India’s economy defies banknote chaos to grow by seven per cent February 28, 2017 The Indian economy defied economists’ expectations at the end of the year by avoiding a big slowdown after demonetisation. India’s GDP grew by an annual rate of seven per cent in the last quarter of 2016, according to the government’s statistics authority. That represented a slowdown in the previous quarter, when the growth rate hit [...]
Yep, US GDP growth was 1.9 per cent last quarter – but business and consumers think Donald Trump is going to keep the economy moving upwards February 28, 2017 The US has confirmed GDP growth in the fourth quarter of last year was a disappointing 1.9 per cent – despite economists expecting 2.2 per cent. Figures published today confirmed the less-than-encouraging figure, originally mooted last month by the US Bureau of Economic Analysis. The figure put annual growth in 2016 at 1.6 per cent. Although [...]
Softbank pushes merger of its OneWeb investment and Intelsat to create satellite giant February 27, 2017 Japanese technology investor Softbank is lining up a merger between its OneWeb investment and rival Intelsat, according to reports. Talks of a merger are at an advanced stage, according to Sky News, with Softbank looking to capitalise on its recent $1bn (£800m) investment in the company. The deal could be announced today as the New [...]
SpaceX to boldly go where no private company has gone before: The Moon February 27, 2017 Serial entrepreneur Elon Musk will fly two people around the moon next year, boldly going where no private company has gone before. In an announcement late last night Musk said two unnamed private citizens had approached his company, SpaceX, and had paid a “significant deposit” to secure the mission. The announcement could start a new [...]
Probate fees set to rise by almost 100 times for big estates February 27, 2017 Probate fees are set to rocket for many homeowners, after the Ministry of Justice (MoJ) replaced a flat fee with a rate which will be up to 129 times bigger for some estates. The current fee of £155 for a solicitor to apply for probate will rise to £20,000 for estates larger than £2m. The [...]
Mixed data for the US economy as investors hold their breath for landmark Donald Trump speech February 27, 2017 Important indicators in the US economy showed a mixed picture as investors await a landmark speech by President Donald Trump. Trump will address the US Congress on 9pm GMT on Tuesday evening. He is expected to deliver some long-awaited detail on his economic policies, including campaign promises of up to $1 trillion (£800bn) in infrastructure [...]
Blockchain for banks is a “long way off” says influential central banker February 27, 2017 Blockchain fintech has a “long way to go” to satisfy financial regulators, according to an influential board member of the European Central Bank (ECB). Benoit Coeure said the underlying distributed ledger technology could pose new risks to the financial system, including legal and operational obstacles. Coeure said: “Distributed technology could become a game-changer for payment, [...]
Businesses place trust in UK economy as consumers brace for inflation February 27, 2017 Businesses remain confident in the UK economy’s prospects despite consumers bracing for the impact of inflation, according to a long-running survey by the European Commission (EC). Confidence in the economy “markedly improved” to a 14-month high across industry and consumers, according to the survey, but expectations of rising inflation reached their highest point since January [...]
Interest rate rise could push 18,000 more into bankruptcy February 27, 2017 A hike in interest rates will push thousands more Britons into bankruptcy, according to calculations from the government’s Insolvency Service. The forecasts show an extra 18,000 people could be pushed into insolvency by 2020 if rates rise by one per cent, says accountancy firm Moore Stephens. If rates rise, 275,900 people will be bankrupted by [...]
Alarm bells sound for UK business as rising costs and inflation threaten to squeeze margins February 27, 2017 Business groups have renewed calls for government to support companies in the upcoming Budget as firms face a toxic mix of rising inflation, spiralling operating costs and squeezed margins. Inflation is starting to climb and is forecast to reach nearly three per cent by the end of the year. Higher input costs are expected to feed [...]
