Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
Sterling has plunged against the dollar after opinion polls show the EU referendum sides are neck-and-neck June 1, 2016 Sterling has crashed against the dollar over the last 48 hours after a smattering of opinion polls raised the chances of the UK voting to leave the EU. The pound was trading at $1.4428 this lunchtime, down more than three cents on the highs of $1.4739 reached last week as traders said volatility was going to increase [...]
There are 2m barrels of oil stuck in the Caribbean sea because Venezuela can’t afford to pay BP June 1, 2016 Four oil tankers carrying more than 2m barrels of oil are stuck in the Caribbean sea because of cash-strapped Venezuela. The cargo of US crude oil cannot discharge at a terminal there until it’s been paid for by Venezuela's state-owned oil company, PDVSA. The firm initially offered to pay for the imports with Venezuelan oil, but negotiations [...]
John McDonnell attacks George Osborne’s economic policy as an “absolute failure” June 1, 2016 The shadow chancellor John McDonnell has launched a stinging attack on George Osborne’s economic policy after the Organisation for Economic Co-operation and Development (OECD) slashed its growth forecasts for the UK economy. The OECD said it now expects the UK to grow by 1.7 per cent this year, down from a prediction of 2.1 per cent [...]
Manufacturing industry set for further slowdown as PMI figures remain weak June 1, 2016 The manufacturing industry is still in the doldrums, according to the new data out today which points to a marked decline in output in the run-up to the EU referendum. The sector clocked a score of 50.1 on the Markit/Chartered Institute of Procurement and Supply (Cips) purchasing managers’ index (PMI) for May, where scores above 50 indicate [...]
OECD slashes growth forecasts and says Brexit could spark panic in global economy June 1, 2016 The Organisation for Economic Development and Co-operation (OECD) has warned that a vote to leave the European Union would set off a chain reaction of market turmoil across the global economy. The body said the "most immediate" risk facing the world economy was the prospect of Brexit as it slashed its growth forecasts for the UK [...]
Brexit vote too important to be left up to politicians June 1, 2016 Moan all you like about the EU referendum but it's got people talking. From Cornwall to the City and from the Western Isles to Westminster, people are engaged and discussing the issues. People are debating in restaurants and outside pubs and, as is always the case in political campaigns, they're doing so with more nuance and [...]
The IMF’s strawman critique of “neoliberalism” puts successful liberal reform in jeopardy June 1, 2016 The International Monetary Fund published a paper last week which was widely reported as a repudiation of “neoliberalism”. According to the Fund, the opening up of countries to free capital flows and a desire for fiscal consolidation over the past three decades have not delivered obvious economic benefits. In fact, these policies were said to [...]
EU referendum: Britain Stronger in Europe and Vote Leave trade blows over Brexit jobs risk June 1, 2016 If the UK leaves the European Union and the single market, London could miss out on tens of thousands of extra jobs, pro-EU campaigners have claimed, as Remain campaigners today seek to put forward the case for membership from manufacturers. Analysis by the Centre for Economic and Business Research (CEBR) for the official Britain Stronger in [...]
2016 set to be year of retail failures as number of shoppers on Britain’s high streets in “terminal decline” June 1, 2016 The number of consumers on Britain’s high streets is in “terminal decline” as shopping habits change fundamentally, raising the prospect of more retail failures this year. Speaking to City A.M. after the demise of suits-specialist Austin Reed was confirmed yesterday, Diane Wehrle from top retail analyst Springboard said: “We’re no longer going to see increases in footfall [...]