Manufacturers’ disappointing start to 2016 continues in February February 22, 2016 Manufacturers' disappointing start to the year continued this month, according to survey figures released this morning. The Confederation of British Industry's (CBI) headline total orders balance drooped to a score of minus 17 in February from minus 15 in January. The long run average of the total orders balance is minus 15. However, the survey of 497 [...]
China to close more than 1,000 coal mines this year to tackle supply glut February 22, 2016 China is planning on shutting down more than 1,000 coal mines this year to counter a mammoth supply glut, the country's energy regulator said today. The Asian superpower is the world's largest consumer of commodities, including coal, but demand has decreased in recent years due to the country's well-documented slowdown in economic growth. Read more: Slowdown [...]
Eurozone economy growing at its slowest pace for over a year, according to business survey February 22, 2016 A gauge of economic growth in the Eurozone fell to a 13-month low this month. Markit's flash purchasing managers' index (PMI) – compiled from a survey of businesses – dropped to a score of 52.7 in February from 53.6 in January, according to figures released this morning. Scores above 50 indicated growth, with February's lower score implying slower growth. The [...]
The Gulf can cope with low oil prices, says IMF’s Christine Lagarde February 22, 2016 The International Monetary Fund is confident that the Gulf economies can adjust to cope with a sustained period of low oil prices, Christine Lagarde said today. The IMF managing director – who was awarded a second term in the role on Friday – said oil producers would have to tighten their purse strings as prices are [...]
EU referendum: The economic costs of a Brexit will outweigh benefits as trading is hit, says Moody’s February 22, 2016 Ratings giant Moody's has warned that a Brexit could automatically lead to the UK's credit rating being put on a negative outlook – because the "costs would outweigh the benefits" of an exit from the EU. "In our view, a decision to leave the EU would be credit negative for the UK economy," said Kathrin Muehlbronner, a [...]
Foreign graduates are helping to fill the skills gap in the UK’s financial sector February 22, 2016 The UK's financial sector is relying heavily on graduates from abroad to plug skills gaps in, according to new research published this morning. Foreign university graduates make up 28 per cent of the current graduate pool who have been working in finance for less than four years, salary bench-marking site Emolument said. For compliance workers the [...]
Scrap council tax and business rates and replace them with a land value tax to encourage development, says London Assembly member February 22, 2016 London’s housing shortage could be partially alleviated by replacing business rates and council tax with a tax on the value of land, a member of the London Assembly has argued today in a new report. The tax changes could lead to the release of nearly 2,000 hectares of land for development, which would provide enough [...]
Bank of England governor Mark Carney to face grilling from MPs over potential impact of EU referendum February 22, 2016 Bank of England governor Mark Carney and several of his deputies will likely have to clarify the risks associated with the June referendum on EU membership when they face a grilling from MPs tomorrow. While Carney tried to keep quiet on how the Bank would respond to the upcoming referendum on UK membership of the [...]
London house prices: Capital is the hardest place in the UK for local workers to get on the property ladder February 22, 2016 The difficulty of getting onto the property ladder has increased dramatically for London workers over last two decades, new research reveals this morning. Estate agent Hamptons International said that calculations based on income after taxes, essentials and mortgage payments showed it was significantly harder to buy in the capital than in any other region of the [...]
Oil producers hope for a deal on production limits by early March February 21, 2016 A deal to cap oil production at January levels should be completed by 1 March, according to the Russian energy minister Alexander Novak. The deal, brokered by de facto Opec leader Saudi Arabia, has the backing of Russia, Qatar and Venezuela. Opec rebel Iran has welcomed the deal but has said it will continue to [...]