The controversial migration report’s been published. Here’s what you need to know March 6, 2014 The politically contentious report into the impact of migration on UK employment by the Department for Business, Innovation and Skills (BIS) was released today. The authors have been incredibly cautious to avoid stepping on any politician’s toes – it seems to come down on the pro-migration side, as far as UK political debate goes. The report [...]
What you need to know before the US open March 6, 2014 US stocks futures suggest a muted open for US markets, as investors digest some of the data and announcement we’ve had today. Initial jobless claims for last week beat expectations, with 323,000 people signing up for unemployment benefits, down from 349,000 a week earlier. Continuing jobless claims are at 2.907m, from 2.915m. Nonfarm productivity missed [...]
Eurozone inflation will hit 1.7pc in 2016 says ECB March 6, 2014 European Central Bank President Mario Draghi has confirmed he sees rates at present or lower levels for an extended period of time, but has opted to do nothing when it comes to taking action. The bank revealed this afternoon that it expects annualised inflation to hit 1.5 per cent in 2016, and 1.7 per cent [...]
US imposes visa restrictions on Russians and Crimeans March 6, 2014 The US will be imposing visa restrictions on Russians and Crimeans who are threatening Ukrainian security. A statement issued by the White House said the US: Is putting in place visa restrictions on a number of officials and individuals, reflecting a policy decision to deny visas to those responsible for or complicit in threatening the [...]
European Central Bank holds rates March 6, 2014 Today's second central bank decision and the European Central Bank has opted to leave its key interest rate unchanged, at 0.25 per cent. All other rates have been held, too. Capital Economics has called the outcome a "disappointment". Like numerous others, the research group was hoping Mario Draghi's dovish comments would lead to some action, [...]
Bank of England keeps rates at historic lows March 6, 2014 The Bank of England's Monetary Policy Committee has elected to hold rates at their historic lows of 0.5 per cent. As expected the Bank also held asset purchases at £375bn. The Bank's decision to maintain rates at such low levels as unemployment falls and growth accelerates, has led many to question the credibility of the [...]
Staples to shut 225 stores as sales fall March 6, 2014 US office supply retailer Staples is set to close 225 stores in an attempt to save $500m (£300m) from its annual operating expenses by 2015. The company that was taken public thanks to the private equity firm founded by former Republican presidential candidate Mitt Romney, ended 2013 with over 500,000 products on Staples.com versus 100,000 [...]
Oxfam former anti-fraud chief admits £65,000 scam March 6, 2014 Edward McKenzie-Green, a 34-year old ex-anti-fraud boss for Oxfam has today pleaded guilty to making £64,612.58 in payments from Oxfam to fictitious firms between February and December 2011. A charge against his father, Edward Green, for allegedly aiding him to launder over £35,000 was dropped. McKenzie-Green worked in the aid organisation’s counter-fraud department. The case [...]
Torrance handed key Ryder Cup role March 6, 2014 Former Ryder Cup-winning skipper and City A.M. columnist Sam Torrance has been named one of Europe’s vice-captains for this year’s contest against the United States at Gleneagles. Europe captain Paul McGinley – part of Torrance’s victorious team at the Belfry in 2002 – has also asked his fellow Irishman Des Smyth to assist him in defending [...]
Why the ECB’s rate decision has one analyst singing Simon and Garfunkel March 6, 2014 We’ve got the European Central Bank’s interest rate decision being announced at 12.45, and for Kit Juckes of Societe Generale, Simon and Garfunkel’s 1968 song The Boxer gives a neat summation of what we will – or won’t – hear this afternoon. I can only apologise for the Paul Simon thing this morning, which is [...]