UK construction sector slows to three-month low January 3, 2019 Growth in the UK construction sector eased to its slowest rate in three months in December but business optimism has sharply risen. Construction firms noted a disappointing end to 2018 with business activity growth slowing down, according to the closely-followed IHS Markit/ CIPS Purchasing Managers’ Index (PMI) figures. PMI fell to 52.8, down from 53.4 [...]
From Brexit to tariffs, brace yourself for an uncertain 2019 January 3, 2019 Get ready for a 2019 full of uncertainty. On the political scene, headline events range from Brexit to the US-China trade tensions to EU reforms – all coming at a vulnerable stage in the business cycle, with half of US chief financial officers expecting a recession in 2019, and over 80 per cent by 2020. [...]
France to harden stance on tax among company bosses, as yellow vest protests continue over weekend December 30, 2018 The French government is to take a harder line on tax among business chiefs of companies listed in France, according to budget minister Gerald Darmanin. Last month, President Emmanuel Macron addressed the issue in a December speech aimed at dousing the flames of widespread civil unrest in the country, signalling a less tolerant approach to [...]
Wall Street falls as stocks fail to capitalise on bear market December 27, 2018 US stock markets dropped today, wiping out a portion of yesterday’s bump as US consumer confidence fell to its lowest point since July. Following its first ever 1,000-point daily surge yesterday, the Dow Jones fell 441 points to 22,439. The 1.9 per cent drop was led in part by technology stocks as Apple, Amazon and Google’s [...]
White House assures Fed chairman job is safe despite Trump’s Christmas Eve criticism December 26, 2018 A White House official has assured that the head of the US Federal Reserve is not at any risk of losing his job, amid jitters on Wall Street throughout December caused in part by Trump’s criticism of the Fed. Asked on Boxing Day if Fed chairman Jerome Powell’s job was safe, economic advisor Kevin Hassett [...]
Italy wins Senate approval for 2019 budget December 23, 2018 The Italian government has won a vote of confidence in its budget for next year in the upper house this morning, racing to gain approval before the year-end deadline. The budget will now pass to the lower house of parliament for a vote by 31 December, so that it can take effect before the start [...]
UK economy grows but business investment falls for third consecutive quarter December 21, 2018 The UK economy grew at its fastest rate in almost two years in the three months to September but business investment fell for the third consecutive quarter. GDP grew by 0.6 per cent in the third quarter, the Office for National Statistics said today, confirming its initial estimate last month. But the longer term picture [...]
DEBATE: As the year draws to a close, do we still have reasons to be cheerful? December 21, 2018 As the year draws to a close, do we still have reasons to be cheerful? Viscount Ridley, author of The Rational Optimist, says YES. Yes, we do. A lot went wrong in 2018 for a lot of people; but a lot more went right. Levels of absolute poverty, rates of infant mortality, age-adjusted death rates [...]
The immigration white paper is a case study in self-sabotage December 21, 2018 If the many-worlds interpretation of quantum mechanics is true, there are alternate worlds in which Ed Miliband beat David Cameron in 2015 and the Brexit referendum didn’t happen. In these worlds, the core of Wednesday’s immigration white paper would be a laudable liberalisation of non-EU migration to the UK. Instead, it’s a massive blow to our [...]
Bank of England keeps interest rates unchanged and warns Brexit uncertainty has ‘intensified considerably’ December 20, 2018 The Bank of England’s monetary policy committee said Brexit uncertainty had “intensified considerably” and warned of growing risks to the economy as it held interest rates for a third consecutive meeting. The rate-setting committee, which raised rates to 0.75 per cent in August, unanimously voted to hold interest rates, it said today. “Since the MPC’s [...]