UK fourth quarter GDP: Economy grows 0.5 per cent in the fourth quarter January 28, 2016 Britain's economy picked up slightly in the last three months of 2015 – but gross domestic product (GDP) growth fell sharply on an annual basis, figures published this morning showed. The Office for National Statistics (ONS) said UK GDP rose 0.5 per cent in the fourth quarter, in line with economists' expectations, and up from 0.4 per cent in the [...]
London house prices: Housebuilding hit its highest in eight years in 2015 – but new home registrations fell in London, says NHBC January 28, 2016 Londoners, hold on tight: the housing crisis is getting worse. Figures from the National House Building Council (NHBC) showed the number of new homes registered in the capital actually fell last year – despite a raft of government measures aimed at easing pressure on the housing market. The figures, published this morning, showed 25,994 new homes [...]
Japanese economy minister Akira Amari resigns after denying bribery allegations January 28, 2016 Japanese economy minister Akira Amari has stepped down after he was accused of receiving bribery from a construction company. The BBC reported Amari told a news conference: Japan is finally emerging from deflation … We need to pass legislation through parliament for steps to beat deflation and create a strong economy as soon as possible. Anything [...]
Bank shares overvalued as Eurozone leans on Germany and France struggles January 28, 2016 Most European bank shares are overvalued, according to more than half (54 per cent) of UK fund managers polled by accountancy giant EY. German banks managed to buck the trend however, with two-thirds of managers polled believing them to have the best growth prospects in Europe. On top of that, 80 per cent rated the [...]
Libor scandal: Serious Fraud Office has “serious questions” to ask itself after five of six brokers accused of rigging Libor acquitted on counts of conspiracy to defraud January 28, 2016 Five brokers accused of conspiring with Tom Hayes to fix Libor were acquitted yesterday, dealing a blow to the Serious Fraud Office's clampdown on financial misconduct. A jury at Southwark Crown Court acquitted Colin Goodman and Danny Wilkinson, who both used to work at ICAP, Noel Cryan, formerly of Tullett Prebon, and Terry Farr and James [...]
UK and Ireland among 31 countries signed up to OECD tax co-operation agreement January 27, 2016 The OECD has announced that 31 countries have signed up to a new tax co-operation agreement to enable automatic sharing of country-by-country information. Representatives from the 31 countries, which include the UK, Ireland and Australia, signed the Multilateral Competent Authority Agreement (MCAA) at a ceremony today. “Country-by-country Reporting will have an immediate impact in boosting international [...]
US Fed leaves interest rate on hold amid global market volatility January 27, 2016 The US Federal Reserve has voted to keep interest rates on hold at 0.5 per cent, following the first rate rise for almost a decade in December. All but one member voted to leave the benchmark rate that banks offer to lend to each other overnight, known as the Federal Funds rate, between 0.25 per cent [...]
Libor scandal brokers: Jury acquits five of six brokers on accusations of conspiracy to defraud in latest Libor verdict, but is still considering one of the charges against the sixth January 27, 2016 A jury has today acquitted five of six brokers accused of offences related to manipulating the London Interbank Offered Rate (Libor). The brokers who have been acquitted are Colin Goodman and Danny Wilkinson, who both used to work at ICAP, Noel Cryan, formerly from Tullett Prebon, and Terry Farr and James Gilmour, both formerly of RP Martin. The verdict for [...]
Can you tell the real jobs from Hollywood sci-fi? Take this quiz to find out January 27, 2016 From train pusher to beer smeller, there sure are some pretty weird jobs out there if you’re looking for a new career path. But Hollywood science fiction films have delivered some pretty stellar and yet completely made-up job titles throughout the years. In the quiz below, some of the jobs come directly from the Home [...]
Prudential Regulation Authority governor Andrew Bailey says preventing another financial crisis is a work “in progress” January 27, 2016 The Bank of England's Andrew Bailey has said that creating a more stable financial system to prevent another financial crisis is still a work "in progress". Speaking at the International Financial Services Forum in Dublin, he said: "The work is still in progress and thus for us very much a matter of debate." Market turmoil since [...]