Brexit looks like a footnote compared to Trump win, says Barclays boss Jes Staley November 16, 2016 The impact of June's Brexit vote is overshadowed by Donald Trump's recent triumph in the US race for the White House, the boss of Barclays said today. Trump's surprise victory last week did little to rock the markets in the immediate aftermath, but the new president-elect is still yet to flesh out the details of his policies. [...]
The world’s biggest banks could be forced to break up if Fed’s Neel Kashkari gets his way November 16, 2016 The biggest banks in the US could be forced to break up their operations under new plans to tackle “too big to fail” banks by dramatically increasing their capital holding requirements unveiled by an influential US central bank governor. The risks posed by systemically important “mega banks” were also compared to “terrorism” by Neel Kashkari, [...]
Low interest rate challenges could be tackled by more than just central banks, says MPC committee member November 16, 2016 The solutions to problems often pinned on lower for longer interest rates may lie somewhere other than central banks, a key member of Monetary Policy Committee (MPC) said today. Speaking at the University of Manchester, Bank of England deputy governor for financial stability, Sir Jon Cunliffe, explained that issues could be addressed through, for example, putting policies [...]
Manufacturing increase fails to lift US industrial production in zero-growth October November 16, 2016 US industrial production stayed flat in October as output of consumer goods declined by 0.2 per cent, despite a manufacturing output increase of 0.2 per cent. The pace of production has fluctuated over the last six months, posting small declines in August and September, according to Federal Reserve figures. October’s figures undershot economists’ estimates of [...]
What Brexit vote? The number of foreign workers in the UK is still going up, despite the EU referendum and sterling’s drop November 16, 2016 The number of foreign nationals working in the United Kingdom has increased by 241,000 to 3.49m in the past year, despite the Brexit vote in June which was seen by many as a referendum on migration controls. This increase was 28,000 higher than the number of UK nationals with UK jobs, which grew by 213,000 [...]
Wage increases under threat as slowdown in UK manufacturing weighs on productivity growth November 16, 2016 UK productivity growth fell two-thirds between July and October, despite better than expected GDP growth, new figures have shown. Data from the Office for National Statistics (ONS) showed the main measure of productivity, growth in average output per hour worked, declined to 0.2 per cent from July to September, down from 0.6 per cent in [...]
Brexit effect? Wage growth stays slow as unemployment benefit claimants rise November 16, 2016 Is this a sign the Brexit vote is beginning to have an impact on the jobs market? Growth in average weekly earnings including bonuses remained resolutely flat at 2.3 per cent between July and September, figures published today showed – although real wage growth could only muster a disappointing 1.7 per cent. The figures, by [...]
The number of deaths might be reducing but terrorism is costing the global economy billions of dollars each year November 16, 2016 Terrorism cost the global economy an eye-watering $90bn during 2015 according to a report by a leading global think tank. The Institute for Economics and Peace today produced its Global Terrorism Index, which revealed the impact terrorism is having on the world's finances. Read more: How nuclear terrorism is a $1bn opportunity for this UK firm Perhaps unsurprisingly, [...]
Trump does not mean the end of liberalism November 16, 2016 We are told the fifth stage of grief (following denial, anger, bargaining, and depression) is acceptance, and for some people in the US and beyond who this time last week found themselves aggrieved by the outcome of the presidential election, the journey to this final step has been swift. “Trumpism could be a solution to the [...]
German GDP underperformance weighs on Eurozone growth but analysts aren’t too concerned November 15, 2016 Eurozone GDP grew at a rate of 0.3 per cent in the third quarter of 2016. The underperformance of the German economy ensured that growth for the region remained stable, but analysts did not see much cause for concern in the face of improving sentiment for the German economy. Growth was weighed down by unspectacular performances [...]