Mark Carney makes first key cut as Bank of England governor July 6, 2014 Mark Carney has made his first cut since he walked through the door at Threadneedle Street in July. Not to interest rates – although they remain at their historic lows of 0.5 per cent – but to one of a large selection of cakes at this year's Bank of England summer party. The Bank governor [...]
Boosting investment is “only way out” for Europe – ECB’s Coeure July 6, 2014 Governments must do more to aid the European recovery, by cutting sovereign debt and boosting the level of investment, says European Central Bank (ECB) executive board member Benoit Coeure. Speaking in Aix-en-Provence, France, Coeure said that the current economic situation is very worrying, and that "the only way out is by investing". But this should [...]
IMF sees no “brutal slowdown” in China – Christine Lagarde July 6, 2014 China's economic expansion isn't set to stutter, according to the International Monetary Fund (IMF). IMF managing director Christine Lagarde says that the fund sees "no brutal slowdown" and expects that China will achieve growth of seven to 7.5 per cent this year. Investors now see a possible slowdown in Chinese growth as a key risk, [...]
Mark Carney’s Bank of England snubs staffer: Cancels cricket fun at staff party July 4, 2014 Just weeks after one colleague celebrated his love of cricket in a public speech, Mark Carney's Bank of England has confirmed that it has axed all cricket-related hijinks at its staff summer party. There will no cricket match at the central bank's summer, as first reported by Bloomberg. The move is a stark tone change [...]
Fear of Scottish independence behind Glasgow’s £500m boost from Treasury says Sturgeon July 3, 2014 Scotland’s deputy first minister Nicola Sturgeon has played down a £500m funding announcement by David Cameron, suggesting the money is in response to the threat of Scottish independence, an outcome the Prime Minister is keen to avoid. Cameron announced Glasgow as the first Scottish city to win a sought-after city deal with the Treasury yesterday, [...]
Mario Draghi rips up the rulebook on European Central Bank minutes July 3, 2014 European Central Bank (ECB) boss Mario Draghi said yesterday that the bank’s monetary stance would remain unchanged for the coming month, as he unveiled a new system for communicating its policymakers’ thinking. From the start of next year, the euro area’s central bank will meet every six weeks, instead of monthly. The extra time period [...]
Boris Johnson’s sale of London police buildings frees up £125m and housing space July 3, 2014 London mayor Boris Johnson yesterday hailed the better-than-expected sales of under-used police buildings across the capital, which had raised £125m – more than three times the estimate. The figures, in the second annual report of the mayor’s office for policing and crime, showed that 32 no longer operational buildings were vacated and sold in 2013/14 and [...]
Sir Richard Branson mouths off over being forced to wear a tie July 3, 2014 You’d imagine being a billionaire would mean never having to do something you really don’t want to do. If you don’t want to eat your greens, consider them gone. If you really dislike pairing socks, there’s someone else can do that for you. But it seems the UK’s favourite billionaire Sir Richard Branson [...]
Federal Reserve’s chair Janet Yellen stays firm on low interest rates July 2, 2014 Federal Reserve chair Janet Yellen yesterday stuck by the US central bank’s loose monetary policy, reiterating her view that regulation should be the key tool used to combat financial stability risks. She argued that interest rates should seldom be used to combat risks to financial stability and that doing so to counter the US housing [...]
Mike Ashley finally lands bonus after shareholder backlash July 2, 2014 Sports Direct founder Mike Ashley has been awarded a bonus after 60 per cent of shareholders approved plans to let Mr Ashley share in a bonus scheme of up to £200m between the retailer's employees and management. However, 40 per cent of shareholders opposed the move, which was the company's third attempt in two years [...]