When will UK interest rates rise? Not anytime soon according to MPC member David Miles August 14, 2014 Don't expect the Bank of England (BoE) to be raising interest rate anytime soon. That is the message from monetary policy committee (MPC) member David Miles this morning. Miles said that a subdued outlook on inflation means the BoE will not be pushed into increasing the interest rate, which has been held at 0.5 [...]
Richard Branson’s PM Chequers boast sparks awkward Twitter questions August 14, 2014 Richard Branson’s latest blog has been conjuring some awkward questions on Twitter. The entrepreneur wrote about relationship between business and politics before stating, “Dined at Chequers with 9 of last 10 Prime Ministers. Won’t reveal who didn’t invite me – was it something I said?!” Impressive, you might say. But Michael Jary, partner at OC&C [...]
Osborne awaits Lloyds share price rise before next stock sell off August 13, 2014 The Treasury is waiting for Lloyds’ share price to jump again before it sells the next tranche of shares in the bank. Lloyds’ share price has fallen by around seven per cent in the past two months, in line with the rest of the sector, putting the brakes on the privatisation of the bailed out [...]
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 [...]