IMF raises Italy growth forecast May 18, 2015 The International Monetary Fund (IMF) has raised its forecast for Italy's growth to 0.7 per cent this year, up from 0.5 per cent. The organisation said Italy was "emerging slowly from a painful recession", but had been buoyed by the European Central Bank's (ECB) quantitative easing programme. "Government bond yields have fallen to pre-crisis lows, [...]
Goldman Sachs slashes its oil price forecast for the next five years May 18, 2015 The good news is that after months of falls, oil prices have begun to tentatively rise (although that was thanks to fighting in Yemen and Iraq). The bad news is that Goldman Sachs doesn't think it's going to last: the investment bank has slashed its oil price forecasts for the next five years. In a [...]
Global finance chiefs urge policy makers to ward off bubble risks May 18, 2015 Chief executives, chairmen and senior executives of some of the largest banks in Europe and the US have warned of the potential for unforeseen risks caused by policy makers attempting to avoid future financial crises. Douglas Flint, group chairman of HSBC, UBS chairman Axel Weber, Deutsche Bank's co-chief executive Anshu Jain, Larry Fink, chief [...]
Markets hit as Greece letter shows just how close it came to defaulting on a €750m IMF payment May 18, 2015 The FTSE 100 started the day on a positive note, edging back above the 7,000 mark – but that was quickly curtailed, after the publication of a letter from Greek prime minister Alexis Tsipras to International Monetary Fund (IMF) chief Christine Lagarde showed just how close it came to defaulting on a €750m (£544m) payment [...]
Agents bet on UK housing market activity boost after General Election May 17, 2015 Agents are expecting housing market activity to pick up following a decisive outcome to the General Election. “Now the months of uncertainty are finally over, we are already witnessing confidence returning to the market with buyers and sellers in a more informed position to make the decisions they were putting off,” said Andrew Weir [...]
Britain could be about to enter brief deflation May 17, 2015 The UK could enter deflation for the first time since comparable records began when figures are released tomorrow morning. Yet most economists believe inflation’s venture into negative territory will be short-lived, given that oil and global food prices have halted their declines. The consumer price index (CPI) – the basket of goods used to measure [...]
Chairman of JCB Lord Bamford says economy would not be affected by Brexit May 17, 2015 The chairman of one of Britain’s largest manufacturers said today that Britain’s trade relationships would be unaffected if the country were to vote to leave the European Union in an in/out referendum. “We are the fifth or sixth largest economy in the world. We could exist on our own – peacefully and sensibly. We could [...]
Turnover across UK restaurants reaches £21.6bn May 17, 2015 The turnover of Britain’s restaurant industry has risen by 39 per cent since the recession thanks to a wave of new start-ups and the growth of smaller chains to reach £21.6bn last year. Finance provider LDF said the turnover of the restaurant sector has grown from £15.5bn in 2010, driven by the expansion of so-called [...]
Strong sterling fails to hinder UK exporters May 17, 2015 Britain’s manufacturers are seeing a sharp rise in exports despite unfavourable exchange rates, according to survey data released today by the British Chambers of Commerce (BCC) and delivery firm DHL Express. A greater number of export orders was seen by 46 per cent of manufacturers in the first three months of the year. It compares [...]
Accountants poised to hike fees as economy strengthens May 17, 2015 A greater number of accountants are planning to lift their fees over the next year as they take advantage of the strengthening economy. A fee rise is planned by 24 per cent of accountancy firms, according to survey figures released today by tax and accounting information firm Bloomsbury Professional. It compares with 17 per cent [...]