How low can yuan go: China lets the renminbi fall for third consecutive day August 13, 2015 China sought to allay fears that the renminbi could enter into free-fall, as it devalued the currency for the third consecutive day. During a press conference in the early hours of this morning, the People's Bank of China (PBoC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the [...]
UK house prices rose at the fastest pace in a year in July – and could speed up this year August 13, 2015 British house prices rose at their fastest rate in a year last month, while the gap between supply and demand means they could speed up this year. The Royal Institution of Chartered Surveyors (Rics) monthly house price balance rose to +44 in July, from +40 a month earlier. This was the highest since July 2014 and [...]
European Central Bank “on track” to complete its €1 trillion quantitative easing programme August 13, 2015 The European Central Bank (ECB) is on course to complete its €1.1 trillion (£780bn) euro money printing programme, according to details of its most recent meeting. The ECB downplayed the risk to growth from recent economic turbulence in Greece and China, insisting its outlook remained broadly unchanged. Bank officials pointed to a recovery in bank [...]
Pop-up revolution? The pop-up economy is now worth £2.3bn August 13, 2015 The trend for pop-ups, whether that be shops, bars, cinemas or even beaches, may leave some people rolling their eyes, but their success is adding billions to the UK economy. Revenues in the pop-up retail sector grew at 12.3 per cent last year, meaning it's now worth £2.3bn annually, up on £2.1bn last year, and employs [...]
Let’s get fracking: Government pledges to clamp down on sluggish planning applications August 13, 2015 The government has taken its biggest step yet towards giving the green-light to fracking, saying today that ministers could override local councils and fast-track planning applications. Whitehall will intervene when shale gas planning applications to local authorities are “dragged out for months, or even years on end”. The announcement comes less than two months after [...]
IEA: Oil supply glut to last until the end of 2016 August 12, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today, but prices could stay lower for a long period as producers opt not to rapidly cut back production. Global oil demand is set to grow by 1.5m barrels per day this [...]
Eurozone industrial production hits growth outlook August 12, 2015 The Eurozone's growth prospects have been dented slightly after industrial production posted a drab performance in the month of June. Industrial production – which is mostly composed of the manufacturing sector, but also mining and quarrying – was 0.4 per cent lower in June than in May, according to figures released by Eurostat today. It [...]
Death of clubbing? Why that’s bad news for the UK’s night time economy August 12, 2015 The UK’s late night sector, its bars, live music venues and nightclubs, is rightly recognised as one of the most vibrant and progressive in the world. The sector forms an integral part of the UK’s cultural zeitgeist and has provided a breeding ground for much of this country’s world-renowned musical talent. Our nightclubs and venues [...]
Greek debt crisis: Alexis Tsipras calls emergency parliament session to vote on new bailout deal August 12, 2015 Greece’s prime minister Alexis Tsipras has called an emergency session of parliament to vote on a new bailout deal after the cash-strapped country reached an agreement with its creditors earlier today. The multi-billion dollar bailout deal was agreed upon after another overnight set of talks starting Monday afternoon, and will help the country remain in [...]
Brazil’s credit rating nears junk status after Moody’s downgrade August 12, 2015 Moody’s cut Brazil’s credit rating to near-junk status yesterday, the second rating downgrade the country has sustained since President Dilma Rousseff came to power in 2011. The decision comes two weeks after rival ratings firm Standard & Poor’s (S&P) warned Brazil could lose its investment grade if fallout from a number of corruption investigations weighs [...]