tranche of aid. Ahead of the meeting, which is thought to have covered subjects like youth unemployment, immigration and energy, Samaras said Greece was “firmly on the [...]
Business group says that employment tribunal fees will encourage businesses to hire July 29, 2013 As changes to the legal system come in today, business group the Institute of Directors argues that the introduction of user fees for employment tribunals will help businesses to hire. Alexander Ehmann, head of regulatory policy at the Institute of Directors, said: The introduction of fees for employment tribunals will have a direct effect on [...]
EU commissioner says there’s space for further trade agreements with China July 29, 2013 Following the agreement between the European Commission and China on a minimum price for solar panels over the weekend, EU trade commissioner Karel de Gucht has said there is a “window for discussions” over the next few months to resolve further trade disputes over wine and silicon. European solar panel manufacturers previously accused Chinese companies [...]
Feel-good factor drives up retail sales for first time since February as heatwave hits Britain July 29, 2013 Retail sales have risen for the first time in five months, according to the CBI's latest monthly distributive trades survey (release). Reported sales grew to 17 in July from 1 previous, beating analyst estimates of a rise to 10. The survey of 60 retailers saw year-on-year high street sales this month grow at a stronger [...]