Weak overseas demand hits German manufacturers June 6, 2016 Germany's manufacturing industry took a surprise hit in April as factory orders fell, denting hopes of another quarter of impressive economic growth. New orders with German manufacturers fell two per cent between March and April, according to statistics released this morning, as weaker overseas demand could knock the German economy in the second quarter. Domestic orders grew [...]
London is crucial to the LSE-Deutsche Boerse merger, says top exec June 6, 2016 The London Stock Exchange (LSE) and Deutsche Boerse are walking a tightrope. As well as attempting to persuade shareholders and regulators to approve their £21bn merger, the tie-up has also attracted passionate interventions from politicians in the UK, Germany and elsewhere. In Westminster, attention has been drawn to two facts: that Deutsche Boerse’s chief executive would take [...]
UK ”punches above its weight” on regulation says City of London Corp June 6, 2016 The UK is able to “punch above its weight” in steering EU financial regulation according to research from the City of London Corporation. Following research based on interviews with policymakers, legislators, lobbyists and other key players, the City cited five pieces of European regulation, finding in each the UK had influenced rules. The City corporation added [...]
Entrepreneurs signal the economy is looking up despite warnings over the impact of Brexit June 6, 2016 Economic confidence among entrepreneurs has taken a big step forward over the last year. The number of business owners who feel confident about the direction of the global economy climbed by 18 percentage points to 69 per cent over the last 12 months according to a survey from accountancy giant EY. The UK economic outlook [...]
Investors look to production data as FTSE flattens June 6, 2016 Industrial data will be in focus this week as investors look for signs of life in the sector. With rising fears of a second quarter slowdown for the UK economy, poor industrial and manufacturing production figures on Wednesday could stoke broader fears. In March industrial production was wallowing 10 per cent below pre-crisis levels, with the [...]
French finance minister says strikes have no “substantial impact” on the economy June 5, 2016 The French finance minister, Michel Sapin, said weeks of strikes over controversial labour reform proposals would have little impact on the economy. In an interview with the business newspaper Les Echos, he said: "So far, the strikes have been partial and limited to sectors. I don't see any substantial impact on activities." Read more: French strikes spark confrontations [...]
Shell’s balance sheet, renewables strategy to be drawn into focus on Tuesday June 5, 2016 Royal Dutch Shell's balance sheet and renewables policy could be drawn into focus when the oil major holds an investment day on Tuesday. The FTSE 100-listed oil major — which bought BG in a £35bn deal — recently revealed profits slumped 83 per cent in the first three months of 2016. This added to pressure on chief executive, Ben van [...]
Treasury’s bank bailout tsar Kingman in talks with L&G June 5, 2016 The senior civil servant who was central to Britain's bank bailouts in 2008 is in line to chair FTSE 100-listed insurer and asset manager Legal & General. John Kingman, who is stepping down as second permanent secretary of the Treasury, has been approached about taking over the position when current chair, John Stewart, leaves the role on 1 June. It's [...]
Gove slams investment banks over EU relationship June 5, 2016 Michael Gove has fired shots at investment banks and big business in the midst of EU referendum campaigning, saying the EU is rigged in their favour. One of the most high profile campaigners for leaving the EU alongside Boris Johnson, Gove said that big banks such as Goldman Sachs and Morgan Stanley calling the shots in [...]
It’s unlikely Switzerland will be paying every citizen a basic income June 5, 2016 You might be surprised to find Britain isn't the only country in Europe that's in the throes of a referendum. Switzerland is having its own vote on whether it should pay everyone in the country a basic income rather than running a complicated welfare system – and the initial results are in, according to the pollsters. The wealthy [...]