UK economy will slow less than expected after Brexit vote, says Bank of England’s Michael Saunders September 20, 2016 A member of the Bank of England’s Monetary Policy Committee (MPC) believes the UK economy is likely to slow less than most economists are expecting after June’s Brexit vote. Michael Saunders, a new external member of the MPC, said: “There’s plenty of evidence from groups like the Organisation for Economic Co-operation and Development (OECD) and the International [...]
Bank of England’s Andrew Hauser: Don’t expect blockchain to revolutionise finance any time soon September 20, 2016 Much heralded blockchain technology will not create a revolutionary shake up in the financial sector anytime soon, a top Bank of England official has declared. The distributed ledger technology has a way to go to become to be as revolutionary as some are predicting, according to Andrew Hauser, the executive director of banking, payments and financial resilience [...]
London School of Economics lecturer to divorce actor husband September 20, 2016 Angelina Jolie, a lecturer at a respected London university – and Oscar-winning actress – is set to divorce her husband, according to reports. Jolie, who was appointed as a visiting lecturer at the London School of Economics in May and is a good friend of former Tory leader William Hague, filed for divorce from actor husband [...]
Sterling falls below $1.30 to five-week low September 20, 2016 The pound has lost its shine today, falling below crucial levels against both the euro and the dollar. By early afternoon sterling was trading down 0.6 per cent against the greenback at $1.2959 as speculation ahead of the US Federal Reserve's meeting grips the currency markets. Against the euro, the pound dipped 0.5 per cent to [...]
Before the bell: What you need to know before the US market open September 20, 2016 Theresa May has been buttering up Wall Street following the Brext vote and drug giant GlaxoSmithKline has a new chief executive. Here's what you need to know before the US open at 2:30pm London time. The US futures markets are pointing higher ahead of the open. The S&P is up by 0.38 per cent, the Nasdaq [...]
Two banks are betting on the US raising interest rates tomorrow September 20, 2016 The world's most important central bank meets tomorrow to decide whether to raise interest rates for only the second time since the financial crisis. This week is realistically the US Federal Reserve's last chance to change rates before the US election. While the rate-setting Federal Open Market Committee (FOMC) will meet just one week before the 8 [...]
Evolve or die: The high street is not dead but it must shape up fast to lure shoppers September 20, 2016 Reports on the impending death of the high street may be greatly exaggerated. According to the new Omnico Retail Gap barometer, browsing and paying in-store is still the nation's favourite way to shop, with 43 per cent of consumers choosing this method. This was followed by 17 per cent of people who said they liked [...]
Steepening the curve: The Bank of Japan may modify its bond buying scheme to ease pressure on commercial banks, insurers and pension funds September 20, 2016 In a defiant speech earlier this month, Bank of Japan (BoJ) governor Haruhiko Kuroda insisted that there is plenty of ammo left in his monetary policy clip. With a comprehensive review of the effects of monetary policy on prices and the economy promised at tomorrow’s BoJ meeting, speculation is rife about what surprises could be in [...]
Opec is like a latter-day Ratpack act: It doesn’t need new material to move the market September 20, 2016 How many stories are there in town at the moment? What are the current obsessions for traders who, now that September is here, are routinely swinging the equity market over one per cent on a daily basis? To my mind, after a seemingly endless succession of sessions in July and August without a one per cent [...]
Canada issues vote of confidence in London’s future with new export hub September 19, 2016 Canada is to open a brand new trade hub in London this week in a big vote of confidence in the capital's post-referendum economy. Export Development Canada (EDC), the Canadian government's official export support service designed to help its firms crack in to new markets and win investment from around the world, will launch its second European operation at [...]