Serious Fraud Office takes 11 from Barclays, Deutsche Bank and Societe Generale to court over Euribor rigging December 21, 2015 The Serious Fraud office (SFO) is set to take 11 individuals to court for the rigging of a key European interest rate. The European interbank offered rate (Euribor) is a rate at which banks can lend to one another in euros and which acts as benchmark for other interest rates. The SFO named 10 of the individuals last month, adding [...]
Eurozone consumer confidence edges up in December December 21, 2015 Consumer confidence in the Eurozone ticked up this month, according to figures released today. The flash consumer confidence indicator compiled by Eurostat, the statistical office of the European Union, climbed 0.2 points to a score of minus 5.7. Flash data is an estimate based on a The rise builds on November's surge and shows consumers are more confident [...]
State borrowing data to cast light on task ahead for chancellor December 20, 2015 Public borrowing figures this week will partly reveal the size of the boost needed in January to meet the government’s budget deficit target. The government borrowed £54.3bn between April and October, with most economists expecting chancellor George Osborne to miss the £68.9bn forecast by the Office for Budget Responsibility (OBR) for borrowing in the year to April [...]
Spain in political limbo as Mariano Rajoy loses majority in general election and Podemos gains ground December 20, 2015 Spanish Prime Minister Mariano Rajoy's centre right People's Party has won the country's general election, but will struggle to form a majority even in coalition, according to the latest results with 90 per cent of the vote counted. The country now faces a period of political uncertainty during while coalition negotiations will take place. The PP are on track [...]
Unfinished Berlin Brandenburg airport denies it will be another year late December 20, 2015 London is not the only capital city having trouble building up its airport capacity. With the debate raging over whether or not to build a third runway at Heathrow, a new airport in Berlin has had its opening pushed back into 2018. German newspaper Bild said a confidential schedule from the airport’s project management company [...]
Spanish elections: Voter turnout rebounds in the afternoon December 20, 2015 Spanish voter turnout recovered in the afternoon, taking total voter numbers above 2011 levels. Of those eligible to vote, 58.3 per cent had hit the voting booth by 6pm, Spain's interior ministry said today. It marks a rise from 58.6 per cent in 2011. Turnout had risen strongly in the north and east of Spain compared [...]
High German business confidence points to strong end-of-year growth December 17, 2015 The German economy is expected to make a strong start to 2016 after a survey published this morning showed businesses were in a confident mood. The business climate index compiled by the Munich-base IFO Institute edged down slightly to a score of 108.7 points this month from 109 in November. Despite the marginal dip, it remains [...]
Low-income commodity exporters will have a tough 2016, warns the IMF December 17, 2015 Low-income commodity-exporting countries face a struggle next year, the International Monetary Fund has warned. Commodity price falls this year have dented the growth of many low-income developing countries (LIDCs), and the IMF said the significant slowing of growth will carry over into 2016. The IMF said weak trade and worsening government finances underscored “the need [...]
Eurozone construction rebounds in October December 17, 2015 Construction in the Eurozone bounced back in October, according to new figures published this morning, but the sector is struggling to pick up momentum. The currency-bloc’s construction output climbed 0.5 per cent in October compared with the month before. The monthly gain took year-on-year growth to 1.1 per cent. It also marks a rebound from [...]
UK manufacturing output declines in final three months of the year as pessimism grows over 2016 December 17, 2015 Output from UK factories declined over the last the three months, with many expecting further weakness in early-2016, according to a business survey published today. The Confederation of British Industry’s industrial trends survey showed 27 per cent of firms reporting output had fallen over the past three months, compared with 24 per cent where output had gone [...]