Sanctions will cost Turkey and Russia billions, IHS economists warn November 30, 2015 The Russian and Turkish economies will both suffer heavy losses after Moscow imposed economic sanctions in response to the downing of a fighter jet, a new economic report has warned. Turkey was a major beneficiary of sanctions imposed on Russia by the EU last year in response to its involvement in the annexation of Crimea in [...]
Insurance losses now valued at AUS$75m following catastrophic wildfires in South Australia November 30, 2015 Bushfires in South Australia have generated insured losses of AUS$75m (£36m) as of today. According to figures from the Insurance Council of Australia (ICA), 525 claims have been made so far, and the value of the loss is expected to increase significantly as assessors continue to investigate claims over the coming days. The wildfires broke [...]
Judge approves Britain’s first ever deferred prosecution agreement in Serious Fraud Office bribery case involving Tanzanian division of ICBC Standard Bank November 30, 2015 Britain’s first deferred prosecution agreement (DPA) has been approved today in a bribery case involving ICBC Standard Bank and the Serious Fraud Office (SFO). A DPA is a type of plea deal where legal proceedings against a company are suspended in return for other conditions, such as agreeing to pay a fine. The London division [...]
Inflation in Germany and Italy weak in November despite oil price impact wearing off November 30, 2015 Inflation in Germany, the Eurozone’s biggest economy, and Italy was weak in November according to official estimates released today. However, there is evidence the effect of cheap oil is beginning to wear off. Germany’s inflation ticked up to an annual rate of 0.4 per cent in November. Energy prices were down 7.5 per cent compared [...]
China’s yuan clinches membership of the International Monetary Fund’s special drawing rights basket November 30, 2015 In a much expected move, the International Monetary Fund (IMF) has included China's currency, the yuan or RMB, in its elite currency basket. The yuan joins the yen, pound sterling, US dollar and euro in the IMF's special drawing rights – which acts as the IMF's own currency. While the move has little immediate practical significance, it is [...]
Bank of England and the Treasury extend funding for lending scheme for two years November 30, 2015 A scheme aimed at boosting lending in the economy will be extended through to 2018 in order to help the finance of small and medium-sized enterprises (SMEs) The funding for lending scheme (FLS) was introduced in 2012 in an attempt to revive lending to businesses and households. It provides funds to banks and building societies at cheap rates [...]
India’s economic growth rate accelerates to 7.4 per cent November 30, 2015 India's economy grew 7.4 per cent between July and September compared with the same three months in 2014, according to official figures released today. Economic growth in the country is picking up after growing seven per cent year-on-year between April and June. Manufacturing growth accelerated to 9.3 per cent, faster than the 7.9 per cent registered last year.The [...]
Pound falls below $1.50 for the first time since April 2015 as euro falls to seven-month low against the dollar November 30, 2015 The value of the pound fell below $1.50 today for the first time since April, thanks to the ever-strengthening dollar – just as the euro dropped to $1.0577, its lowest since March this year and the second lowest since 2003. The pound fell as low as $1.4999 this morning as the dollar continued its rapid ascent. The dollar has gained [...]
Number of accountancy firms falls as merger activity in the sector heats back up after it tapered off in 2010 November 30, 2015 The number of accountancy practices in the UK fell last year as merger activity across the sector rose once again. According to figures released today by commercial finance company LDF, the number of accountancy firms in the country dropped from 6,962 to 6,622 in the year to December 2014, as more businesses combine their activities in [...]
Barclays: Robotics is the future for Britain’s struggling manufacturers November 30, 2015 The UK's struggling manufacturing sector has bags of potential, according to a new report from a major British lender. Barclays has said today it believes that further automation and utilisation of robotics could add as much as £60.5bn to the sector, and the economy as a whole, over the next 10 years. It would take [...]