Markets taken aback by China’s move to devalue the renmibi to boost flagging economic growth August 11, 2015 Markets were taken aback by China’s move to devalue the renmibi nearly two per cent against the US dollar, to boost China’s flagging economic growth. Following weak trade and inflation data, central bank People’s Bank of China fixed its currency down 1.9 per cent, in a move which caused the Chinese currency’s biggest one-day drop [...]
What George Osborne needs to do to get Britain’s productivity engine started again August 11, 2015 Productivity is the engine of economic growth. For a quarter of a century prior to the financial crash, Britain’s productivity engine ran smoothly as output per worker increased at an average rate of more than two per cent a year. But in 2008 the engine stalled. In the last seven years there has been no [...]
Chinese central bank devalues renminbi following weak data August 11, 2015 The People’s Bank of China (PBoC) has allowed the renminbi to depreciate nearly two per cent against the US dollar, cutting the currency to its lowest value in three years, following disappointing trade and inflation data. Read more: China’s unravelling: Will it devalue the yuan next? Every morning at 9:15am local time, the Chinese central bank [...]
New York City’s “responsible banking” law ruled unconstitutional after lawsuit from Bank of America, Goldman Sachs, JPMorgan August 10, 2015 Is New York City’s notoriously tough line on banks after the crisis about to loosen up? The city’s Responsible Banking Act has been ruled unconstitutional by a federal judge, reports news agency Reuters. The law demanded that banks provide documentation for an advisory board to review how well they met the needs of low- and [...]
London airports see record footfall as long-haul flights double intake August 10, 2015 London airports have reported record footfall for July, as an increase in long-haul flight bookings mean that Stansted and Gatwick have both seen record passenger numbers. The results put Gatwick ten years ahead of forecasts from the Airports Commission, with 4.3m passengers passing through the airport in July. Gatwick chief Stewart Windgate said the results [...]
UK gin exports could seriously rival the £4bn a year whisky industry August 10, 2015 Forget Don Draper brooding over a glass of whisky, it's now all about the spirit housewife Betty Draper was more likely drowning her sorrows in, perhaps with a gimlet or a G&T. Exports of gin have risen by more than a third within the last five years, hitting almost £400m in 2014, but now the [...]
Russian economy contracts 4.6 per cent in second quarter August 10, 2015 Another bad day for the Russian economy, after figures published today showed it contracted 4.6 per cent in the second quarter compared with a year earlier, missing even analysts' pessimistic expectations of a 4.5 per cent contraction. Although the contraction was larger than feared, the fact GDP fell hardly came as a surprise: with the [...]
Greek debt crisis: Greek bank stocks rise as bailout talks progress August 10, 2015 Greek bank stocks have risen as the country comes closer to agreeing a third bailout worth €86bn (£60.8bn) with international creditors. Banks have risen to the top of the Athex Composite Index, with Piraeus Bank trading up 6.94 per cent, Alpha Bank rising 4.1 per cent, Eurobank climbing 1.79 per cent and the National Bank [...]
Think tank Institute for Public Policy Research says government needs to support low-skill sectors to solve the productivity puzzle August 10, 2015 As concerns over UK productivity linger on, think tank the Institute for Public Policy Research (IPPR) has suggested one way to solve the so-called "productivity puzzle" is for the government to focus on low-skill sectors such as retail and service. The IPPR’s chief economist Tony Dolphin said despite the government targeting support at highly skilled [...]
Supermarket sales slide into reverse as price war hits petrol pumps August 10, 2015 A fierce supermarket price war at both the tills and the petrol pumps has caused sales in the sector to shrink for the first time since records began over 20 years ago. With retailers kicking off another round of petrol price cuts today, fresh data shows how supermarket giants’ troubles are dragging on the UK’s [...]