Retail sales suggest UK economic growth to slow in the third quarter September 17, 2015 UK retail sales inched up in August – having dipped a month earlier – but a lack of strength is leading analysts to warn that UK growth is hitting a "soft patch" in the third quarter. Retail sales grew by just 0.2 per cent on a monthly basis, in line with expectations, according to the [...]
Four reasons why the Fed should not postpone a rate hike September 17, 2015 The probability of the US Federal Reserve ending seven years of near-zero interest rates September is stronger than is generally believed. While there is no perfect timing for the tightening monetary policy, several arguments confirm that the Fed is able to begin this month if it so desires. Here are the four we can see: The [...]
Ukrainian parliament backs crucial debt restructuring September 17, 2015 Ukraine’s parliament has today rubber stamped a vital debt restructuring deal, helping the country to avoid bankruptcy. The deal was agreed by the finance ministry and a group of Ukraine's largest creditors including US-based fund Franklin Templeton at the end of August following months of tense negotiations. It will lead to a write-down of 20 [...]
Morgan Stanley: Is Thomas Piketty history? We think so September 17, 2015 Thomas Piketty's brand of anti-austerity economics is "history", according to an analysts' note from Morgan Stanley. The French economist's best-selling book Capital in the Twenty-First Century has influenced anti-austerity movements such as Jeremy Corbyn's Labour leadership campaign and has propelled him to worldwide recognition. The book's central thesis argues that returns on capital accumulate more quickly [...]
Most expensive cities in the world: Londoners work longer than people in New York, Los Angeles, Luxembourg and Geneva to buy an iPhone 6 (and a Big Mac) September 17, 2015 We all know that London life can be expensive, not least when you factor in the cost of housing, but it turns out we have to slog it out at work to afford that most prevalent possession: our iPhones. Londoners have to work an average of 41.2 hours to be able to buy an iPhone [...]
MPs grill Bank of England’s Mark Carney on Beijing and interest rate rise timings September 17, 2015 Despite raising questions over the accuracy of Chinese economic data, Bank of England governor Mark Carney maintained yesterday that the threat to the world economy from China’s stock-market slump did not signal a slowdown for Britain. Giving evidence to the Treasury Select Committee (TSC), Carney said: “Certainly, the Chinese statistics are published with remarkable speed [...]
A sharper slowdown in China could derail the global economic recovery September 17, 2015 A slump in China poses a major threat to the global economy, especially if financial markets deteriorate further, the Organisation for Economic Cooperation and Development (OECD) said yesterday. China’s economy is expected to grow 6.7 per cent this year and 6.5 per cent in 2016, representing a slowdown from recent years’ growth. Some [...]
London is prime destination for foreign ventures September 17, 2015 London is the greatest city in the world at attracting foreign investment, according to new research. The capital left the likes of Paris, Singapore, Chicago and Dubai far in its wake for the seventh year running in 2014, according to the ranking from tech giant IBM. Foreign investment has generated 11,300 London jobs [...]
Fracking could help the UK meet its low carbon targets, says report September 16, 2015 Shale gas should be used to help the UK transition to more renewable energy sources and the revenue it generates can be invested in low carbon technologies, a new report has said. “The evidence is clear that it is not feasible to create a renewable and low carbon industry in the short term in the [...]
US interest rate rise 2015: Dollar droops ahead of the Federal Reserve’s big decision September 16, 2015 The dollar tumbled with less than a day to go until the Federal Reserve makes its big decision, falling one per cent against the pound. With the dollar dropping against 15 of the 16 major currencies tracked by Bloomberg, the biggest winners were the pound, gaining one per cent, and the South African rand, gaining [...]