Euro falls as meeting minutes show ECB ready to ease rates July 11, 2019 The euro has fallen against the pound after minutes from the European Central Bank (ECB)’s last meeting showed board members were leaning towards an interest rate cut in June. Read more: Euro plunges as ECB president Mario Draghi signals more stimulus The account released today showed ECB governing council members were in “broad agreement” that [...]
Bitcoin extends losses after Fed chair criticises Facebook’s Libra July 11, 2019 Bitcoin has fallen over five per cent this morning following comments from US Federal reserve chair Jay Powell that Facebook’s Libra currency should be halted. Read more: US stocks hit record highs after Fed chair hints at rate cuts Powell told a congressional committee yesterday that Libra, which Facebook labels a cryptocurrency, “cannot go forward” [...]
Banks can cope with no-deal Brexit but risks remain, says BoE July 11, 2019 The UK financial system is strong enough to cope with a severe global slowdown and a “worst-case” disorderly Brexit simultaneously, the Bank of England has said. Read more: No-deal Brexit fears have increased, Bank of England governor warns Yet it warned that an increasingly likely no-deal scenario posed “material risks of economic disruption” and would [...]
UK businesses to get £125m innovation boost July 10, 2019 UK businesses will receive a £125m cash boost from the government to help them turn their bright ideas into money-spinners, City A.M. can reveal. Read more: Skills gap is costing UK economy billions each year The government will add £100m of the sum to its “smart grant” programme that looks to help businesses take ideas [...]
US stock markets hit record highs as Fed chair hints at rate cuts July 10, 2019 Chairman of the US Federal Reserve Jay Powell has boosted the market’s expectations that the first interest rate cut in ten years will come this month with a gloomy testimony to a congressional committee. Read more: Fed holds interest rates but hints at future cuts In a prepared statement Powell said “trade tensions and concerns [...]
Germany flogs bonds at fresh record-low yields as demand for safety surges July 10, 2019 Germany has sold medium-term government bonds at new record-low yields and cut interest payouts completely as investors rush to buy safe assets amid a slowing global economy. Read more: Germany and Portugal sell 10-year bonds at lowest ever yields Figures from the German finance ministry show it today sold 10-year Bunds with a yield of [...]
UK economic growth beats expectations but contraction worries remain July 10, 2019 The UK economy expanded by 0.3 per cent in the three months to the end of May, official statistics have shown, beating analysts’ expectations of just 0.1 per cent growth. Read more: UK service sector ‘close to stagnation’ as economy slows The better-than-predicted growth, shown in data released today by the Office for National Statistics [...]
Shareholders poised to oppose Vodafone pay report in dividend row July 10, 2019 A group of Vodafone investors plan to oppose the company’s remuneration report at this month’s annual meeting as anger builds about the telecoms firm’s move to cut its dividend, according to Sky News. Read more: Vodafone looks to woo business as it switches on 5G network Proxy adviser ISS has said investors should vote against [...]
Exclusive: UK companies complacent on productivity, survey shows July 10, 2019 Nearly two-fifths of large UK companies called their productivity levels “very concerning” but big firms are investing only 0.25 per cent of their annual turnover to remedy the problem, new research has revealed. Read more: UK productivity drops for third quarter in a row A survey by the Centre for Economics and Business Research (CEBR) [...]
German factories set to cut workers’ hours to cope with downturn July 9, 2019 The number of German factories shortening their employees’ working hours to cope with the country’s economic slowdown is expected to rise significantly over the next three months, the Ifo Institute think tank has said. Read more: German malaise continues as factory orders tumble Almost four per cent of Germany’s manufacturing sector has in recent months [...]
