Kim Jong-un slashes beer prices to get rid of stock November 1, 2016 North Korean dictator Kim Jong-un has cut the price of beer to get rid of excess ale that was bought for a festival in the summer. Demand has soared since Ryongsong Beer’s price was cut in half from 3,000 North Korean won to 1,500, and Taedong River Beer was reduced from KPW 6,000 to 5,000. It is thought that [...]
Stephen Hawking thinks Brexit is too complex even for him November 1, 2016 Stephen Hawking, perhaps the world's greatest living scientist, has said he wouldn't fancy trying to tackle the UK's exit from the European Union. Speaking last night at the Pride of Britain Awards the 74-year-old professor told Prime Minister Theresa May that Brexit may be too "complex" a situation even for him. The Brief History of Time [...]
Output dips at UK manufacturers but growth is “solid” thanks to sterling fall November 1, 2016 The UK's manufacturing sector continued to grow at a "solid", if slightly slower, pace in October, new figures have shown. Markit's purchasing managers' index (PMI) for the sector fell to 54.3, from 55.5 in September – although it was well above its long-term average of 51.5. Any figure above 50 denotes growth. Unsurprisingly, the growth [...]
EU business leaders say bah to Brexit: They’re the most confident in the world November 1, 2016 Theresa May is triggering Article 50 by the end of March next year, but for now, EU business leaders are feeling confident. They don't think the impact of Brexit is likely to be felt for some time. Leadership organisation YPO has said that economic confidence among chief executives in the European Union bounced back in [...]
The run on the pound hasn’t finished yet and will fall further when the PM triggers Article 50 November 1, 2016 Sterling will lose a further five per cent of its value against the dollar when Prime Minister Theresa May formally pushes the button to leave the EU. A poll of analysts revealed that the pound will most likely drop to $1.15 when May triggers Article 50, but Britain's currency will keep its nose above parity against the euro. [...]
Jobseekers enjoy lower competition for jobs as number of vacancies recovers slightly November 1, 2016 Advertised vacancies were up 0.8 per cent in September in the latest sign that the job market could be experiencing a slight recovery after a slip over the summer. The total number of advertised jobs was 1,132,844 in September, a slight rise from the 1,123,365 seen in August, new figures from Adzuna showed, concluding that confidence [...]
Repeat after me: Post-Brexit tariffs would primarily hurt UK consumers – not European exporters October 31, 2016 Tariffs primarily hurt the consumers of the country imposing them on imported goods. That is such an important insight that it deserves reiterating, nay, repeating ad nauseam until everyone understands it: *tariffs hurt consumers in the importing country*. Both the Remainers who want us to stay within the EU’s protectionist customs union, as well as [...]
As he commits to stay until 2019, have political attacks on Mark Carney undermined the Bank of England’s independence? October 31, 2016 Kathleen Brooks, research director at City Index, says Yes. While the Bank of England’s decision-making has not been affected by recent political attacks, the fact that the government thinks that the Bank is fair game for criticism could undermine the perception of the Bank’s independence in future. Although it’s unlikely that it will take political [...]
Mark Carney to step down as governor of the Bank of England in 2019 October 31, 2016 Mark Carney, the governor of the Bank of England, has said he will stay in his role until 2019 to help secure an "orderly transition to the UK's new relationship with Europe". Carney, who was appointed to the role in 2012, was appointed for eight years, but made it clear he only intended to serve [...]
Spooky sterling: Pound spikes against the dollar October 31, 2016 The pound has jumped 0.2 per cent up against the US dollar as October trading revealed sterling's worst monthly performance since the June referendum. The pound leaped up by half a cent against the dollar to $1.2217 at around 16.00 GMT today, though the reason isn't certain. It's also up half a per cent against the euro, to €1.114. This was [...]