President Trump should be positive for the UK economy – in the short term at least January 19, 2017 When the US electorate chose Donald Trump as their next President, they voted for a big break from the liberal consensus which Hillary Clinton epitomised. Globalisation had not served Trump supporters well, and they wanted something radically different. We are now beginning to get more of a taste of what this might be. Some of [...]
After wages grew faster than expected in the three months to November, is the UK economy overheating? January 19, 2017 Charles Dumas, chairman and chief economist at Lombard Street Research, says Yes. The 2016 British economy was at or above its potential, with no slack. Official estimates of a little slack ignore domestically generated inflation picking up fast. If you impose a 15 per cent devaluation on an economy already fully employed, you do not [...]
This is the most popular brand in the UK (and it’s not even from here) January 19, 2017 Aldi and Lidl have topped YouGov's ranking for the most popular British brands, beating well-heeled rivals John Lewis and Marks & Spencer. Every week last year YouGov asked a group of consumers whether they had heard good or bad news about the biggest brands in Britain – and the German immigrants came out on top. Read more: Aldi bags [...]
Top bankers from Goldman Sachs and JP Morgan touch down in Davos for Brexit showdown with Prime Minister Theresa May January 19, 2017 Prime Minister Theresa May has jetted out to Davos for crunch talks with top bankers following a landmark speech this week in which she set out her vision for Brexit. May will meet chief executives from banks such as Goldman Sachs and JP Morgan a day after two other bosses – HSBC’s Stuart Gulliver and UBS [...]
Federal Reserve chair Janet Yellen says slowly increasing interest rates “makes sense” January 18, 2017 Federal Reserve chair Janet Yellen has said that gradually increasing interest rates "makes sense" now that the U.S. economy is reaching full employment and inflation is "inching back" towards two per cent. Speaking at the Commonwealth Club in San Francisco, Yellen said: "Waiting too long to begin moving toward the neutral rate could risk a [...]
JP Morgan Chase to fork out $55m to settle mortgage discrimination claims January 18, 2017 JP Morgan Chase has agreed to pay $55m (£44.9m) to put to bed claims that it charged borrowers from minority backgrounds more for mortgages. The US Justice Department alleged the banking giant willfully went against the US Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009, and showed "reckless disregard" for the rights of [...]
The name’s bond: Citigroup fourth quarter results lifted thanks to fixed income division January 18, 2017 Citigroup has reaped the rewards of the bond market trading boost following the election of Donald Trump, alongside its US rivals such as Goldman Sachs. The bank's net income for the fourth quarter of 2016 came in at $3.6bn (£2.69bn) as compared to $3.3bn the year before – a rise of nine per cent. Read more: [...]
These peer-to-peer platforms lent nearly £3bn in 2016 January 18, 2017 Nearly £3bn was lent across the UK’s biggest peer-to-peer platforms last year, new figures out today showed. More than £800,000 was lent in the last quarter of 2016 by members of the Peer-to-Peer Finance Association (P2PFA). Since the beginning of 2010, members of the association have lent an estimated £7.3bn. Read more: The FCA is [...]
Theresa May is expected to launch a consultation on her flagship industrial strategy next week January 18, 2017 Prime Minister Theresa May is expected to launch a consultation on her much heralded industrial strategy early next week. City A.M. can exclusively reveal that Downing Street has pencilled in Tuesday to launch a long-awaited green paper on the topic, with May expected outline the plans personally. It comes after the Prime Minister has made two [...]
Goldman Sachs predicts healthcare M&A flurry, helped by Donald Trump January 18, 2017 Wall Street giant Goldman Sachs is predicting a mergers and acquisitions (M&A) flurry in the healthcare sector this year, helped by Donald Trump. After a record 2015 for global M&A, there was a general slowdown in activity last year. Jami Rubin, unit leader of Goldman’s healthcare research group, noted that activity in the sector was “lower [...]