Global stock markets on track for best first half in 20 years June 23, 2019 Global stock markets are on track for their best first-half performance in over 20 years, with US shares hitting record highs last week. Read more: Global stock markets jump as Trump announces Xi Jinping meeting The stock market expansion comes thanks to central banks around the world signalling they will cut interest rates or launch [...]
Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra June 20, 2019 The Bank of England today said it will treat Facebook’s proposed cryptocurrency Libra with an “open mind”, and announced measures to prepare for the coming “payments revolution”. Read more: Facebook confirms launch of own cryptocurrency In a speech in the City’s Mansion House tonight, the Bank’s governor Mark Carney will praise Libra’s potential to “substantially [...]
Former City minister calls for action on skills shortage June 20, 2019 Former City minister Mark Hoban has today called for urgent action to address the skills crisis facing the financial services sector. Read more: Private sector pay set for growth as skills shortage bites The sector does not spend enough on training, lacks diversity, and its values and culture are not well-perceived, according to a report [...]
Government proposes measures to tackle late payment scourge June 19, 2019 Large businesses could be fined for not paying smaller suppliers on time as part of a raft of proposals to tackle a problem that sees thousands of small firms go bust every year, the government said today. Read more: Rolls Royce and Vodafone among firms kicked off late payment scheme Small business minister Kelly Tolhurst [...]
Fed holds interest rates but hints at future cuts June 19, 2019 The US Federal Reserve has kept interest rates on hold but suggested it could cut them in the future, in its first decision since the Trump administration ratcheted up tariffs on China. Read more: US inflation tepid ahead of Fed rates decision Fed policymakers dropped language about being “patient” over future rate hikes from their [...]
Three reasons why the Bank of England won’t raise interest rates June 19, 2019 The Bank of England should keep interest rates on hold tomorrow due to uncertainty over Brexit, global trade tensions, and recent weak UK data, City A.M.’s shadow monetary policy (MPC) has argued. Read more: UK inflation falls to Bank of England target Ongoing uncertainty over how Brexit will turn out, and the increasing chances of [...]
German think tank says receding manufacturing sector damaging growth June 18, 2019 A German think tank today said the country’s export-oriented manufacturing sector, which is at the heart of its economy, “is in recession”. Read more: Germany sells 10-year bond at lowest ever yield The Ifo Institute reaffirmed its prediction that Europe’s biggest economy will expand by just 0.6 per cent in 2019, saying growth will be [...]
Tory leadership results: Raab crashes out as Johnson storms through June 18, 2019 Former Brexit secretary Dominic Raab has crashed out of the Tory leadership contest after failing to secure the support of enough colleagues and bringing in just 30 votes. Read more: Tory leadership vote: How the second round works Meanwhile Boris Johnson’s march towards Downing Street picked up speed as he cemented his place in the [...]
Bank of England official warns UK reliant on ‘flighty’ capital June 18, 2019 A Bank of England (BoE) official has today warned that since the Brexit referendum in 2016 Britain’s economy has become vulnerable to foreign money being withdrawn at short notice. Read more: Bank of England chief economist says rate rise on horizon Anil Kashyap, a member of the Bank’s financial policy committee (FPC), also warned that [...]
