Monthly Archives: November 2013

Spain on track but India GDP disappoints

Producer prices fell in France and Italy, while Spain registered a current account surplus of €3bn ($4.1bn) in September, putting the country on track for its first annual profit in decades. Europe UK According to the GfK Consumer Confidence Index, UK consumers were less optimistic in November than in the previous month, with the index dropping one point to -12….

November 29 highlights

Buy: Mitchells and Butlers (MAB) If economic recovery spreads to the regions from London and the Southeast – which currently generate 45 per cent of sales – then M&B will be well placed to benefit and the shares are modestly rated on a price/earnings ratio of 11.6, writes Julian Hofmann. A mix of stable operating revenues and reduced interest charges…

Runaway stocks approach rally’s end point

Two weeks ago, Jack Lew, US Treasury Secretary, was in Asia making the rounds in Singapore, Tokyo and Beijing. Those who attended meetings with Mr Lew assumed he was coming to apologise for the way the debate in Washington on extending the debt ceiling was handled in the previous month and to offer reassurance that the next time the matter…

ICE and DTCC set for clearing venture

IntercontinentalExchange and the Depository Trust & Clearing Corporation, the post-trade services provider, are preparing to battle for market share in interest rates derivatives clearing by exploring ways for big dealers to reduce the cost of trading. The two said on Friday they would wind-down their joint venture New York Portfolio Clearing, a US clearing house for Treasury futures. The open…

Alderney looks to cash in on Bitcoin

©Getty The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency. The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents…

Banking on Bitcoin

If a small city state had adopted Bitcoin as its national currency, it would now be in the grip of deflation as foreign speculators siphoned away its supply of the virtual currency. Money would be scarce, and prices would fall dramatically. Authorities might try to lift prices but they would lack one of their most powerful tools. Central bankers can…

Weak growth sparks London house price fears

©Bloomberg House prices in prime areas of central London have stalled in November, raising the possibility that the capital’s property boom is diminishing. Residential prices in the City, Westminster, Kensington & Chelsea and other central areas such as St John’s Wood rose by only 0.2 per cent in the month, according to Knight Frank, the property consultancy, leading to annual…

Reasons to be thankful in past 12 months

What do we have to be thankful for? Americans are in the middle of the annual process of counting their blessings as the year begins to wind down. Following tradition, President Barack Obama wrote a proclamation calling on his compatriots to give thanks. There is irony in this, after 12 bad political months for him. After winning an election in…

US retail stocks in focus on Black Friday

US retail stocks were in focus as investors attempted to get an early read on the strength of the holiday shopping season, in a shortened Wall Street trading session on the Friday after Thanksgiving. The S&P retail index rose 0.3 per cent, while among some of the most active retail companies, Target down 0.8 per cent to $63.93, Best Buy…

South Korea turns to North Sea oil

North Sea crude oil headed to South Korea at the highest rate in more than a year this month as the Asian country’s refiners have seized on government incentives to import crude from further afield. Three very large crude carriers (VLCCs) were chartered to load North Sea oil for South Korea in November, according to traders. The aggregate 6m barrels…