Advertised job openings cool off as retailers and factories cut back March 1, 2016 Growth in the number of new job vacancies slowed in January. Available job openings rose 13.3 per cent from the same month last year, according to the data published by jobs site Adzuna this morning. Yearly vacancy growth was above 20 per cent in every month last year. The slowdown was due to a sharper-than-usual [...]
Economy shrugs off market jitters to keep up steady growth March 1, 2016 The UK’s economic growth held up in February in the wake of stock market turmoil and global growth concerns. New survey data published this morning by the Confederation of British Industry (CBI) suggests growth picked up in the three months to February compared with the three months to January. The percentage of firms that said [...]
UK household spending growth slows for fourth month in a row in January, Asda income tracker shows March 1, 2016 UK households enjoyed a double digit rise in their weekly spending power in January, despite growth slowing for the fourth month in a row. Asda’s latest income tracker released today shows that consumers were £12 – or 6.7 per cent – better off in January compared with the same time last year, taking their average [...]
Argentina makes $4.65bn deal with holdout creditors pathing the way for return to international capital markets February 29, 2016 Argentina has finally come to an agreement in principal with a group of holdout creditors to end a 15-year legal fight over defaulted debt. The country will pay the group $4.65bn, which is close to 75 per cent of the full judgements, including the principal and interest, according to Bloomberg. The agreement is expected to clear [...]
Saudi Arabia pushes oil price higher as it promises to stabilise the market February 29, 2016 The oil price was been pushed higher this afternoon after de facto Opec leader Saudi Arabia vowed it will try to limit volatility as it tries to stabilise the market. Oil investors are closely watching for any sign that Saudi may be weakening its previous commitment not to cut output even as it tries to broker a [...]
People’s Bank of China cuts reserve requirement for fifth time in 12 months February 29, 2016 China has cut the amount of cash it requires banks to hold in reserve, the country's central bank announced today. The People's Bank of China (PBOC) cut the reserve ratio by 0.5 per cent in order to "maintain adequate liquidity" and ensure steady growth in money and credit. The move will take effect from tomorrow. The reserve [...]
Researchers have found a way to predict future oil prices February 29, 2016 From its sensitivity to shocks in global supply and demand, to outside factors such as the weather, oil prices are notoriously difficult to predict. After all, hardly anyone foresaw the current rout which has wiped around 70 per cent off the value of crude since the middle of 2014. But companies around the world have been forced to [...]
Pound could fall to parity with the euro if Brexit vote gets through, warns UBS, as Deutsche Bank says Brexit would be a “journey down the rabbit hole” for UK economy February 29, 2016 Economic wonks at UBS have calculated the British pound could fall to equal value to the euro, if the UK does decide to quit the European Union in the vote set for 23 June. UBS reckons the chance that the UK will leave the EU stands at around 40 per cent. The latest warning follows [...]
Smaller UK banks and investment firms will not have to abide by EU bonus cap rules – FCA and PRA February 29, 2016 The UK's financial regulators have told their European counterparts they will not be applying the bonus cap to smaller banks and investment companies. The Financial Conduct Authority (FCA) and the Bank of England's prudential regulation authority (PRA) have told the European Banking Authority (EBA) they will not apply the bonus cap to all firms recommended by the [...]
Consumer borrowing growth hits decade-high February 29, 2016 Borrowing on credit cards and through overdrafts is growing at its fastest rate since January 2006, data published today by the Bank of England reveals. The stock of consumer credit reached £179.5bn in January, up 9.1 per cent on the same month last year. Total credit growth in the UK is now at its highest [...]