New York Report: Nasdaq above 4,000 for first time in 13 years November 26, 2013 THE Nasdaq composite index closed above 4,000 yesterday for the first time since 2000, while the Dow and S&P ended barely changed. Retailers and homebuilders were among the best performing sectors, responding to stronger-than-expected earnings and robust housing market data. Tiffany jumped seven per cent to $88.02 and was the S&P 500’s top performer after [...]
Construction sector set for renewed boom October 20, 2013 BRITAIN’S construction output could grow by as much as one-fifth over the next four years, estimates from the Construction Products Association (CPA) indicated today. The group’s economists expect the £111bn per year sector to grow by 19 per cent by 2017, upgrading their forecasts as the UK’s housing market picks up. In 2014 it expects [...]
An evening celebrating all the very best of London business November 13, 2013 LAST night was an occasion to remember: City A.M.’s fourth annual awards celebrating the best and brightest of London’s business and financial communities. Over 480 guests from around 100 different firms attended the celebration, held at the Grange Hotel in St Paul’s. There was great food, music and company, as well as a rousing speech [...]
Ex Barclays chief Bob Diamond returns December 9, 2013 Former Barclays chief executive plans his City comeback BOB DIAMOND is launching a new investment vehicle in London to fund a venture into African banking, his first big move since leaving Barclays in last year’s Libor scandal. City commentators welcomed the investment banker’s return, 18 months after he bore the brunt of the blame for [...]
ECB official says Eurozone is out of danger zone October 28, 2013 THE EURO area is out of the danger zone, but to prosper it must restructure its financial sector, foster growth with new business models and avoid protectionism, a top European Central Bank (ECB) policymaker said yesterday. In a speech to the Asia Europe Economic Forum in Beijing, which was entitled Lessons from East Asia for the [...]
The Bank has put the brakes on Funding for Lending – Why not on Help to Buy? November 28, 2013 Threats of an overheating housing market have reached Threadneedle Street, and they're cutting out the mortgage incentives from the Funding for Lending Scheme (FLS). This morning Bank of England governor Mark Carney said that "risks to financial stability may grow if there are further substantial and rapid increases in house prices". FLS was launched at [...]
Entrepreneurship week comes to London: Four events worth watching November 17, 2013 IT’S GLOBAL Entrepreneurship Week, and this year’s theme (Take a Step Forward) is more timely than usual. Despite record numbers of new startups, UK entrepreneurs still find it more difficult to scale or reach the next stage of their development than their peers in the US. Whatever the reasons (and they are much debated), this [...]
Deals worth billions to be struck this year October 28, 2013 An estimated £5.8bn worth of deals were struck at the eighth World Islamic Economic Forum, held last year in Malaysia. The biggest involved Singaporean billionaire Peter Lim, who agreed to build a motorsports hub in Iskandar, Malaysia, for $1.4bn (£870m). And with a record number of delegates set to attend this year’s event – around [...]
How institutional capital could keep the lights on and lower energy bills November 12, 2013 WITH so much talk about the lights going out in the UK over the next two to three years, it almost starts to be believable. In its last Electricity Capacity Assessment, Ofgem prophesied that our reserve margin of available capacity could fall below 5 per cent of total peak demand by 2015-16, raising the risk [...]
Sheffield home to Cable’s new business bank December 1, 2013 THE NEW British Business Bank is to be set up in Sheffield, according to a government announcement today, as business secretary Vince Cable pledges another £250m for the project. The increase in funding means that the state-backed bank, which is meant to help small businesses access finance, will begin with £1.25bn. Spokespeople from the Department [...]