Sir John Vickers warns Bank of England “too big to fail” bank buffers are not enough February 14, 2016 New requirements for banks to hold enough capital to prevent them from going under in the event of another financial crisis have been questioned by Sir John Vickers. In a stark warning Vickers, the author of 2011's Independent Commission on Banking (ICB) report in the wake of the financial crisis and subsequent bailouts, has called the wisdom of the BoE's [...]
Oil price rout gets Opec members cooperating, says Nigerian oil minister Emmanuel Ibe Kachiwku February 14, 2016 The world's biggest oil producers are cooperating more after the prolonged rout which has left oil prices languishing around the $30 per barrel mark. The Organisation of Petroleum Exporting Countries (Opec) are closer to cooperating, indicated Nigerian oil minister Emmanuel Ibe Kachiwku in an interview with Reuters. "There's increased conversation going on. I think when we met in December … [...]
China’s central bank governor plays down fears over currency regime February 14, 2016 The governor of China’s central bank has downplayed fears over the country's dwindling level of foreign exchange reserves, saying there is no reason for them to fall to dangerously low levels. Zhou Xiaochuan, governor of the People’s Bank of China, blamed “speculative forces” for attacking the value of the yuan. China's stock market will open tomorrow after closing [...]
Reduce red tape for self-employed, Cambridge Satchel Company entrepreneur Julie Deane tells David Cameron February 14, 2016 The self-employed should have the burden of red tape reduced, one of the UK's top entrepreneurs has said. Julie Deane, founder of the Cambridge Satchel Company, has recommended the regulatory burden on those who are self employed should be addressed among other suggestions in a review of self-employment commissioned by David Cameron. She has also called for [...]
Home ownership is becoming a pipe dream for younger workers, think tank warns February 13, 2016 Owning a home is set to become a pipe dream for young workers on modest incomes, according to new research. Data from the Resolution Foundation found it is becoming increasingly difficult for young people on modest incomes to get onto the housing ladder, with just one in 10 set to be a homeowner by 2025. [...]
Greece falls back into recession despite GDP beating expectations February 12, 2016 The Greek economy has skidded back into a recession – but it’s still beating expectations. Greece’s GDP shrank by 0.6 per cent in the fourth quarter of 2015, marking its second consecutive quarter of contraction. Year on year the economy has shrunk by 1.9 per cent, according to a flash estimate from the Hellenic Statistical [...]
Eurozone fourth quarter economic growth beats expectations February 12, 2016 The Eurozone economy grew by more than expected in the final three months of last year, nevertheless economists described its performance as steady but disappointing. Eurostat said today that Eurozone gross domestic product grew by 0.3 per cent from October to December, beating economists' forecasts for it to stagnate, Eurostat said today. This was unchanged from [...]
Bad news for Valentine’s Day truffle buyers: Chocolate could be about to become more expensive as emerging markets develop a sweet tooth February 12, 2016 The price of chocolate could be about to leap, as inefficient farming methods come up against spiking demand, new research has suggested. Something to think about as you're scoffing those Valentine's Day truffles… The research, by Hardman Agribusiness, said western consumers now munch their way through 286 35g bars of chocolate a year. That's more than 10 kilograms [...]
Brent crude and WTI: Oil prices jump on renewed Opec deal chatter – but analysts aren’t convinced February 12, 2016 Crude prices jumped today as renewed chatter about a possible production cut deal swirled around oil markets. Brent crude, the global benchmark, jumped four per cent to $31.26 per barrel. Meanwhile, West Texas Intermediate, the US benchmarked, added 3.8 per cent to $27.19. It came after the United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said [...]
UK house prices: Buying a house with your heart instead of your head costs more than £16,000 – but London isn’t the worst February 12, 2016 Waiting until you fall in love with a house before agreeing to buy it? New research claims that could really be hurting your wallet. Zoopla estimates that over a third of purchasers (34 per cent) spent more than their allocated budgets because they were ruled by their heart instead of their head – and the average [...]