Sterling edges back as markets await outcome of Brexit talks October 16, 2019 Sterling has slipped against the dollar and euro as traders nervously wait to see whether Britain can secure a last-minute Brexit deal with the European Union. The pound was 0.12 per cent lower against the dollar by 8.10am UK time, buying $1.275. It had fallen 0.29 per cent against the euro to buy €1.154. Sterling [...]
How the wind-up of the Woodford fund will hit investors October 16, 2019 If the Neil Woodford scandal has been a slow-motion car crash, this must be the part where it finally hits the wall. Last night, it was announced that Woodford Investment Management will close. This followed news earlier in the day that the firm’s flagship Woodford fund would be wound up, putting an end to months [...]
This year’s Nobel economics laureates have made the world a better place October 16, 2019 This year’s Nobel Prize in economics, announced on Monday, was a ray of sunshine amid the prevailing media gloom. The Prize was awarded for the work the new laureates had done on the alleviation of global poverty. This is one reason to be cheerful about it. Another is that Esther Duflo became only the second [...]
Energy firm Eon to slash hundreds of UK jobs October 15, 2019 German energy firm Eon has said it will cut between 500 and 600 jobs in the UK as it battles with fierce competition and the impact of the energy price cap. Read more: Eon struggles against energy price cap but ploughs on with landmark German deal The company, which has roughly 9,000 employees in the [...]
Sterling surges against dollar and euro amid renewed hope of Brexit breakthrough October 15, 2019 Sterling has jumped to its highest levels since the summer amid rising optimism about a potential breakthrough in Brexit negotiations. The pound was trading up more than three per cent at $1.277 this afternoon, while it rose against the euro to buy €1.157. Read more: Disruptive no-deal scenario could weaken the UK equity market and [...]
German investor sentiment falls once again October 15, 2019 The mood among German investors darkened in October, a survey showed today, as concerns over the direction of Europe’s biggest economy continue to mount. Think tank ZEW’s economic sentiment indicator fell to minus 22.8 points in October from minus 22.5 in September. This was a smaller fall than economists had predicted, but highlights expectations of [...]
Bank of England’s Mark Carney defends move not to publish governor shortlist October 15, 2019 Bank of England governor Mark Carney has defended the application process to lead the central bank and suggested that too much transparency would discourage people from applying. Carney is due to step down in January and MPs and pressure groups have called on chancellor Sajid Javid to publish the short list of candidates to allow [...]
Animation firm DNEG eyes £150m London listing October 15, 2019 Digital effects and animation company DNEG said today it was considering a London float to raise £150m. The London-based firm said it was weighing a main market listing with plans to sell £150m-worth of new shares and an offer of existing shares to be sold by current shareholders. DNEG has worked on films such as [...]
IMF warns 2019 global growth will fall to lowest since financial crisis October 15, 2019 Global economic growth will be just three per cent this year, the International Monetary Fund (IMF) has predicted, its lowest level since the financial crisis and a downgrade from the organisation’s April prediction. Read more: IMF chief says trade wars to cost global economy $700bn The “big four” developed economies of the US, China, the [...]
UK unemployment rate rises as Brexit fears hit labour market October 15, 2019 The UK’s unemployment rate rose in the latest quarter, according to data released today, coming off a long running 45-year low as Brexit hit the labour market. Unemployed workers rose by 0.1 percentage points compared to the previous quarter to 3.9 per cent between June and August, Office for National Statistics (ONS) figures showed. Read [...]