Treasury Committee chairman Andrew Tyrie asks Bank of England to revise code of conduct August 24, 2015 Treasury Select Committee chairman Andrew Tyrie has asked Bank of England governor Mark Carney to reexamine the rules governing the Bank’s monetary policy committee (MPC). Tyrie wrote to Carney yesterday about the naming of Gertjan Vlieghe, a senior economist at the hedge fund Brevan Howard, to the MPC. He said Vlieghe’s appointment, and the “subsequent [...]
Black Monday: Equities bloodbath continues on US markets as Dow Jones and S&P 500 plummet August 24, 2015 US markets continued the trend set by global markets, plummeting in mid-morning trading, with the the S&P 500 and Dow Jones both trading more than four per cent down. That followed huge falls in Asia and Europe, with the FTSE 100 tumbling below 6,000 for the first time since 2012, while stocks in China fell [...]
Supermarket wars: Aldi has changed the face of UK retailing in its first 25 years – but it must adapt as much as everyone else to continue August 24, 2015 As Aldi celebrates 25 years of trading in the UK the joy may be felt by the German-owned discount chain and the great British price-conscious shopping public for its impact on the cost of food. But the reaction from rival retailers, big and small, and pretty much everyone else in the supply chain who [...]
Black Monday 2015: Biotech firm RainDance Technologies cancels IPO following global sell-off August 24, 2015 US biotech firm RainDance Technologies has pulled out of plans to publicly list on Nasdaq. Read more: Black Monday: Bloodbath continues on US markets as Dow Jones and S&P 500 plummet In a regulatory filing released today, the Massachusetts-based company cited the fall in global markets as the reason for its decision. The [...]
Former Marks & Spencer boss Lord Stuart Rose backs Select Property Group August 24, 2015 There is a new new retail club in town and it’s called Select Property Group. Former Marks & Spencer chairman Lord Stuart Rose has emerged as a surprise backer in the privately-owned developer, which operates a swathe of student housing and is about to launch its first block of serviced flats in Manchester. He has [...]
Black Monday: Billions wiped off FTSE 100 as it falls below 6,000 after China shock August 24, 2015 The FTSE 100 fell below the psychologically significant 6,000 mark this afternoon for the first time since 2012, after stocks in China closed more than eight per cent lower. The market dipped below 5,900 points, more than five per cent lower, at lunchtime, its lowest point this year. Meanwhile, Germany's Dax fell 4.5 per cent and [...]
Oil prices hit six-year lows as global commodities rout continues August 24, 2015 As global equities continue to plummet, commodities are doing the same. After Bloomberg's commodity index sank to a 16-year low overnight, oil prices continued their rout this morning, with both WTI and Brent crude falling to six-and-a-half year lows. Read more: Black Monday? FTSE edges towards 6,000 Brent crude was down 3.65 per cent at [...]
China’s economic slowdown: Commodities plunge to 16 year low as China fears push oil prices down further August 24, 2015 Commodity companies’ shares have been hit hard by crashing oil prices and “Black Monday” market fears that China’s slowdown will worsen a global oversupply of raw materials. Bloomberg’s commodity index, a basket tracking 22 different raw materials, tumbled to 86.3542 today, its lowest level since 1999, as commodity prices continue to slump amid a global [...]
CBI upgrades UK economic forecast to 2.6 per cent GDP growth in 2015 August 24, 2015 A rise in household spending along with robust investment growth will help fuel faster “twin engine” growth in the UK economy, according to the Confederation of British Industry (CBI), which expects an interest rate rise in early 2016. In their latest economic forecast, the CBI upgraded its expectation to 2.6 per cent GDP growth for [...]
China’s economic slowdown: Shares in Shanghai Composite, Hang Seng, Taiex and Nikkei close down August 24, 2015 Markets throughout Asia collapsed on Monday amid concerns over China's slowdown, prompting comparisons with the region's financial crisis in the early 1990s. The Shanghai Composite closed 8.49 per cent down, wiping out all 2015 gains so far and marking the largest drop since 2007. Taiwan’s Taiex closed down 4.8 per cent, though during trading it [...]