Tesco share price plunges on profit warning, dividend cut – and Dave Lewis to start early August 29, 2014 Tesco's share price plunged 8 per cent in early trading after issuing a shock profit warning this morning. The struggling supermarket reduced full-year forecasts from £2.8bn to £2.4bn amid tough trading conditions and expects to reduce its dividend by 75 per cent on last year’s interim payout to 1.16p per share when it reports interim results [...]
Markets wobble as Obama looks to push sanctions against Russia August 28, 2014 US PRESIDENT Barack Obama yesterday said the US would look for ways to expand economic sanctions on Russia, after Kiev accused Moscow of moving troops into south eastern Ukraine. But he stopped short of calling the recent Russian aggression an invasion. US stocks edged lower as growing tensions snapped focus back to the volatile region, [...]
Hollande calls for growth summit amid political turmoil August 28, 2014 French President Francois Hollande has appealed for a Eurozone growth summit to get to grips with the currency block's economic stagnation and high unemployment. The embattled President warned an audience of ambassadors in Paris that “Europe is threatened by a long and possibly interminable stagnation if we do nothing.” Hollande called on European leaders to [...]
Christine Lagarde charged with negligence August 27, 2014 Head of the International Monetary Fund Christine Lagarde has been charged with “simple negligence” by a court in France, following claims of ministerial wrongdoing surrounding a €400m (£318m) payout to French businessman Bernard Tapie when she was finance minister. Lagarde said she would challenge the “totally baseless” decision.
Forget Piketty: How Sweden combined wealth and equality through capitalism August 27, 2014 SWEDEN continues to be one of the countries others look to for an answer to this fundamental question of our times: how can a country successfully combine increasing prosperity with a relatively egalitarian distribution? The French economist Thomas Piketty provided part of an answer in his book Capital in the Twenty-First Century, in which he [...]
Warren Buffett and Floyd Mayweather square off ahead of Maidana rematch August 27, 2014 Warren Buffett appears to be the latest member of Floyd Mayweather's "The Money Team", making him "teammates" with Justin Bieber. Mayweather, the pound-for-pound best boxer in the world, posted an image of Buffett visiting him at his gym to his Instagram page, accompanying it with a caption describing Buffett as "the original founder of The [...]
European bond yields fall further after Draghi’s hints at quantitative easing August 27, 2014 European bond yields fell again on Wednesday, as the knock-on effect from a speech by European Central Bank (ECB) president Mario Draghi continued to quell investors' fears over muted growth. Germany's 10-year yield fell to 0.9 per cent in London (and a record 0.91 per cent in New York), while Spanish 10-year yields fell to [...]
IMF chief Christine Lagarde under investigation by French court August 27, 2014 International Monetary Fund managing director Christine Lagarde has been put under formal investigation on suspicion of "simple negligence" by a French court. Lagarde was questioned for 15 hours on Tuesday by the Court of Justice of the Republic over her involvement in a long-running political fraud case involving controversial French businessman Bernard Tapie, who was awarded [...]
Burger King tax row hits Warren Buffett after Tim Hortons takeover announcement August 26, 2014 Burger King and US tycoon Warren Buffett were forced to defend a £7bn (£4.25bn) takeover of Canadian chain Tim Hortons yesterday amid mounting political tension in America over tax inversions. The Miami-based giant said it would buy the coffee and doughnut chain for $11.4bn and relocate to Ontario, Canada – seemingly to benefit from [...]
Francois Hollande gives ex-Rothschild banker Emmanuel Macron top economics job August 26, 2014 Embattled French President Francois Hollande announced his new government yesterday, replacing his rebellious economy minister with former Rothschild banker Emmanuel Macron. The 36-year-old was previously Hollande’s economic adviser, and takes the place of Arnaud Montebourg, the firebrand socialist who trashed the government’s economic policies in a speech last weekend. Macron is viewed as a reformist [...]
