Standard & Poor’s warns slow growth in China may have strong knock-on effect on Europe October 6, 2015 Economists at credit rating agency Standard & Poor’s have warned that slowing growth in China would have strong knock-on effects for the Eurozone and some of Europe’s largest economies. S&P ran a simulation to assess the effects of China’s real growth slowing to 4.4. per cent next year and 3.9 per cent in 2017, instead of [...]
British manufacturing slowed in third quarter as export growth drops to six year low – BCC October 6, 2015 British manufacturing data fell further in the third quarter, according to a new report from the British Chambers of Commerce (BCC). The BCC’s quarterly economic survey, based on nearly 7,500 responses from firms across various sectors, found that nearly all of the key national manufacturing balances remained stagnant or fell in the three months to [...]
FCA: Banks will need to appoint a whistleblowing champion from next year October 6, 2015 City financial firms will now be required have a whistleblowing champion to present an annual whistle blowing report, according new rules published today by the UK’s financial watchdog. The new whistleblowing champions, who must be a senior manager, will be responsible for internal whistleblowing arrangements and must be able to handle all types of disclosure from [...]
US multinationals are keeping $2.1 trillion in tax havens, says new report October 6, 2015 US multinational companies are holding over $2.1 trillion (£1.4 trillion) in accumulated profits in tax havens, two left-wing think tanks said today. The report, by the Citizens for Tax Justice and US Public Interest Research Group Education Fund, accuses the companies of ripping off the US Treasury and operating in a way that puts them at an [...]
Bank of England September minutes and interest rate decision: Five things to look for October 6, 2015 The Bank of England's (BoE) last minutes and quarterly inflation report struck a decidedly dovish tone. However a lot has happened since then. Consequently investors will be eager to see if recent developments have pushed back expectations for an interest rate rise over at the Old Lady. Will the hawk still squark? With the BoE [...]
Greek debt crisis: The economy won’t start growing until 2017 October 5, 2015 The Greek government unveiled a dismal 2016 budget today. The The draft budget forecasts that the country's economy will shrink by 2.3 per cent this year, staying in recession in 2016 with a 1.3 per cent contraction, before returning to growth in 2017. It was released as Prime Minister Alexis Tsipras delivered his keynote four-year policy programme to [...]
Oil price rises after Russia says it’s mulling talks with Opec October 5, 2015 Brent crude posted its biggest intra-day gain in more than two weeks today amid comments from Russia over potential talks with Organization of Petroleum Exporting Countries (Opec) and non-Opec members. Russia's energy minister, Alexander Novak, said that the country was ready to take part in such a meeting to discuss the state of global markets. Russia [...]
US ISM non-manufacturing cools off after hot summer October 5, 2015 A closely watched indicator of the health of the US economy has fallen back to moderate levels after rocketing over summer, but the figures also show robust strengthening in the jobs market. The Institute for Supply Management’s (ISM) purchasing managers’ index (PMI) for non-manufacturing sectors dropped to a score of 56 for figures released this [...]
The UK is the e-commerce capital of the EU with four in five Britons shopping online in past year October 5, 2015 UK consumers are more likely to do their shopping online than any other EU country. Four in five Britons made a purchase online last year, new e-commerce figures from the Office for National Statistics (ONS) have shown. This puts us top among all EU countries, well above the average of 50 per cent. We share [...]
Chinese diets set to beef up demand for agricultural commodities October 5, 2015 Investors rocked by collapsing commodity prices should consider ditching copper and oil and park their cash in softer resources such as wheat and corn instead, a new report has suggested. Amid a backdrop of rising prosperity Chinese consumers are demanding more top nosh, with meat and grains such as wheat high on the menu wishlist. [...]