Rouble plummets against the dollar as Russian central bank makes shock cut to interest rates January 30, 2015 Russia's central bank has made a shock two percentage point cut to its benchmark rates of, lowering it to 15 per cent, which caused the rouble to plummet against the dollar, The currency slumped 1.2 per cent, sending it past the 70 per dollar mark. It's the first time it has slipped past that since December's [...]
Deflation has arrived in Germany: Inflation rate falls to -0.5 per cent in January January 29, 2015 Germany has slipped into deflation for the first time since the global financial crisis, supporting the European Central bank's recent decision to unleash its biggest "bazooka" on the ailing Eurozone. Consumer prices fell -0.5 per cent on an annual basis in January, according to flash estimates from Germany's statistics office. This meant they had fallen [...]
Russia to launch £22bn economy rescue package January 28, 2015 RUSSIA is to commit 2.3 trillion roubles (£22bn) to a plan to support its sanction-hit economy. It comes just days after its debt was downgraded to a “junk” rating by Standard and Poor’s ratings agency. The government also plans to set up a bad bank to take on troublesome loans from the banking sector. The [...]
Bank of England chief economist Andrew Haldane: There’s “no rush” to raise interest rates January 28, 2015 The Bank of England is in "no rush" to raise interest rates, and eventual increases will be by small increments, according to the central bank's chief economist Andy Haldane. "We are in no rush to raise rates, the recovery is taking hold nicely," Haldane told the Daily Post. "The last thing we want to do is [...]
In pictures: Stunning images show the hidden world of workers at the front line of Britain’s night-time economy January 28, 2015 When Dolly Parton sang about the drudgery of Nine to Five, she probably hadn't taken into consideration that things could be much worse. While most of us spend our days slaving away at our desks, an estimated seven million people clock on at 6pm and work through the night. What does this "hidden" economy look [...]
Low interest rates and less tax to fuel home demand January 27, 2015 The mortgage market saw a slowdown at the end of 2014 but is expected to stage a rebound this year. The number of house purchase approvals was nine per cent higher in 2014 compared to 2013, according to figures released yesterday by the British Bankers’ Association (BBA). However, the value of mortgages for house purchase [...]
Strong US dollar hurts sales at consumer giant January 27, 2015 THE SURGING strength of the US dollar has taken its toll on Procter and Gamble (P&G) with revenue falling four per cent to $20.2bn (£13.3bn) in the three months ending 31 December, compared to the year before. The decline in revenue saw the company suffer a 31 per cent fall in net earnings to $2.3bn [...]
Danish interest rates cut to -0.35 per cent to fight the falling euro January 22, 2015 DENMARK’S central bank cut its deposit rate for the second time this week yesterday in a bid to maintain the country’s long-held peg with the euro. The rate was cut by another 0.15 percentage points to a record minus 0.35 per cent. Money printing in the Eurozone pushed the euro down sharply, threatening Denmark’s target [...]
Denmark slashes interest rate for the second time this week January 22, 2015 Denmark's central bank has cut its main interest rate for the second time this week, The Danmarks Nationalbank aid it has taken its main deposit rate to -0.35 per cent from -0.2 per cent,
Forex probe could stop Bank of England access to market data January 21, 2015 The Bank of England risks losing access to vital sources of market data thanks to banks cracking down on traders gossiping, Lord Grabiner warned yesterday. Top barrister Grabiner was hired to investigate what Bank of England staff might have known about foreign exchange manipulation. He found an informal relationship between Bank officials and traders, with [...]