Professor Philip Booth to step down from the Institute of Economic Affairs after 14 years May 23, 2016 Professor Philip Booth, the academic and research director at the Institute of Economic Affairs (IEA) is stepping down from his role after 14 years. He is leaving on 7 November to take up the role as director of research and public engagement at St Mary’s University, but will remain at the IEA for one day a [...]
US manufacturing output falls for first time since September 2009, throwing up questions around the possibility of a June interest rate hike May 23, 2016 The US manufacturing sector crept closer to stagnation in May, with the Markit Flash US manufacturing Purchasing Managers’ Index (PMI) registering only slightly above the neutral 50.0 mark at 50.5. This was down from 50.8 in April and signalled only a marginal improvement in overall business conditions that was the weakest since the current upturn started in October 2009. [...]
Before the bell: What you need to know before the US market open May 23, 2016 The latest round of consolidation in the drugs and chemicals industry is on after Germany Bayer made a $62bn bid for US seeds company Monsanto while European PMIs this morning have added to European economist concerns. Here's what you need to know before the open. US pre-market futures are mixed today. The S&P is down by 0.06 per [...]
Aim-listed Lansdowne Oil & Gas sounds alarm over funding May 23, 2016 Aim-listed Lansdowne Oil & Gas has warned shareholders it must raise additional funds to "continue its ongoing business". The oil and gas explorer will seek shareholder approval at a general meeting next month for a capital reorganisation and an issue of up to 350m shares, potentially representing more than 200 per cent of its current share [...]
The Eurozone’s private sector is growing at its slowest rate in 16 months despite France and Germany performing well May 23, 2016 Eurozone private sector growth has hit a 16-month low, according to the latest survey from Markit. The slackening suggests the stronger growth in the first three months of the year has failed to hold. Markit's Composite Purchasing Managers' Index (PMI) edged down to 52.9 from April's 53. Any reading above 50 indicates expansion, while a reading below [...]
Mitie Group share price jumps as profit doubles May 23, 2016 UK outsourcer Mitie shook off a string of "unanticipated macroeconomic headwinds" to double profit in the year ended 31 March. The figures: Revenue from continuing operations fell 1.8 per cent to £2.2bn in the year ended 31 March, down from £2.3bn a year earlier. But pre-tax profit rose 133 per cent to £96.8m during this period, up from [...]
FTSE companies are depressed about the economy – but they don’t really care about the upcoming EU referendum and the risk of Brexit May 23, 2016 FTSE 350 firms are pessimistic about the UK economy, but the prospect of Brexit doesn't seem to have fazed them, according to a new survey out today. Companies' confidence in the country's economy is at its lowest ebb since 2012, with just 12 per cent expecting an improvement over the next 12 months. This is down from 40 per cent [...]
Some bad news for Japan, as exports stay in the red for seventh consecutive month May 23, 2016 Japan's exports were still in the red in after Ministry of Finance data released today revealed a drop of 10.1 per cent year on year in April – despite stronger growth figures. This is the seventh straight month of declines, after a strong yen and weakness in China took their toll. Exports to China, which remains Japan's [...]
Think tank’s report slams UK’s obsession with inequality, saying it is based on misconceptions May 23, 2016 The UK's obsession with inequality is in our collective imagination, as many people are far better off than they were just a few decades ago, a report out today argues. The research paper by the Institute of Economic Affairs (IEA) illustrates that income equality has been relatively stable for the last 25 years, while wealth [...]
Brexit would trigger a recession, says Osborne May 23, 2016 Brexit would launch the UK’s economy into a year-long “DIY recession”, according to new research from the Treasury, with GDP possibly dropping by as much as six per cent. The controversial research published today warns that a vote to leave would represent “an immediate and profound” shock for the economy. Speaking today, George Osborne is expected [...]