Bundesbank steps up attempts to seize control over euro bailout cash July 18, 2016 The German central bank has called for the role of the European Commission in managing Eurozone bailouts to be watered down. In its monthly report, published today, the Bundesbank said it wants the finance ministers of Eurozone countries to set and enforce the rules that govern payments made by the European Stability Mechanism (ESM). It [...]
The Bank of England says issuing an official cryptocurrency could raise economic output July 18, 2016 Introducing a Bitcoin-style official currency could boost economic output, help maintain financial stability and smooth the cycle of boom-and-bust, the Bank of England has found. A new report from wonks at Threadneedle Street has modelled the impact of a central bank issuing a new legal tender based on blockchain or distributed ledgers – the technology behind Bitcoin – finding [...]
Oil slips as key chokepoint reopens after failed Turkey coup July 18, 2016 Oil markets shrugged off an attempted coup in Turkey late last week after a vital global shipping route was re-opened. Brent crude, the global benchmark, fell 1.85 per cent to $46.73 per barrel this afternoon. Meanwhile, the US benchmark, West Texas Intermediate crude, slumped 1.78 per cent to $45.13. Read more: The grand edifice of President [...]
John Kerry: US-EU trade deal more important because of Brexit vote July 18, 2016 Striking a far-reaching trade deal between the European Union and the United States is more important than ever following the UK's vote for Brexit, the US secretary of state John Kerry said today. In a jam-packed meeting with top EU officials, where recent events in Turkey and Nice dominated the agenda, Kerry reiterated US support for an ambitious [...]
MPs call for post-Brexit digital plan – or risk UK’s fintech success July 18, 2016 The UK's position as a world leading centre for fintech is at risk if the government fails to address the issues facing the £20bn a year industry as a result of the vote to leave the EU, a leading group of MPs have warned. The government must act now to stop investor confidence in the UK's tech and [...]
Labour will need more than a change of leader July 18, 2016 Attention politics junkies: do you feel robbed of a drawn-out party leadership election? Before Andrea Leadsom dropped out of the Tory race we were all set for a nine-week campaign. And then before it had even started, there was just one candidate remaining. If you’re wondering what political news to feast on this summer instead [...]
Despite the comfort from greater political stability, could sterling still reach parity against the US dollar? July 18, 2016 Lukman Otunuga, research analyst at FXTM, says Yes. Sterling received a pummelling in June, with prices crashing to 31-year lows against the dollar following the shock Brexit victory. Financial markets were rattled, and it was obvious that the Brexit outcome was severely underpriced, with even the bookkeepers being completely on the wrong side of the [...]
Beware May’s “industrial strategy”: Brexit Britain must be market-orientated July 18, 2016 It all seemed to be going so well. Our new Prime Minister had made some bold and imaginative appointments in assembling her first cabinet. This wasn’t a lazy half-hearted reshuffle, Theresa May was imposing her own stamp on government. Rather than going for continuity, she was ruthless in personnel changes. Initially, it started to look [...]
Bank of England MPC members want more than just lower interest rates July 17, 2016 One of the Bank of England's interest rate setters has said the looming cut to interest rates might not be enough to support the UK economy. Gertjan Vlieghe, the newest member of the nine-strong monetary policy committee (MPC), wrote in the Financial Times today that the UK is heading for a period of "lower growth and higher [...]
Bonza: Australia wants a trade deal with the UK post-Brexit July 17, 2016 Australia is seeking a free trade deal with the UK after the vote to leave the EU, it has been revealed. Newly installed Prime Minister Theresa May and her counterpart in Australia Malcolm Turnbull spoke over the phone on Saturday and Turnball indicatied a desire to negotiate a deal as soon as possible. "I have been very clear that [...]