Sterling’s gains wiped as Bank of England governor Mark Carney says now is not the time for an interest rate hike January 19, 2016 The pound lost over half a cent against the dollar today, erasing earlier gains, as Bank of England governor Mark Carney said now is not the time to raise rates. Last summer Carney said the decision on whether to raise interest rates from record lows "would likely come into sharper relief around the turn of the year." "Well [...]
Eurozone inflation climbs to highest rate since July January 19, 2016 Annual inflation in the Eurozone rose to 0.2 per cent in December, according to figures released this morning. December's inflation rate is the highest since July with November's inflation rate revised down to 0.1 per cent from 0.2 per cent. The figures from Eurostat, the statistical office of the European Union, confirm an earlier estimate of [...]
Economists: Iran faces barriers to strong growth January 18, 2016 The lifting of sanctions against Iran has not erased pessimism over the future of its economic growth. Iran’s economic growth plummeted after sanctions relating to its nuclear programme were put in place. Yet some are warning the removal of restrictions may not mark a return to high levels of pre-sanctions growth for a sustained period. “Given [...]
Bank of Enland’s Gertjan Vlieghe: Pay and inflation are not high enough to justify interest rate hike January 18, 2016 The Bank of England’s newest rate-setter Gertjan Vlieghe has said today he is unlikely to vote for an interest rate rise unless pay growth and inflation pick up and growth remains robust. “In order to be confident enough of the medium-term inflation outlook to raise Bank Rate, I would like to see evidence that growth [...]
UK finance chiefs are worried about losing their top workers amid competition for talent January 18, 2016 UK finance directors are worried about losing their top talent as a professional talent war breaks out among finance firms. Of over 200 finance directors surveyed by recruiter Robert Half, 38 per cent said a major internal concern for 2016 was keeping hold of talent. The headache for firms was evident last year – 58 per [...]
Small UK businesses fear EU referendum currency swings January 18, 2016 A large number of smaller UK businesses trading internationally are concerned about potential swings in the exchange rate caused by an EU referendum, according to new survey figures published today. The survey of over 1,000 senior decision makers at small and medium-sized enterprises (SMEs) revealed 75 per cent of them feared currency volatility related to [...]
US economy gets off to a slow start to 2016, according to new business survey January 18, 2016 The US economy is undergoing a slow start to the year, according to a survey of businesses released today. The sales managers’ index (SMI) compiled by World Economics dropped to a score of 51.1 in January from 51.3 in the previous month. Scores above 50 indicate the economy expanded on the month. Firms also said [...]
US President Barack Obama commits $4bn over 10 years to driverless technology January 14, 2016 US President Barack Obama is committing $4bn (£2.8bn) over 10 years to investment in driverless car technology. The goal of the investment is to "accelerate the development and adoption of safe vehicle automation through real-world pilot projects". Transport Sectretary Anthony Foxx announced at the North American International Auto Show in Detroit yesterday that the US Department of Transportation will remove some of [...]
Goldman Sachs to pay settlements in excess of $5bn over pre-crisis dealing of mortgage-backed securities January 14, 2016 Goldman Sachs has today warned its earnings in the final three months of 2015 will take a $1.5bn (£1bn) hit after-tax due to a settlement with regulators. The firm has agreed to pay to resolve actual and potential claims by the US Department of Justice, the New York and Illinois Attorneys General, the National Credit [...]
International Airlines Group and LATAM Airlines Group sign deal to make flying to South America easier January 14, 2016 International Airlines Group (IAG) has signed a joint agreement between its subsidiaries British Airways and Iberia and LATAM Airlines Group to make flights between Europe and South America easier. If they receive regulatory approval, the airlines plan to expand their codeshare agreements, which allow airlines to operate flights on another airline's routes. It allows firms to offer better [...]