Brexit more benefit to US than Europe, says Deutsche Bank’s chief economist October 20, 2016 The US has more to gain from the EU taking a hard stance in the Brexit negotiations than the European capitals do, the chief economist of a major international bank has said today. Speaking at a British Bankers' Association (BBA) conference, David Folkerts-Landau, group chief economist and global head of research at Deutsche Bank, warned that, should other [...]
Sterling slips after shoppers scale back in September October 20, 2016 The pound has started the day nervously after new figures showed consumer spending is starting to slow and attention to turns to central banks in the Eurozone and the US. Sterling was down 0.2 per cent against the euro at €1.1175, and lost a touch of ground against the US dollar to stand at $1.2267. Retail [...]
Mexican peso jumps then fades as Trump fails to impress in US Presidential Election debate October 20, 2016 The currency markets have spoken and Hillary Clinton has been declared the winner of last night's US Presidential Election debate. After a feisty exchange which yet again saw the pair fail to shake hands and where name-calling, bickering and allegation-hurling were the order of the day, Republican Donald Trump failed to leave many marks on [...]
Glencore flogs Australian coal haulage business October 20, 2016 Glencore has agreed to sell its Glencore Rail (GRail) coal haulage business to Genesee & Wyoming Australia (GWA), for AU$1.14bn (£712m). The FTSE-listed miner said the sale was "another significant part of Glencore's debt reduction programme". "We established GRail in 2010 and have steadily grown it to become the third largest coal haulage business in the country," said Peter Freyberg, head [...]
Man Group announces $100m share buyback October 20, 2016 Man Group has this morning revealed details of a proposed $100m (£81.5m) share buyback. The hedge fund said it has entered an irrevocable, non-discretionary arrangement with Merrill Lynch International to repurchase ordinary shares in the company, up to a maximum consideration of $100m during the period from today up to and including 19 October 2017. "The purpose [...]
Have a free market solution to poverty? Then you could be £50,000 richer October 20, 2016 A top free market think tank has partnered with one of Britain’s most successful entrepreneurs to launch a nationwide competition in search of ways to reduce poverty. The “Breakthrough Prize” – launched today by The Institute of Economic Affairs and serial investor and multi-millionaire Richard Koch – is on the lookout for a single idea “that [...]
UN highlights £17bn potential of girls’ education October 20, 2016 Ensuring girls stay in school could boost the developing world economy by $21bn (£17bn) a year according to a new United Nations study. The UN’s Population Fund (UNFPA) called on governments to introduce policies which ensure they do not miss out on the potential economic boost from their rapidly expanding and young populations. UNFPA said young [...]
Wanted: A market breakthrough to solve poverty in rich countries October 20, 2016 What is the point of a free market system? It’s to lift people out of poverty, giving them a better life, richer in every way. By this test, free markets have been fantastically successful historically. But rich countries, from the UK and America to those in Europe, have done nothing much for the poor in [...]
Leavers and Remainers launch group to untangle Brexit’s mixed messages October 19, 2016 A new group uniting Bremainers and Brexiteers to create clear, neutral, evidence-based research on the issues stemming from the Referendum result launches today. The Financial Services Negotiation Forum, or FSNForum for short, has already earmarked equivalence, euro-clearing, access to talent and market liquidity as research priorities. Anthony Belchambers, chairman of the honorary advisory council of the FSNForum, told City [...]
Philip Hammond reassures City their concerns over Brexit are being listened to October 19, 2016 Philip Hammond has distanced himself from previous pre-referendum analysis done by the Treasury which suggested there would be an economic shock if the UK were to leave the EU. Appearing before the Treasury select committee this afternoon, the chancellor said that some of the assumptions that were made in the controversial analysis had "already been proved [...]