Asian stocks mixed on US and China trade war confusion November 8, 2019 Asian stocks were mixed this morning on uncertainty over whether the US and China are close to sealing a deal to call a truce in their trade war. The news that the world’s two largest economies had agreed to roll back tariffs on each others goods caused global markets to rally overnight. Read more: FTSE [...]
The Tories and Labour both seem happy to throw fiscal responsibility to the wind November 8, 2019 The “money men” are at it again. Yesterday, chancellor Sajid Javid and shadow chancellor John McDonnell took part in a spending showdown, announcing pledges and making their cases for different economic visions for Britain in years to come. Labour’s spending promises are staggering. Essentially doubling the figures from the 2017 manifesto, the party has ditched [...]
UK lowers security risk for Straits of Hormuz shipping November 7, 2019 The UK today lowered the security risk for UK-flagged tankers travelling through the Straits of Hormuz, more than a month after the Stena Impero was released from detention by Iran. The Gulf state’s revolutionary guards seized the British tanker was seized in response to Britain’s capture of an Iranian vessel off Gibraltar. Read more: Saudi [...]
KKR to target record $15bn in Asia-focused buyout fund November 7, 2019 Private equity giant KKR is said to be targeting a record $15bn (£11.7bn) raise for its planned Asia-focused buyout fund. The fundraising is set to begin early next year, with the aim of reaching its first close — the minimum threshold to make investments — by June, people familiar with the matter told Reuters. The [...]
Pound sinks as Bank of England comes closer to interest rate cut November 7, 2019 The pound fell sharply this afternoon as the Bank of England came closer to signalling an interest rate cut. The Bank’s Monetary Policy Committee voted in favour of holding rates for the 15th month in a row, but traders were surprised as two members voted for an immediate rate cut. Read more: Bank of England: [...]
Bank of England: Brexit deal and trade wars will limit UK growth November 7, 2019 Boris Johnson’s Brexit deal and global trade tensions are likely to hold back growth in the UK economy over the next three years, the Bank of England has said. British national income will be one per cent lower by 2022 than originally thought, the Bank predicted today in its quarterly deep-dive into the economy. Read [...]
European markets rise as US and China agree to phase out tariffs November 7, 2019 European markets have risen this morning after the US and China announced plans to gradually lift tariffs as the two countries work towards securing a trade deal. News of the trade-war de-escalation buoyed Britain’s FTSE 100 index, sending it up as much as 0.44 per cent in morning trading. The blue chip index was sitting [...]
General Election 2019: Sajid Javid pledges ‘new fiscal rules for a new economy’ November 7, 2019 Chancellor Sajid Javid has confirmed a Conservative government would deploy new fiscal rules to create a “decade of renewal”. Speaking from Labour safe seat Wythenshaw Javid said the 2020s would be “Britain’s best decade yet”, and confirmed the introduction of new fiscal rules, so that the government can borrow without being irresponsible. Read more: Labour [...]
BHP shareholders vote against leaving industry groups November 7, 2019 Shareholders at Anglo-Australian mining giant BHP have voted against a motion calling for the company to give up its membership in industry bodies which support policies which run counter to the Paris climate change treaty. A tally of the votes taken at the group’s annual general meeting (AGM) in Sydney showed that 72.9 per cent [...]
The FCA is proposing a radical change to the UK’s regulation system November 7, 2019 With the recent headline-grabbing noise coming from Westminster, few paid much attention to the key announcements coming out of the Financial Conduct Authority (FCA). Senior figures from the regulator have been giving some of the most significant speeches about the future of financial services in years. But are the right audiences listening to this talk [...]