International students splash out £600m in rent on flats in London September 8, 2015 London’s international student population is contributing £600m in rent to the capital, new research shows, with some of the wealthiest students spending three times the average UK worker on their home. The student property sector has boomed in recent years thanks to rising student numbers and an undersupply of flats to house them, with UK [...]
Bank of England governor Mark Carney readies for grilling from newly formed Treasury Select Committee September 8, 2015 Bank of England boss Mark Carney will be among the first witnesses to appear before the newly-formed Treasury Select Committee tomorrow. Carney and other policymakers from the Old Lady will be quizzed about financial stability and the economic outlook for the UK. Conservative MP and committee chair Andrew Tyrie has said he will ask questions [...]
EU migrant crisis: Germany can pay for incoming migrants without taking on new debt, says finance minister Wolfgang Schaeuble September 8, 2015 Today, German finance minister Wolfgang Schaeuble offered words of relief to taxpayers over the country's huge migrant influx. During a parliamentary debate, he said Germany would not need to borrow any money to pay for the more than half a million refugees the country intends take in every year. Read more: David Cameron: Britain [...]
What crisis? Eurozone growth revised up to 0.4 per cent in second quarter September 8, 2015 Things didn't get quite as bad during the Greek crisis as everyone thought, it turns out, after Eurozone growth for the second quarter was revised upwards. Official statistics published this morning showed the bloc grew 0.4 per cent between April and June, up from the 0.3 per cent originally thought. At the time of the [...]
Chinese dragon needs to regain its fire: Falling competitiveness could be the hidden force behind the slowdown September 8, 2015 China's unravelling has had repercussions all over the world, from the $3 trillion (£1.96 trillion) wiped off global stock markets in the space of days, to fears of deflation in the UK and currency devaluations in places as distinct as Vietnam and Kazakhstan. The Shanghai stock market – which is down 40 per cent [...]
Pound ends longest losing streak since 2008 September 7, 2015 Sterling has risen for the first time in 10 days, ending what's been its longest losing streak in seven years. Global financial market turmoil and fears about the strength of the UK economy sparked a sell-off which saw sterling shed nearly four per cent of its value in just two weeks. Read more: Carney says China [...]
European stocks show resilience to China market fall September 7, 2015 European markets went up today, showing resilience to yet another decline on China's key index. The FTSE 100 closed 0.5 per cent higher at £60.75, while the Germany's Dax and France's Cac 40 rose 0.7 per cent and 0.6 per cent, respectively. Read more: China's stock market turmoil could spell bad news for London [...]
German industrial production rises 0.7 per cent in July, underperforming expectations September 7, 2015 Germany’s industrial production rose 0.7 per cent month-on-month in July, a slower rate than expected, according to data from Deutsche Bundesbank. Economists had expected a rise of 1.1 per cent, according to economists surveyed by Bloomberg. Read more: Non-EU markets boost German export surplus as euro weakens However, in an optimistic signal, industrial production was [...]
North Sea oil industry has lost 5,500 jobs since late 2014, says regulator September 7, 2015 The North Sea oil and gas industry has cut 5,500 jobs since late last year, according to the Oil and Gas Authority (OGA), the UK's oil and gas regulator. In a report published this morning, the OGA said plummeting oil prices had created an even more challenging economic environment for the North Sea's oil and [...]
City A.M.’s 10th Anniversary: Celebrating 10 years of events that shaped a decade September 6, 2015 A crunch, a crash, a coalition… When City A.M. hit the streets in 2005 no one could have predicted what was in store for the Square Mile and the broader UK – and global – economy. Here we revisit a selection of the moments that defined the last 10 years, and remember how they were [...]