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 [...]
These companies have been the FTSE high-fliers and fallers since the referendum July 23, 2016 With all that's happened since 23 June, it's hard to believe it's only been a month since the UK came out in droves to vote in the EU referendum. While the FTSE 100 closed up 0.46 per cent yesterday in its fifth successive weekly advance, a number of companies on both the FTSE 100 and [...]
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 [...]
The London Metal Exchange is going to Essex for a summer holiday July 22, 2016 The London Metal Exchange (LME) is leaving the Square Mile for a while – and moving its trading base to Essex. The Exchange, which is usually based at 10 Finsbury Square, has been informed by its landlord that a structural issue within the building, which was discovered last weekend, would take longer than originally expected to resolve. [...]
Eurozone deficit falls to lowest level in six years July 22, 2016 The Eurozone’s deficit has fallen to its lowest level since the debt crisis six years ago, new figures show. The 1.6 per cent of GDP deficit is down from 2.3 per cent in the final quarter of 2015. Read more: The eurozone has heaved itself out of deflation – just The figures show that Eurozone governments [...]
Estate agents, housebuilders and other property shares slide on downbeat house price forecasts July 22, 2016 Property companies were the FTSE's biggest fallers this morning, after a raft of downbeat forecasts surrounding the UK's housing market. Countrywide, the UK's largest estate agent, was one the biggest faller on the FTSE 250 in early trading, with its shares falling 7.2 per cent to 233.7p. However, property portal Zoopla and Crest Nicholson were also both [...]