Cost of energy hammers EU industry September 25, 2013 The European Commission has released a report concluding that high energy costs are harming EU competitiveness and have led to de-industrialisation across Europe. Europe's industrial base has declined from 15.5 per cent last year to 15.1 per cent this year. The data presented in the report concurs with the World Economic Forum’s competitiveness report showing [...]
The six points on which Britain launches its challenge to EU bank bonus cap September 25, 2013 Britain has launched a legal challenge against the European Union's cap on bankers' bonuses. The chancellor George Osborne has warned that the new rules could "undermine responsibility in the banking system rather than promote it". The cap on bonuses is planned to take effect from 2014 onwards, limiting bonuses to match salaries, unless shareholders vote [...]
Labour vote to renationalise Royal Mail September 25, 2013 Labour's annual conference in Brighton has voted to renationalise Royal Mail if the party wins the 2015 general election. Delegates voted unanimously for the motion and also backed plans to renationalise the railway system. Although the shadow cabinet will take notice of activists' views, Labour's policy making process means Ed Miliband will be free to [...]
Deutsche Bank Research savages Ed Miliband’s energy policy September 25, 2013 Deutsche Bank research has produced a note pointing out the dire consequences which may come as a result of Ed Miliband's populist pledge to freeze energy prices for two years. Central to Ed Miliband's justification for such a draconian intervention was the claim that energy companies had been "overcharging people for too long". Deutsche Bank [...]
French budget hikes taxes and slashes spending September 25, 2013 France has confirmed a series of tax rises and spending cuts in order reduce its deficit. The government's budget for 2014 has confirmed €15bn of spending reductions and €3bn of tax increases in addition to an increase in sales tax, intended to raise €6bn. Francois Hollande's infamous 75 per cent tax on incomes exceeding €1m [...]
US durable goods orders up just a fraction in August September 25, 2013 US durable goods orders are up just 0.1 per cent in August. After a 7.3 per cent drop last month, analysts had been expecting no change this month. Worse news when transportion is excluded. Orders fell by 0.1 per cent, from a 0.6 per cent fall in the last period. Economists were forecasting a slight [...]
ICAP to pay out £55m for manipulation of benchmark interest rate September 25, 2013 Broker-dealer ICAP will pay out $65m (£40m) to settle a civil probe by the US CFTC into its alleged role in manipulation of a key interest rate (release). That brings the total payout to £55m with the UK FCA pay out included. Earlier this year ICAP said none of its senior management were ever aware [...]
Caroline Lucas MP charged after fracking protest arrest September 25, 2013 Green MP and former party leader Caroline Lucas has been charged after her arrest at anti-fracking protests in Sussex. The CPS statement: Following an investigation by Sussex police, the Crown Prosecution Service has received a file of evidence in relation to Ms Caroline Lucas MP, who was arrested during the anti-fracking demonstrations at the Cuadrillia [...]
Americans doubt economic recovery September 25, 2013 In a new Bloomberg poll 44 per cent of Americans said that they expect the the economy to remain the same, while 28 per cent expect the economy to decline. America's lacklustre growth average of two per cent since the end of the recession in 2009 compares poorly to the 50-year average of three per [...]
Bank of England plays down housing bubble fears – but abnormalities in London present September 25, 2013 The Bank of England's Financial Policy Committee (FPC) has denied the existence of a housing bubble at present – but motions that it will remain "vigilant to potential emerging vulnerabilities" (release). While the FPC sees no immediate troubles with the housing market as a whole, it does highlight regional variability. Mortgage approvals in July were [...]
