Developing countries are the most supportive of free markets October 10, 2014 The free market system has suffered intense criticism in the years following the financial crisis. Growing income inequality in the developed world and lacklustre growth have elicited much comment about the free market's failure to deliver sufficient rises in living standards. However, despite the concerns over inequality and seemingly endless media commentary slamming capitalism as [...]
Tesla Motors share price after self-driving car fails to materialise – but the Model D is still pretty cool October 10, 2014 Tesla Motors share price dropped yesterday, and is expected to fall further today, after the much anticipated self-driving car failed to materialise. Company chief executive Elon Musk had fuelled speculation that Thursday night would see a big reveal when he tweeted that it was “about time to unveil the D and something else”. [...]
BoE had prepared emergency bank fund in event of Scottish independence referendum Yes vote October 10, 2014 The Bank of England had prepared emergency funding if Scotland voted for independence, and warned over the possible impact it could have on the UK's credit rating, it has emerged. Minutes of discussions by the BoE's financial policy committee (FPC) published today show detailed contingency plans had been put together, including provisions for banks [...]
UK trade deficit narrows in August as imports drop October 10, 2014 The UK's trade deficit narrowed in August, beating analysts' expectations. The seasonally adjusted figures showed that, although exports had fallen, imports had fallen by even more. According to data from the Office of National Statistics (ONS), the UK’s deficit on trade in goods and services was an estimated £1.9bn in August, compared with £3.1bn in [...]
Venezuela ordered to pay Exxon Mobil $1.6bn over nationalisation October 10, 2014 Venezuela has been instructed to pay US oil company Exxon Mobil $1.6bn in compensation for the seizure of its assets. Back in 2007, Venezuela's socialist government nationalised Exxon's Cerro Negro Project. Exxon Mobil said in a statement: The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets. The ruling, which [...]
Surprise as UK construction falls by 3.9 per cent in August October 10, 2014 UK construction contracted by 3.9 per cent in August – far worse than the 0.5 per cent expansion predicted by economists. Surprisingly almost no one saw this coming: a Bloomberg poll of analysts predicted a 0.5 per cent rise: 4.4 percentage points too optimistic. Every analyst polled by Bloomberg predicted expansion. As the Office of [...]
Odds for Ukip win in Rochester and Strood improve after Clacton victory October 10, 2014 The chances of Ukip winning the Rochester and Strood by-election have been boosted by today's big win in Clacton and the party's rise to become a serious challenger at Heywood and Middleton, according to bookmakers. The constituency is set for a by-election on November 6, after Conservative MP Mark Reckless defected to Ukip the [...]
Malala Yousafzay and Kailash Satyarthi win Nobel Peace Prize October 10, 2014 Pakistani schoolgirl Malala Yousafzay and human rights activist Kailash Satyarthi have been awarded this year's Nobel Peace Prize for their struggle against the suppression of children and young people, and the right for universal education. Satyarthi was praised by the Norwegian Nobel Committee for “maintaining Gandhi's tradition” throughout his many peaceful protests and demonstrations, [...]
Could today be a good time to ask for a pay rise? Microsoft boss Satya Nadella apologises for “karma” gaffe October 10, 2014 If you're a woman working at Microsoft, today might be a good day to ask for a pay rise. Yesterday the company's chief executive Satya Nadella had to issue an apology after he said women seeking pay rises should rely on karma, rather than asking their boss. During an event for women [...]
Customer growth continues for Telecom Plus October 10, 2014 Telecom plus has reported continued growth for the half year to 30 September, with performance in line with expectations for the year. In a trading statement released today, the British utility supplier said its customer and service numbers were up by 13 and 14 per cent, respectively. Second quarter growth followed on from [...]