UK retail sales: Christmas brings little cheer to retailers January 12, 2016 Christmas brought little cheer to UK retailers in December as hopes of a boost to sales from higher consumer confidence fell flat. The British Retail Consortium (BRC) and KPMG’s latest monthly index shows like-for-like retail sales rose by 0.1 per cent from December 2014, when they had decreased 0.4 per cent. Total sales were up one [...]
Don’t panic yet on stock market swings, say economists January 11, 2016 The sharp falls in global stock markets since the beginning of the year are unlikely to usher in a new period of economic turmoil, economists have said. London’s FTSE 100 has lost 3.6 per cent this year while the Vix, known as an investors’ fear index, hit 27 at the end of last week, the highest since [...]
Francois Hollande’s economic adviser Laurence Boon joins Axa January 11, 2016 One of French President Francois Hollande's economic advisers has been snapped up by French insurance giant Axa. Laurence Boone, who was critical of Hollande's socialist government before being appointed, controversially joined Hollande's team of advisers in June 2014. She left a post at Bank of America Merrill Lynch Global Research to do so. “I am absolutely delighted that Laurence [...]
Morgan Stanley warns oil prices could fall to $20 per barrel due to a strong US dollar January 11, 2016 Foreign exchange rate movements could send Brent crude oil as low as $20 per barrel, investment bank Morgan Stanley has warned. In a research note sent out today, it said oil prices could fall between 10 to 25 per cent if the US dollar gains five per cent. While the widening gap between supply and demand may [...]
Catalan independence unlikely despite separatist victory, say economists January 11, 2016 The election of a new leader in the Spanish region of Catalonia over the weekend is unlikely to result in independence for the region, analysts believe. The developments are also likely to spur on activity at the national level, with parties against Catalan independence under more pressure to reach a deal on a functioning state. [...]
Flood-o-nomics: Why floods such as those in northern England, Scotland and Ireland keep affecting so many people January 11, 2016 The rain that fell during the last few weeks has resulted in widespread flooding across northern England, Scotland and Ireland. But the misery that these floods are inflicting is part of a major global problem. Over the past 30 years, floods that took place around the world killed more half a million people and displaced [...]
Euribor rigging trial: £1m bail requested for Christian Bittar as six of 11 ex-traders accused appear in court January 11, 2016 Former Deutsche Bank employee Christian Bittar, who appeared in court today over accusations regarding the manipulation of the Euro Interbank Offered Rate (Euribor), has been ordered to pay bail security of £1m. Bittar, who was represented by David Cameron's brother Alexander Cameron QC and will turn 44 years old tomorrow, was one of the six ex-traders who attended Westminster Magistrates’ [...]
How you can live in a £3m London mansion for free: SpareRoom founder Rupert Hunt’s lucky flatmates will pay only what they can afford for rent January 11, 2016 One property entrepreneur is giving someone the opportunity to live in a £3m mansion in the heart of the city – for free. Rupert Hunt, the founder of letting website SpareRoom, is looking for a new flatmate for his swanky pad in Spitalfields which boasts six bedrooms over five floors and grade two listed status, but is making it [...]
London house prices: Rethinking high rise estate regeneration could create 360,000 more new homes January 11, 2016 We may have been doing regeneration wrong this whole time. There's a much better way to redevelop London's high rise housing estates that would increase the number of homes in the capital by several hundred thousand, a new report has found – all but solving the housing crisis. More than a quarter of a million extra homes [...]
Lin Homer steps down as HMRC chief executive and the search for her successor is underway January 11, 2016 Lin Homer has announced today that she will be stepping down as chief executive of HM Revenue & Customs (HMRC) in April, after joining just over four years ago. Homer said: "After ten years as a chief executive and permanent secretary in the Civil Service, the start of the next Spending Review period seemed to be [...]