Eurozone inflation hits expectations – but it’s still in the ECB’s “danger zone” October 31, 2014 Inflation in the Eurozone ticked up a tenth of a percentage point in October, which will do little to allay fears about the state of the economy in the single currency zone. According to the latest flash estimate (which will be confirmed next month) the rate was 0.4 per cent in October, compared with 0.3 [...]
Bullish US outlook helps Janet Yellen win over Charles Plosser and Richard Fisher to interest rate pledge October 29, 2014 Federal Reserve chair Janet Yellen persuaded two hawkish colleagues to join her pledge yesterday to keep interest rates low for a “considerable time”, winning them over by sounding an optimistic tone on the US job market and inflation. Immediately after the announcement, the dollar surged to a three-week high. The Fed announced the end of [...]
Chancellor George Osborne tells EU: Slash UK’s £1.7bn bill now October 29, 2014 Chancellor George Osborne yesterday expressed confidence that he would win a reduction in the £1.7bn bill that the UK had been asked to pay by Brussels. However, his comments, made after a meeting with European financial chiefs, suggested that Britain would stump up some of the cash, which would concern backbench Tory MPs who want [...]
What’s it like to spend $200k on lunch? Guy Spier wins bid for date with Warren Buffett October 29, 2014 What’s it like to go for lunch with Warren Buffett? Aquamarine Capital fund manager Guy Spier knows, and it cost him only $216,000. Spier and friend Mohnish Pabrai were successful in Buffett’s annual lunch bid in 2007, with all proceeds going to charity. Was it worth it? “Absolutely. It’s hard to calculate the ROI but [...]
Over to you, chancellor: David Cameron tells George Osborne to probe £1.7bn EU fiasco October 27, 2014 David Cameron has handed chancellor George Osborne and his Treasury colleagues the unenviable task of picking through statistics which led to the UK being landed with a £1.7bn bill from Brussels last week. The Prime Minister openly refused to pay the £1.7bn bill yesterday, which is backdated to 2002 and has been calculated by EU [...]
Mike Ashley to make £2m loan to Rangers FC October 27, 2014 RANGERS chief executive Graham Wallace has resigned after less than a year in the role, as the Scottish football club accepted a £2m loan from Newcastle owner Mike Ashley. In a statement issued yesterday, Rangers’ board thanked Wallace for “his contribution to the club during a difficult period”. Wallace was appointed chief executive in November [...]
Why Thomas Piketty should back high banker pay – CNBC Comment October 27, 2014 With reporting season kicking off today, cue the usual brouhaha over how much those greedy bankers are getting. But maybe it’s worth pausing a moment to take a lesson or two from the world of high finance. True, official statistics show that financiers have enjoyed a 27 per cent wage rise since the start of [...]
Jean-Claude Juncker’s €300bn plan forges path for fiscal union October 27, 2014 A €300m (£236m) investment programme proposed by incoming EU president Jean-Claude Juncker will form the basis of the bloc's fiscal union, a senior EU politician has said. In an interview with EUobserver, Laszlo Andor, the EU's commissioner for employment, social affairs and inclusion, said Juncker's effort to create an investment programme "is an attempt to [...]
Ukip mapped: Nigel Farage is most popular in areas where immigration is lowest October 27, 2014 On Monday, defence secretary Michael Fallon aired what he believed to be some of the public's concerns around immigration. Speaking on Sky News' Murnghan programme, Fallon said some towns on the east coast of England feel they are "under siege" and "swamped" by migrants. That phrasing failed to impress Downing Street, which was quick to [...]
Tesco’s falling share price eats away at Dave Lewis and Alan Stewart’s bonuses October 27, 2014 Here's another reason for Dave Lewis to be concerned about Tesco's tumbling share price – it's already cost him around a quarter of the bonus accrued at his previous employer Unilever. Tesco bought out awards that both Lewis and new chief financial officer Alan Stewart forfeited from leaving their previous employment, which in the [...]