Nobel Prize in economics awarded to three economists October 11, 2021 The 2021 Nobel Memorial Prize in Economics Science has been awarded to three economists for their innovative use of natural experiments to solve some of the field’s toughest problems. David Card, of the University of California, Berkeley, shared the prize with Joshua D. Angrist, of Massachusetts Institute of Technology, and Guido W. Imbens, of Stanford [...]
Private equity salaries swell by 52 per cent to £152k as war for talent with banks intensifies October 11, 2021 Private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. In 2019, private equity professionals across Europe with only two years in the industry were paid, on average, just under £100,000 in [...]
Concerns grow over impact of energy prices and supply chain issues on profit margins October 11, 2021 Even though European markets closed lower on Friday, they still managed to finish the week higher, as did US markets, after what was a rather disappointing US jobs report, as martkets look forward to a week that sees US earnings season get underway in earnest, and where guidance is likely to be just as important [...]
IMF boss fighting for survival over China data rigging: Kristalina Georgieva’s fate to be decided today October 11, 2021 The IMF’s chief may be out of a job at the end of today as the lender’s board held an emergency meeting late last night with managing director Kristalina Georgieva to discuss allegations that, while she was CEO of the World Bank, she pressured staff to change economic data to benefit China. A decision on [...]
Bank of England rate-setter: Brace yourself for interest rate rises very soon October 10, 2021 One of the key rate-setters on the Bank of England’s Monetary Policy Committee has today said UK households should be primed for an interest rate rise “significantly sooner” than first thought. Michael Saunders, the former Citigroup economist turned Threadneedle St wonk, noted that financial markets had already priced in a pending rate rise as economies [...]
Raise interest rates now to stem inflation, warns John Major’s chancellor Lord Lamont October 9, 2021 A former Tory chancellor has called for an increase in interest rates as he wanred about the risks surrounding inflation. The Government’s policy of calling for wages to go up could further drive inflation if the boost is not accompanied by increased productivity, Lord Lamont said today. Amid soaring energy prices and shortages of workers [...]
Worker shortages threaten to derail London recovery October 8, 2021 LONDON is among the worst areas in the country being plagued by worker shortages. The volume of part-time workers available for work across the capital plunged at its quickest pace since records began, according to research by the Recruitment and Employment Confederation and KPMG. A paucity of overseas talent and workers who were previously in [...]
Panic buying lifts spending to pre-pandemic levels October 7, 2021 Brits frantically stock piling petrol amid a country-wide fear of being unable to secure fuel lifted spending to pre-pandemic levels. The boost to pre-Covid parity was fuelled by sharp increases in work-related spending, which includes purchases of petrol, according to the Office for National Statistics (ONS). Work-related spending was 158 per cent above the tally [...]
BoE new chief economist slams employer for dropping the ball on inflation October 7, 2021 The Bank of England’s newly crowned chief economist has slammed his new employer for dropping the ball on inflation. Huw Pill, Andy Haldane’s successor, characterised the Bank’s bet on the inflation upsurge being transitory as “proving greater than expected.” “Over recent months inflation has surprised to the upside, UK activity data have disappointed somewhat, while [...]
Britain’s economic adjustment only ends in one way October 7, 2021 The ails of the nation’s favourite sausage roll maker are a microcosm of the problems afflicting the UK economy. In a trading update yesterday, high street baker Greggs warned it is suffering from a “supply of ingredients.” A couple months back, it pulled its iconic chicken bite for similar reasons. Severe shortages plaguing the British [...]