Chinese services PMI at its lowest since records began August 5, 2014 The Chinese services purchasing managers' index came in at 50.0 for July, its lowest reading since data collation began in November 2005. According to research by HSBC and Markit, the sector was stagnant as a result of slowing market conditions in the property sector. Any reading above 50.0 indicates growth, and this is the first [...]
Stephen King’s Milan horror as he’s mistaken for someone else September 18, 2014 Oh we do love a good case of mistaken identity. HSBC’s global chief economist Stephen King jetted into Milan yesterday, to give a talk at a client conference about new emerging geographies. On finishing his oration, a man approached asking him to autograph a copy of his book for his wife. King’s economic page-turner, When [...]
Stressing out: Britain’s lenders will be ticked off by the Bank of England as new tests bite December 14, 2014 If you happen to stroll down to Threadneedle Street in the early hours of tomorrow morning and find a hive of activity do not be alarmed – it’s just the start of the Bank of England’s inaugural stress tests results. While most of London slumbers at 5am, prudential regulation authority (PRA) officials will be locked [...]
Banks lead the pack as FTSE bounces back – London Report October 6, 2014 GAINS in major bank stocks led Britain’s benchmark equity index higher yesterday, and troubled supermarket group Tesco rose after new board appointments. The blue-chip FTSE 100 index, which fell to its lowest closing level in nearly a year last week, closed up by 0.6 per cent, or 35.74 points, at 6,563.65 points. Among the financials, [...]
Chinese industry signals slower growth as prices begin to drop August 21, 2014 CHINA’S manufacturing sector weakened to a three-month low this month, falling back towards negative territory after a more promising start to the summer. According to HSBC’s survey of the country’s dominant industrial base, released yesterday, manufacturers grew more slowly in August. The bank’s purchasing managers’ index (PMI) figure dropped back to 50.3, barely above the [...]
Hikma Pharmaceuticals eyeing $1bn bid for US rival CorePharma September 28, 2014 HIKMA Pharmaceuticals, which manufactures generic pharmaceutical products, is reportedly looking at buying US-based rival CorePharma for up to $1bn (£615m). CorePharma, owned by private equity firm RoundTable Healthcare Partners, was reportedly put up for sale in August and Hikma is now one of a number of bidders for the firm, according to The Sunday Times. [...]
Mothercare plans turnaround with £100m fundraise to stem UK losses October 9, 2014 Mothercare shareholders yesterday approved plans for a £100m rights issue to help fund another raft of store closures and revamps, as it steps up efforts to stem losses at its UK business. Despite having a profitable overseas business, Mothercare has been struggling with fierce competition in its home market from supermarkets and online players such [...]
Lloyds share price falls after stress test results revealed October 27, 2014 Lloyds Banking Group's share price fell two per cent on Monday trading, with analysts warning it could yet fail the Bank of England's more stringent stress test. The European Banking Authority had tested 123 banks’ capital buffers against a fictional crash, with a jump in unemployment, a renewed recession and falling house prices. Banks [...]
Which banks failed the European stress tests? Italy came out worst, followed by Greece and Cyprus October 27, 2014 25 banks failed the EU-wide stress tests carried out by the European Central Bank (ECB), according to results released this morning. The aim of the tests was to assess the resilience of EU banks to adverse economic developments and determine whether they could withstand another financial crisis. Based on banks' financial health at [...]
Jimmy Choo IPO ‘to value shoe label at £700m’ October 6, 2014 Luxury shoe company Jimmy Choo could land on the London Stock Exchange with a top valuation of £700m – less than originally expected, according to reports. The high end label, a favourite of Sex and The City star Sarah Jessica Parker, is looking to issue a quarter of its share equity with an initial [...]