US Federal Reserve leaves interest rates unchanged February 1, 2017 US Federal Reserve chair Janet Yellen said interest rates would be maintained at 0.5-0.75 per cent as the labour market continues to strengthen and economic activity expands. At the Federal Open Market Committee meeting (FOMC) today, Yellen said inflation increased in recent quarters but is still below the committee's two per cent long-run objective. She said the [...]
Sadiq Khan splurging £33m a year on “ridiculous” free travel for the flatmates of TfL staff February 1, 2017 A perk for the flatmates of Transport for London employees is costing London taxpayers more than £33m a year in lost revenue, according to new figures. A new analysis by London Assembly Tories has called on mayor Sadiq Khan to scrap the “ridiculous” benefit, currently available to anyone sharing a residence with a TfL worker. [...]
Deadline for European competition probe into London Stock Exchange merger set to be extended February 1, 2017 The European competition probe into the London Stock Exchange’s merger with Deutsche Boerse is set to be extended. The European Commission currently has a deadline of 13 March to decide whether to give its backing to the £21bn deal. Read more: Deutsche Boerse boss wants merger to bring Anglo-Saxon spirit to Europe But this could be [...]
Two more Labour frontbenchers have resigned ahead of a vote on the Article 50 Bill February 1, 2017 Labour leader Jeremy Corbyn has lost two more frontbenchers ahead of a House of Commons vote on an Article 50 Bill. Corbyn has ordered his MPs to support the Bill, which faces its first vote tonight. However, two Labour shadow ministers stepped down last week saying they could not back the decision, and they have been followed [...]
Waterstones has finally turned a profit again after years of losses February 1, 2017 Waterstones has turned an annual profit for the first time since 2009 as book sales picked up in 2016. The figures The bookseller reported a pre-tax profit before exceptional items of £11.9m, which was up from a loss of £3.4m in the previous year. Sales rose 4.3 per cent to £409.1m for the year ended 30 April, up [...]
Leaked report reveals top EU officials believe the remaining 27 member states will be damaged by a bad deal for the City February 1, 2017 A leaked report has revealed top EU officials are worried a bad Brexit deal that does not safeguard the City of London's status will backfire for the other member states. A document put together by the European parliament’s committee on economic and monetary affairs, which was seen by the Guardian, urges EU negotiators to strive [...]
Financial Stability Board sets out plans to minimise “too-big-to-fail” clearing house risk February 1, 2017 The Financial Stability Board (FSB) has set out proposals for new rules around “living wills” for clearing houses to ensure they do not become a new source of “too-big-to-fail risk”. The blueprint, published today, is designed to ensure that collapsing clearing houses, or CCPs, do not cause further damage to the financial system and are not [...]
Everything you ever wanted to know about the Article 127 case (but were too afraid to ask) February 1, 2017 Brexit's legal fine print is due to be debated in the courts again this week, less than a fortnight after the Supreme Court ruled the government must consult parliament before it can trigger Article 50. At time of writing, a case on Article 127 is due to go for a merit hearing on Friday afternoon, [...]
US production growth booms as manufacturing expands at fastest rate since 2014 February 1, 2017 The US manufacturing sector grew faster than expected in January to expand at the fastest rate since the end of 2014, according to a widely followed indicator of economic health. The purchasing managers’ index (PMI) for America’s manufacturers reached 56 per cent, according to the Institute of Supply Management (ISM), up from 54.5 per cent [...]
The prospects of the UK quitting the EU without a trade deal are rising, not falling February 1, 2017 With all the bluster of the Supreme Court ruling on Article 50 and now the drama of the European Union Bill going through Parliament, many businesses have been diverted from the more pressing issue – that Brexit could happen much sooner than March 2019 – it could even happen before 2017 is out. When the [...]