The chancellor faces four daunting tasks in preparing his Autumn Statement September 14, 2016 Say your prayers for the chancellor of the exchequer. Most people think David Davis and Liam Fox have a tough enough job over the coming months, but Philip Hammond also faces a daunting challenge. Consider some of the questions in his in-tray: Question One: Is the UK economy slowing down? The received wisdom is that [...]
Greek debt crisis: Fresh drama looms as cabinet minister attacks International Monetary Fund September 14, 2016 Greece has struck out at the International Monetary Fund (IMF) as the ongoing argument over the country's debt crisis continues to simmer. The country's employment minister, George Katrougalos, warned the Fund today it would no longer tolerate its "extreme" calls for reforms to the minimum wage, pensions and collective bargaining rules. The IMF is one leg of the [...]
Germany leads the Eurozone manufacturers in prolonged summer slump September 14, 2016 The Eurozone economy faded over the summer, as industrial production slipped and the single currency bloc is still fighting for growth. Industrial production dropped by 1.1 per cent in August, worse than expectations and down from a 0.8 per cent jump in July. Output in Germany, whose car makers started their summer shutdown a little earlier than [...]
Before the bell: What you need to know before the US market open September 14, 2016 US seeds company Monsanto has accepted a takeover offer from German chemicals company Bayer, marking the biggest deal of 2016. Meanwhile, stocks are floating on a sea of green. Here's what you need to know before the US market open at 2:30pm London time. US stocks are pointing higher in the pre-market. The S&P is up by 0.2 per [...]
Shares in Aim-listed miner spike as it joins “white gold” rush September 14, 2016 Aim-listed Premier African Resources jumped today, after the miner said drilling had commenced at its Zulu lithium project in Zimbabwe. The programme is aimed at producing a maiden resource, as well as testing extensions to the current 3.5km strike length. The company's shares soared as much as 44.74 per cent at the open to 0.55p each, giving [...]
Labour market shows no sign of Brexit uncertainty – yet September 14, 2016 The number of people in work hit a new record high in July, as economy-watchers were left waiting even longer for signs of a post-referendum slowdown. Figures out from the Office for National Statistics (ONS) yesterday morning showed the unemployment rate steady at 4.9 per cent, defying concerns that the jobs market could have faltered in [...]
Wage growth has fallen – but employment has hit its highest since records began September 14, 2016 Wage growth edged down in the three months to the end of July, official figures today suggested – but there was a silver lining, as the number of people in employment hit its highest since records began in the early 1970s. The figures, from the Office for National Statistics (ONS), showed average weekly earnings including bonuses increased [...]
Former Boris Johnson economic adviser condemns economists’ Brexit consensus – but backs Bank of England and Mark Carney September 13, 2016 Boris Johnson’s former chief economic adviser says recent economic data proves that most economists were wrong about Brexit. Gerard Lyons, who like the former London mayor backed the Brexit campaign, said this was part of a “long tradition”, pointing to experts’ failure to predict the financial crisis. However, in an interview with City A.M., Lyons [...]
From City Hall to wealth management startup: Meet Boris Johnson’s ex-economic adviser, Gerard Lyons September 13, 2016 Not many wealth management firms can boast a chief economic strategist with the CV and public profile of Gerard Lyons. Formerly of Standard Chartered and Swiss Bank, Lyons joined the launch team of Netwealth this summer after a lengthy stint as London mayor Boris Johnson’s chief economic adviser. Bearing in mind Johnson’s high-profile support of [...]
Christine Lagarde and Mario Draghi call on politicians to do more to help the losers of globalisation September 13, 2016 Two of the planet’s most important policymakers have criticised the response of governments around the world to growing concerns over globalisation, inequality and technological change. Christine Lagarde, head of the International Monetary Fund (IMF) and Mario Draghi, president of the European Central Bank (ECB) said governments and institutions needed to make sure their policies did [...]