Saudi Arabia is still dominating Asia’s crude oil market September 9, 2015 Saudi Arabia continues to be a major force in Asia's oil market, new figures from the US Energy information Administration (EIA) show – despite plummeting prices. In the first half of 2015, the kingdom's market share of crude oil imports into other countries on the continent remained practically the same as last year. [...]
Bank of England appoints Gertjan Vlieghe to the Monetary Policy Committee September 9, 2015 The Bank of England (BoE) has appointed Gertjan Vlieghe for a three-year term on its nine-strong monetary policy committee (MPC) from 1 September. He will take over from external member David Miles, who is stepping down from the committee after its next meeting on the 6 August. Vlieghe is a partner and economist at Brevan [...]
Bank of England governor Mark Carney says China turmoil won’t affect interest rate decision September 9, 2015 Bank of England governor Mark Carney has said that the slowdown in China's economy won't affect the path of interest rates for now. "Developments in China are unlikely to change the process of rate increases," Carney told an audience at an annual US central banking conference in Jackson Hole, Wyoming. His comments come after "Black Monday" where renewed [...]
Economic growth cooled off over summer, says Niesr September 9, 2015 The UK economy may have slowed slightly over summer, with a think tank estimating growth of 0.5 per cent in the three months ending August. The National Institute of Economic and Social Research (Niesr) said today that despite the moderation, which is on the low side of recent figures, growth remains close to the economy’s [...]
Asian markets soar, as Nikkei posts biggest one-day gain in seven years September 9, 2015 Asian markets soared this morning, and the Nikkei index topped the lot. Closing 7.71 per cent higher at 18,771 points, Japan's key index made its biggest one-day gain since 2008, when wild volatility hit markets. The Topix also made a big jump, going up 6.4 per cent to 1,507 points. Read more: Chinese dragon [...]
UK industrial production drops in July as exports struggle September 9, 2015 UK factory output fell by 0.5 per cent in July compared with June, according to figures released the Office for National Statistics this morning, as firms continue to battle against a strong pound weak economic growth in major export markets. Total industrial production, which includes mining and quarrying as well as manufacturing, dropped 0.4 per cent. [...]
UK pension changes prove positive for insurance group LV as half year profit jumps September 9, 2015 Insurance group LV reported a 103 per cent jump in operating profit during the first half of the year, a period in which the firm said it had altered its offering to suit changing customer needs. Group operating profit was up to £79m in the six months to 30 June, from £39m in the [...]
Mergers and aquisitions defy stormy global financial markets as M&A deals involving UK firms jump past £260bn September 9, 2015 Businesses pushed ahead with billions of dollars’ worth of mergers and acquisitions (M&A) yesterday, unperturbed by recent volatility that has shaken global markets. Deals involving UK firms jumped past the $400bn (£260bn) mark for the year to date as takeover Tuesday gripped the City. PaddyPower and Betfair agreed a £6bn merger; Cinven revealed [...]
Aldi and Lidl market share: The only way is up for discount supermarkets September 9, 2015 No-frills retailers such as Aldi and Lidl are set for decent growth in the UK, with experts predicting that an overall rise in spending will offset any substitution towards pricier retailers as the economy recovers. “With consumer confidence at its highest point in many countries since the global recession and economic growth expected to continue… [...]
UK housing marktet: Record low rates spur mortgage lending climb September 9, 2015 Record low borrowing costs and competition between banks led to a rise in mortgage lending from April to June, figures released by the Bank of England and Financial Conduct Authority showed yesterday. The total value of mortgages advanced was £52.5bn over the period, a 15.1 per cent jump on the same time last year. The [...]