Bailout mission chiefs to return to Athens as Eurogroup chief Jeroen Dijsselbloem says it time to talk about Greek debt relief March 7, 2016 Mission chiefs from Greece's creditors will return to Athens as soon as tomorrow to race to complete the current stage of the country's €86bn (£67bn) bailout programme. After crunch talks in Brussels, Jeroen Dijsselbloem, president of the group of Eurozone finance ministers, said: The mission chiefs will return to Athens. There is enough common ground for their mission to continue. [...]
Bank of England to offer extra lending to banks around the time of the EU referendum March 7, 2016 The Bank of England today announced it will offer extra lending to banks in the weeks around the EU referendum to stave off the impact of uncertainty on the financial system. Banks will be offered three additional so-called long-term repo operations. They involve swapping cash for eligible collateral, mostly government debt, which is swapped back at a later date. The [...]
Investor sentiment on Eurozone economy stoops to year low March 7, 2016 Investor sentiment on the Eurozone economy has fallen to its lowest level for a year, new survey data shows. The Sentix economic index for the currency-bloc dropped to a score of 5.5 for this month from February’s six. It is the lowest since April 2015. The score was compiled from a poll of 1,102 investors. “The [...]
Fitch slashes global growth forecast on weaker emerging market outlook March 7, 2016 The world economy will be weighed down by further turmoil in key emerging markets this year, a major ratings agency said today. Fitch has slashed its global economic growth forecast with advanced economies expected to grow 1.7 per cent this year, down from the 2.1 per cent forecast in December. Emerging market economies are expected to [...]
German factory orders drop in January despite bump in demand from rest of the Eurozone March 7, 2016 German factory's received fewer orders in January compared with the month before, according to figures released this morning. New orders dropped 0.1 per cent with a 1.6 per cent drop in domestic orders offsetting a one per cent climb in foreign orders, German statistical office Destatis said. Orders from other Eurozone countries jumped 7.5 per cent [...]
China’s foreign exchange reserves are falling at a slower pace March 7, 2016 The stash of US dollars used by China to shore up the value of its currency, the yuan, declined at a slower rate in February. China had $3.202 trillion of foreign exchange reserves last month, according to figures released by the State Administration of Foreign Exchange this morning. It is down by $29bn (£20.5bn) on January. [...]
London housing commission calls for devolution to solve chronic lack of house building March 7, 2016 Local authorities need to be given more oversight of house building in the capital if London is to accommodate its growing population, the London housing commission said today. In return for greater powers over borrowing, property taxes and planning, the Mayor and boroughs would have to make a joint commitment to deliver significantly higher numbers [...]
Tax advice can cost businesses £1000 an hour due to the UK’s overly complex system March 7, 2016 Top UK tax advisers are charging up to £1,000 an hour due to Britain’s overly complicated tax system. Research published today by the Centre for Policy Studies (CPS) said the UK had one of the most complicated tax systems in the world. UK tax advisory services are now one of the most expensive in the [...]
Don’t get your hopes up – weak productivity will weigh on pay packets, according to BDO March 7, 2016 Low productivity growth in the UK is throttling wage growth, a financial services firm has warned. UK economic growth improved in February while hiring also picked up, according to new figures released this morning. The employment index published by accountants BDO hit of a score of 105.1 in February from 104.9, moving further above its long-term average [...]
Economists at the Bank for International Settlements warn negative interest rates come with risks March 6, 2016 The experimental policy of negative interest rates has come under fire from a top financial watchdog. Economists at the Swiss-based Bank for International Settlements (BIS), often referred to as the central bank of central banks, said: “There is great uncertainty about the behaviour of individuals and institutions if rates were to decline further into negative territory [...]