Scottish independence currency contingency plans in place, says Bank of England’s Mark Carney August 13, 2014 Contingency plans have been made by the Bank of England ahead of the Scottish referendum in response to uncertainties over the country’s currency if it becomes independent. Bank of England governor Mark Carney said the body had "a wide range of tools and plans" to deal with any financial issues arising from the referendum, regardless [...]
Interest rate rise will be gradual and limited, says Mark Carney August 13, 2014 The Bank of England (BoE) has raised its 2014 growth forecast from 3.4 per cent to 3.5 per cent. However, those hoping for a rapid rise in rates will be disappointed thanks to weaker than expected growth in wages. The Bank now expects earnings to rise by just 1.25 per cent for 2014. [...]
New Look lines up buyer for its French business as sales surge August 12, 2014 FASHION retailer New Look said yesterday it had received an offer for its French clothing chain Mim after revealing a strong rise in first quarter sales. The group, which slipped into the red last year after having to write-down the value of Mim’s assets, declined to name the buyer, but said deal was expected to [...]
New Look pauses Russia launch as situation worsens August 12, 2014 New Look's plans to launch in Russia have been put on hold because of concerns over the worsening political situation in the country. The retailer, which this morning posted group revenue growth of 8.1 per cent to £392.5m for the 13 weeks to June 28, had earmarked Russia as one of four countries ripe [...]
Obama’s got it right: Why it’s in the West’s interest to help the Kurds out August 11, 2014 “All that is necessary for the triumph of evil is that good men do nothing.” For the second time in this doleful summer, the Islamic State (IS) has astounded the world. Following its stunning success in June – snatching and then consolidating territorial gains in eastern Syria and western Iraq into a terrorist state the [...]
City & Gild: Boris Johnson, the brand ambassador August 8, 2014 I was watching a black & white film the other day (who needs a 4k television when a film has a plot?) about a naval captain who united his rebellious crew by forcing them to build him a wooden dinghy, and then sailing it back and forth in front of them while they sweated away [...]
Draghi: Ukraine crisis a threat to the Eurozone economy August 7, 2014 Mario Draghi, president of the European Central Bank (ECB), today admitted that the Ukraine crisis represented a threat to the Eurozone economy. The geopolitical concerns surrounding the Ukraine crisis and in particular the import ban imposed by Russia, were highlighted as a potential risk to European economic outlook by Draghi, but he insisted that [...]
ECB keeps interest rates at record low August 7, 2014 The European Central Bank (ECB) has left interest rates at their current record low of 0.15 per cent. The move was widely in line with expectations, as the ECB has been keen to leave time to analyse the impact of the measures announced in June. Eurozone inflation slipped to 0.4 per cent in July, its [...]
Boris Johnson to be parachuted into parliament despite quotes denying he would stand August 6, 2014 London Mayor Boris Johnson has finally confirmed that he will stand for parliament at the general election next May. Johnson has pledged to see out his second term as Mayor, meaning he could take on both roles at the same time, something he had previously ruled out. A senior Conservative source last night confirmed [...]
Obama haunted by Delphi Automotive UK address move tax-loop trick August 6, 2014 When Barack Obama helped Delphi Automotive to stay afloat in 2009 by conducting a cunning tax trick, he must have known it would come back to bite him in the ass at some point – and sure enough, it looks like it just has. The Obama administration is on the war path, blasting US companies [...]