The Fed’s dangerous monetary experiments will continue whoever wins the US election June 14, 2016 The Federal Open Market Committee will be gathering in earnest today, but this hotly-anticipated event now looks like a damp squib after Janet Yellen all but ruled out an immediate rate rise last week. No doubt Fed watchers will revive their usual excitement and frenzy in the coming months, but a potential 0.25 per cent rise [...]
How the Treasury’s dodgy dossiers grossly exaggerated the economic impact of Brexit June 14, 2016 With just over a week to go before Britain votes, the Remain campaign is relying heavily on analysis produced by the Treasury which claims a variety of extremely negative impacts in both the short and the long term from the UK leaving the EU. Having reviewed the two models used by the Treasury, however, it [...]
The Sun backs Brexit, asks its readers to “beLEAVE in Britain” June 13, 2016 In a major blow to Prime Minister David Cameron, The Sun has come out in favour of Brexit in the upcoming EU referendum. The newspaper's front page on Tuesday carries an editorial backing the Leave campaign: “We urge our readers to beLEAVE in Britain and vote to quit the EU on June 23”. The influential [...]
BAE Systems boss warns employees of uncertainty in the UK in stark Brexit warning June 13, 2016 Defence and aerospace group BAE Systems has warned its staff of the risks of Britain leaving the EU. The company's CEO Ian King told employees in a note on the BAE Systems' internal website that Brexit would bring a "period of uncertainty", Sky News has reported. "From early on we have made clear our company view that remaining part of [...]
Brexit concerns prompt market’s fear index to hit highest level in three months June 13, 2016 Wall Street’s CBOE Market Volatility Index (Vix) aka the Fear Index crossed the 19-level for the first time since 10 March thanks to jitters in the global market including Brexit concerns. Vix, a yardstick for measuring fear or volatility in financial markets, added 2.56 points or 15 per cent to 19.59. Factors that affected the index [...]
Seven months after apologising to MPs, HMRC is now boasting of a “significant recovery” in its call-handling services June 13, 2016 HMRC has stressed a dramatic improvement in its call handling processes, with 90 per cent of calls answered, and the average call answered inside of six minutes. Speaking to MPs at the Public Accounts Committee earlier today, HMRC chief executive Jon Thompson, said that the performance represented “a significant recovery”. Last year, HMRC was slammed by a [...]
Sterling could drop almost a quarter of its value against the dollar after a Brexit vote, two economists have forecast June 13, 2016 Sterling's value against the dollar could plummet by as much as a quarter following a Brexit vote, according to a pair of economists. This week has seen the value of the pound reach a two month low against the dollar, dropping to $1.4137 on the back of fears around a vote to leave the EU. [...]
Before the bell: What you need to know before the US market open June 13, 2016 China's decelerating economy is causing fresh concern across international markets and the International Monetary Fund isn't helping. Here's what you need to know before the US market opens at 14:30 London time. The US market is pointing heavily south ahead of the open. The S&P 500 is down by 0.31 per cent in the pre-market. The Nasdaq [...]
Meet the man behind the Uber of the exchange world June 13, 2016 In less than eight years, Bats Europe has gone from being a one-man operation in a City of London coffee shop to the largest stock exchange on the continent by market share and value traded. But despite its growth, the company’s chief executive – and first employee – Mark Hemsley still likes to emphasise its small business charm. “We’re not [...]
Remain campaign can’t rely on Labour voters June 13, 2016 With just 10 days to go until Britain votes on its membership of the European Union, how much ammunition do the two sides have left? The Leave camp feel they’re on to a winner with talk of Turkey joining the EU, not least with immigration remaining top of the list of public concerns. Number 10 [...]