UK steel crisis: Steel industry attacks business secretary Sajid Javid, saying it was “galling” to rule out higher tariffs for Chinese steel February 10, 2016 Business secretary Sajid Javid rejected calls for higher tariffs on Chinese steel today, less than one week after signing a letter with his counterparts from France, Italy, Germany, Poland, Belgium and Luxembourg demanding that the European Commission "use every means available and take strong action" in response to "unfair trade practices". Javid told MPs on the Business, Innovation [...]
Mazars revenue grows by 14 per cent for year ended August 2015, as advisory services grow by 25 per cent February 10, 2016 Mazars has today reported revenue of £149.7m in its UK business for its year ended August 2015, a rise of 14 per cent compared to £130.9m the year before. The accountancy firm also announced a boost in its profits to £28.8m, up 10 per cent from £26.2m in 2014. Phil Verity, UK senior partner at Mazars, said: "This [...]
Federal Reserve chair Janet Yellen flags risk to growth from financial market turmoil February 10, 2016 US interest rates could stay on hold for longer if the current financial market volatility persists. Federal Reserve chair Janet Yellen warned that continuing swings in financial markets could partially derail the economy's growth, and said financial conditions had already become "less supportive". However she dismissed the idea that the Federal Reserve may need to [...]
HSBC: After nearly a year of mulling its domicile, would it matter if the bank moved its headquarters from London? February 10, 2016 Chris Beauchamp, senior market analyst at IG, says Yes. Fundamentally, HSBC’s residency in London makes sense. The bank may have ambitions in emerging markets, and may have ringfenced its UK operations, but to depart for Asia would seem like an odd move. It would separate the bank from its peers, who have realised that the geographical [...]
This chart shows, in percentage terms, exactly how much has been wiped off global markets including the FTSE 100, Nasdaq and S&P 500 since the beginning of the year February 9, 2016 Depending on your view, the world is on the brink of yet another global recession or in the process of having a bit of a confidence wobble. Either way, markets have suffered badly. Analyst David Buik, at Panmure Gordon, has ranked the worst-performing global markets so far this year. And although Chinese markets have made [...]
Oil prices: Will rising Chinese demand lift all oil tankers, or is that just another market cliche? February 9, 2016 Let's face it, I am as guilty as anyone – perhaps even a little bit more guilty than most, truth be told. Guilty of adding to the noise which is clearly befuddling investors as they try to negotiate these schizophrenic markets. My lame excuse, I suppose, is that it’s kind of what I’m paid to [...]
Gold price breaks $1200 as markets fall and investors fret over the health of the global economy February 8, 2016 Stock market woes and fears over an ailing global economy have given a boost the price of gold, pushing it over the $1,200 line for the first time since June 2015. The yellow metal added to gains made over the last week, it’s best in over two years. The so-called safe haven is often used by investors as a [...]
HSBC decision on the bank’s relocation looms – but redomiciling can have huge long-term consequences that could undermine the move February 8, 2016 As HSBC prepares to make a decision this week on whether to switch hemispheres, it’s worth reflecting on some of the reasons why 70 per cent of major organisational changes fail to achieve their stated aims. This relocation debate has been contested on a handful of very observable issues, including regulation, tax and politics, without caring to go into [...]
India overtakes China as world’s fastest growing large economy in 2015 February 8, 2016 India's economy has overtaken China's to become the world's fastest growing large economy. Figures published by the country's Central Statistics office today showed the economy grew 7.3 per cent in the final three months of the year compared with the same period in 2014. It marks a slight slowdown from the three months to September when the economy [...]
Markets around Europe are tumbling on disappointing Chinese currency reserves February 8, 2016 Markets around Europe have plummeted following what started out looking like a good day. The FTSE 100 is down by nearly two per cent and at pixel time is at 5,744.05. It opened up this morning but has been unable to hold onto early gains. The blue chip index is now just 100 points off from becoming [...]