Category Archive: News
US home sales hit 5 year high
New figures from the US Department of Housing and Urban Development reveal that sales of new single-family houses in January rose 15.6 percent above the December 2012 rate, and 28.9 percent from the same time last year. Over 437,000 single family homes were purchased in January, exceeding the forecast of 381,000. Sales have been boosted […]
UK loses triple A rating for the first time in over three decades
The pound slipped to a two-year nadir as news that Moody’s Investor service became the first ratings agency to downgrade the UK from its triple A score since 1978. Domestic and foreign-currency government bond ratings have had their scored lowered to an AA1, though the outlook on these ratings remains stable. In a statement the […]
Novartis scraps payout
Departing chairman of Novartis, Daniel Vasella was set to receive a payout of $78m over six years, supposedly for consulting services and a very strict non-compete agreement. But the generous ‘golden gag’ package- as the payout has been dubbed by the media- caused waves of protests in Switzerland, a country on the verge of a […]
‘Made in’ labels raise controversy in Europe
The European Commission has announced plans to demand global manufacturers importing goods into the EU to apply a ‘made in’ label to all their products or risk sanctions. The World Trade Organisation is a staunch critic of such labels which it describes as making little sense in a world of globalised supply chains. Similar regulations […]
Britain’s electrified ring fence
The British chancellor has proposed a ring fence separating high-street retails banking from investment banking branches within institutions will need to be ‘electrified’ with severe sanctions. Osborne will publish the Banking Reform Bill giving regulators the power to split banks up if they do not comply fully with new rules designed to protect British taxpayers. […]
China proposes development zones for business in US
China has been planning a proposal to convert over $1tn of Chinese-owned land in the US into ‘development zones’ that could see the establishment of Chinese business and citizens in North America. The proposal would mean China would own American businesses, infrastructure and valuable land. In exchange for the investment the US government would guarantee […]
Amazon reports disappointing holiday sales
In the final quarter of 2012, the most important for retailers, the online shopping giant’s revenue grew by 22 percent to $21.3bn, about $1bn short of Wall Street forecasts. Reported holiday sales in the US were disappointing across the board, despite growth of 14 percent, according to ComScore, a research group. Amazon profits have diminished […]
Apple stocks drop 10% after growth concerns
The share drop came in the wake of Apple’s December results were announced. The company sold 47.8m iPhones in the three months to December, a year-on-year increase of 78 percent; revenues were up 18 percent to $54.4bn. However, the results fell significantly short of analysts’ expectations. Investors have expressed disappointment, in spite of reported net […]
Britain’s big question: In or out?
In a long awaited speech, UK Prime Minister David Cameron has promised an in-out referendum on the country’s membership in the EU should his Conservative Party be returned to power following the next general election. Cameron said that the UK government will attempt to negotiate a new settlement with other European countries before putting the […]
Moscow Stock Exchange set to launch its own IPO
The Moscow Stock Exchange has announced its IPO, but has so far not released any more concrete details. However, it has been confirmed that the banks handling the IPO will be JPMorgan Chase, Credit Suisse, Sberbank and VTBank. Analysts have suggested it is too early in the IPO’s pre-marketing phase to pinpoint how much the […]
