Eurozone employment hits highest level since 2009 but financial sector job growth stalls March 15, 2016 Employment in the Eurozone climbed at the end of last year as the currency-bloc's moderate economic recovery continued. However, the Eurozone's financial sector failed to register a growth in job numbers. There were 151.9m people in work in the Eurozone between October and December, according to figures published by EU statistical office Eurostat this morning. It is 0.3 [...]
Fidelity analysts back consumer and tech sectors as utilities, industrials and energy lose their appeal March 14, 2016 The consumer and tech sectors will drive corporate earnings growth this year, a survey of analysts at an investment giant revealed today. However, the survey of 200 analysts at Fidelity International reveals they have dramatically toned down their outlook on utilities, industrials and financial companies for this year. Subdued inflation, rising house prices, wage growth and falling unemployment [...]
Fitch: European Central Bank’s cheap lending will offer limited relief to Eurozone banks March 14, 2016 Ratings agency Fitch has said Eurozone bank profits will continue to come under pressure despite a new wave of cheap lending from the central bank. The European Central Bank (ECB) offered a new round of so-called targeted longer-term refinancing operations last week – cheap loans to banks that are available so long as banks lend more to the real economy. [...]
Proposed Basel changes could distort UK mortgage market, warns Council of Mortgage Lenders March 14, 2016 Proposed reforms to financial regulations would have “negative and unintended consequences” for the UK mortgage market, the Council of Mortgage Lenders (CML) has warned today. The CML said proposed reforms to Basel rules, a set of global rules adhered to by countries voluntarily, were "unduly harsh" on prime residential and buy to let mortgages. The reforms [...]
Eurozone industrial production rebounds to hit highest level since 2008 March 14, 2016 Industrial production in the Eurozone bounced back in January to reach its highest level since 2008. Output in manufacturing, mining and utilities climbed 2.1 per cent over the month, according to EU statistical office Eurostat. Compared with January 2015 it was 2.8 per cent higher. Ireland, Estonia and Germany led with monthly growth rates of 12.7 per cent, 4.9 per cent [...]
Larger companies are opting to borrow against their invoices March 14, 2016 More large businesses are borrowing against payments they are owed, according to data released this morning. The number of companies with a turnover above £50m that were borrowing against invoices climbed 25 per cent last year to 893. The figures from the Asset Based Finance Association (ABFA) also show the amount of cash borrowed by [...]
Small businesses call for simpler tax system to level playing field March 14, 2016 Smaller businesses want a simpler tax system to help create a level playing field with their multinational competitors, new survey data shows today. Accountancy firm Moore Stephens said 55 per cent of small and medium-sized enterprises (SMEs) wanted the tax system simplified in this week’s budget. The joint most popular measure was a further crackdown [...]
London’s economic growth drops to three-year low as UK loses steam – Lloyds Bank March 14, 2016 London's economic growth plummeted to it lowest since 2013 in February, a survey of businesses shows this morning. The regional purchasing managers’ index compiled by Lloyds Bank fell to a score of 52.2 for London. It is barely above the 50 level that indicates a region’s economy grew over the month and marks a steep [...]
Northern Powerhouse: Shaving one minute off journey times could provide £1.6bn boost northern cities March 14, 2016 Shaving just 60 seconds off the time it takes to travel to key services could provide a £1.6bn economic boost to the northern regions of the UK, according to new research published today. Using so-called value of time research, consultancy and construction company Mace said for all regions outside of London, saving the extra minute could [...]
Bank of England, Federal Reserve and Bank of Japan to err on the side of caution this week March 13, 2016 Three of the world’s major central banks are expected to take a cautious approach this week as they look to underpin economic growth amid rising global uncertainties. The US Federal Reserve’s federal open market committee will decide on Wednesday whether to lift interest rates for the second time since the 2008-9 recession. “Given market volatility [...]