After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
US Fed logs on to Facebook to boost visibility August 18, 2016 The US Federal Reserve has created a Facebook page, adding to its existing Twitter, YouTube, Flickr and LinkedIn pages. The Fed, often criticised for its communication methods, said in a statement it aims to “increase the accessibility and availability” of its “news and educational content” using Facebook’s likes, comments and shares. But will the opportunity to [...]
After retail sales rose strongly in July, did the Bank of England jump the gun by cutting interest rates? August 18, 2016 Tim Price, manager of the VT Price Value Portfolio, says Yes. Brexit hasn’t even happened yet, but Bank of England governor Mark Carney went out on such a limb on behalf of Project Fear that he had no alternative but to cut interest rates, irrespective of our economic condition and the already sharp decline in sterling. [...]
Standard and Poor’s attacks negative interest rates as desperate and damaging August 18, 2016 Central banks’ experiment with negative interest rates risks backfiring in spectacular fashion, top ratings agency Standard and Poor’s (S&P) has warned. In a new report assessing the impact of sub-zero borrowing costs on economies and industries around the world, the ratings agency concluded: “Moving to a negative rate environment, in every circumstance that we’ve looked at, [...]
Too big to fail still too big a problem for banks August 18, 2016 Cleaning up the world's biggest banks in the event of a crisis is easier than it has been but there is still more to be done, the Financial Stability Board (FSB) has warned today. In particular, the papers published by the FSB, which is chaired by Bank of England governor Mark Carney, said more could be [...]
Former pensions minister calls for one simple change that could solve the majority of pension deficits August 18, 2016 Britain's former pension minister has called for a "statutory override" to inflationary increases that are hardwired into three-quarters of the country's defined benefit pension schemes. Baroness Altmann said that the current system had become "unaffordable" for many businesses and the answer was to give flexibility to trustees to adjust the annual uplift paid to members – [...]
“One swallow does not make a summer” – how analysts reacted to the ONS retail figures August 18, 2016 The pound has hit a two-week high against the dollar after retail sales figures received an unexpected Brexit boost. The retail industry has earned a "gold medal" for its performance in July, according to Ian Gilmartin, Barclays' head of retail, as retailers "gained a boost from brighter weather" – but analysts haven't been all positive; many have welcomed [...]
About-turn? Co-operative Bank losses shrink August 18, 2016 Things are looking up again for the once-troubled Co-operative Bank, as it unveiled incredible shrinking losses… The figures Pre-tax losses shrank to £177m in the six months to the end of June, £27.2m less than the £204.2m loss it made last year. Operating income was £228.2m, down slightly from £236.5m last year – although operating costs shrank for £222.8m, down from £262.9m last year. Capital reserves fell to 13.4 per [...]
Small housebuilders are the answer to the housing crisis. Here’s how we can help them August 18, 2016 The housing crisis is one of the most important policy challenges we currently face. As the gap between supply and demand grows, the lives of hard-working families become harder. While there are obvious societal issues, the economy also suffers. In 2014, Bank of England governor Mark Carney admitted that the UK’s booming housing market had become [...]
The Office for National Statistics has put together an economists supergroup to avoid dodgy data August 17, 2016 The Office for National Statistics (ONS) has beefed up its research team with the appointment of a new expert panel of economists – a supergroup, if you will – as it seeks to respond to a string of criticism. Former Bank of England rate-setter Martin Weale, who has just left the monetary policy committee (MPC) after a [...]
Make £££ interest on top current accounts this year August 17, 2016 Savers have been dealt a double whammy of blows this month. The Bank of England cut interest rates from their already-record low of 0.5 per cent down to a paltry 0.25 per cent, which is likely to have an impact on the already poor levels of interest paid on savings accounts. The 0.5 level was considered [...]