International Monetary Fund backs chief Christine Lagarde ahead of looming negligence trial July 24, 2016 The International Monetary Fund (IMF) has backed its chief ahead of her negligence trial for which she denies any wrongdoing. Lagarde is battling charges of negligence over a €405m (£339m) payment to French businessmen Bernard Tapie while she was the French finance minister. While the IMF also denies any wrongdoing, she could face jail time if she is [...]
Caution prevails as shoppers think twice about big ticket items July 24, 2016 Three-quarters of UK households do not believe their personal finances will take a short-term hit following the UK's vote to leave the EU, according to a new survey. More than half of all consumers told Ipsos Mori they believe their own situation will be unchanged over the next six months, while one-fifth said it was likely to [...]
Top world economies commit to contain Brexit fallout at G20 finance ministers meeting July 24, 2016 World leaders have indicated they stand ready to act to ensure the UK's vote to leave the EU does not upset already-fragile global economic growth. G20 finance ministers and central bank governors said the world's largest economies "are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum," at the conclusion [...]
Enjoy it while it lasts: Bumper GDP figures to mask post-vote slowdown July 24, 2016 The UK economy grew handsomely in the second quarter of the year, official data out this week is expected to show, though analysts suspect it will be the last piece of good economic news for the foreseeable future. GDP growth is pitted to come in at around 0.5 per cent for the three months to [...]
Brexit one month on: What’s the effect on London’s tech scene? July 24, 2016 The result of the most significant political decision of our generation was at odds with the overwhelming consensus of London’s technology companies and wider business community. But, with the entrepreneurial spirit that has defined our digital success, tech companies and professionals almost instantly set their sights on turning adversity into opportunity. The values that set technology against the rhetoric [...]
Carney says global economy has weathered uncertainty well July 24, 2016 Mark Carney has said the global economy has successfully weathered uncertainty, including downward revisions to global growth and the initial shock of the EU referendum result. In a letter to G20 finance leaders and central bank governors, the governor of the bank of England said in his capacity as the head of the Financial Stability Board [...]
G20 ministers pledge to do more to protect global economy from Brexit vote turmoil July 23, 2016 The Group of 20 nations will do more the bolster global economic growth in the coming months, ministers said today as the organisation met in the Chinese city of Chengdu. Central bankers and finance ministers from G20 nations are meeting this weekend to discuss challenges facing the global economy that have been made worse by the UK's [...]
At the close: Pound slides on scary economic data- but FTSE rides higher July 22, 2016 It's been a rough day for the pound after data released today showed a "dramatic deterioration" in the UK economy. Markit's UK purchasing managers' index (PMI) dropped to 47.7 in July, down to an 87-month low from 52.4 in June. Both output and new orders fell for the first time since 2012. Chris Williamson, chief economist at [...]
Pound extends losses as UK economy contracts at “fastest pace since 2009” July 22, 2016 The pound edged nearer a post-referendum low against the dollar in more than five years after figures this morning showed the UK's economy has contracted at its "steepest pace since early 2009". The pound was down more than one per cent against the dollar in lunchtime trading, at $1.3096, and almost 0.9 per cent against the euro, at [...]
French appeals court rules IMF chief Christine Lagarde must face Bernard Tapie payout trial July 22, 2016 The French appeals court ruled today that IMF boss Christine Lagarde must stand trial over allegations that she was negligent in her handling of a controversial payout during her time as French finance minister. The trial relates to a €404m (£340m) payment made to French business tycoon Bernard Tapie in 2008, when Lagarde was finance minister under [...]