Former IMF head to be tried for pimping and could face ten years in prison July 26, 2013 The former head of the International Monetary Fund Dominique Strauss-Kahn will be tried on charges of “aggravated pimping”, prosecutors in Lille have said, following an investigation ongoing since 2012 into sex parties he attended. The former IMF head says he did attend sex parties in the Carlton Hotel in Lille, France, but that he was [...]
IMF thinks the dollar is overvalued by as much as 10 per cent July 26, 2013 The IMF has said that it considers the dollar is mildly overvalued by as much as 10 per cent more than its fundamentals suggest. The organisation said that it expects US growth of 1.7 per cent in 2013, and 2.7 per cent in 2014. Risks to the US economic outlook are said to be modestly [...]
US consumer confidence sees surprise jump July 26, 2013 US consumer confidence has risen to 85.1 in July from 84.1 last month, according to figures from se the University of Michigan consumer sentiment index. Economists had forecast a slight drop to 84.0. Earlier this month a flash estimate saw consumer confidence fall from 84.1 to 83.9, despite economists predicting an increase to 85.0.
Treasury veteran Sir Jon Cunliffe named Bank of England deputy governor July 26, 2013 Sir Jon Cunliffe has been appointed deputy governor of the Bank of England for Financial Stability. Cunliffe, 60, will replace Paul Tucker who is leaving in the Autumn to become a Harvard academic. Cunliffe has been the UK’s permanent representative to the EU since January 2012, covering policy issues like negotiations on the banking union [...]
Outgoing Bank of England’s Paul Tucker will become Harvard academic July 26, 2013 The Bank of England has announced the appointment of its deputy governor for Financial Stability and MPC member Paul Tucker as a senior fellow at Harvard Kennedy School and Harvard Business School (release). As a Senior Fellow, Mr Tucker will work with faculty and students, both inside and outside the classroom, to help advance research [...]
Are we now more physically active? Social desirability bias may explain more than the Olympics July 26, 2013 Surveys can be deceiving – and that's largely because of how we answer them. There may be more to the latest BBC/ComRes poll on the legacy of the Olympic games than meets the eye. While 11 per cent of respondents said they are now more physical active as a result of the games, can we [...]
UBS $885m settlement with US regulators strikes fear into European banks July 26, 2013 Swiss bank UBS will pay $885m (£575m) in a settlement with US regulators over allegations it misrepresented mortage-backed bonds during the housing bubble, it was announced today. The Federal Housing Finance Agency (FHFA), which oversees state-sponsored housing enterprises Fannie Mae and Freddie Mac, said that UBS would pay $415m to Fannie May and $470m to [...]
Vimto owner encouraged to bid for Ribena and Lucozade July 26, 2013 Nichols, the company behind the Vimto soft drink brand, is reportedly being encouraged by GlaxoSmithKline to launch a joint bid with private equity firms for Lucozade and Ribena, which would make it one of the UK’s biggest beverage groups. In a statement to Sky News, Nichols said: We are monitoring the sale of GSK’s drinks [...]
Irish central bank slashes forecasts and calls to resist easing deficit reduction plans July 26, 2013 The Central Bank of Ireland has slashed growth forecasts for 2013, cutting them from 1.2 per cent to 0.7 per cent (release). The 2012 data, along with the preliminary data for the first quarter of 2013 suggest a relatively muted recovery in activity this year. GDP growth of 0.7 per cent is now projected for [...]
Eurogroup ministers sign off Greek aid July 26, 2013 Ministers this morning signed off the next tranche of aid to Greece, following delays related to a missed conditional policy on labour mobility. European Commission spokesperson Simon O'Connor tweeted the news: #EWG green light for #Greece: €2.5bn from EFSF, €1.5bn SMP income to be dibursed subject to completion of national procedures on Monday. — Simon [...]