2016: A post-mortem of the year the UK’s “economic experts” failed December 20, 2016 The end of a calendar year and the start of a new one provides a chance for reflection. For the UK’s economic establishment, particularly forecasters, introspection is more appropriate. Complete with their New Keynesian models, most have been proven utterly wrong so far that voting for Brexit would lead to a short-term downturn. As the most [...]
Why Henrik Stenson and the Open made my golfing year: Sam Torrance’s 2016 review December 19, 2016 Player of the year At 40, Henrik Stenson had almost reached that stage of being the best player around without a Major when the Swede went and banished that tag by winning the Open at Royal Troon in such style. Rory McIlroy deserves a mention for his PGA Tour Championship-FedEx Cup double, but Stenson, who [...]
Will it ever end? Southern rail services are axed for the third day this week as commuters vent fury at government December 16, 2016 All Southern rail services have been cancelled for the third day this week, after protests were held last night by fed-up commuters over the crisis. Members of the Aslef train drivers' union had met with the train company yesterday for a second day of talks at conciliation service Acas, but they ended without resolution. So today's [...]
Oil prices: Brent crude and West Texas Intermediate prices rise as markets adjust to US interest rate hike and dollar rally December 15, 2016 Oil markets stabilised today after sharp falls before and after yesterday's decision to raise US interest rates from 0.5 per cent to 0.75 per cent. Brent crude, the global benchmark, was up 0.7 per cent to $54.29 a barrel, while US sweet crude rose 0.3 per cent to $51.17. On Monday, Brent crude hit a temporary [...]
It’s unanimous: Bank of England keeps interest rates on hold at 0.25 per cent December 15, 2016 The Bank of England's monetary policy committee (MPC) has unanimously voted to hold interest rates at 0.25 per cent. However, the MPC warned a slowdown in growth was still likely following the Brexit vote, although it added inflation will not rise as much as it had forecast. In minutes of its December meeting, it added [...]
FTSE 100 miners Fresnillo, Randgold Resources and Polymetal fall as gold prices slump to 10-month low December 15, 2016 Shares in FTSE 100 gold miners were battered this morning as prices of the yellow stuff fell to a 10-month low. A dollar rally pushed spot gold prices down 1.23 per cent to $1,128.85 an ounce this morning, after the US Federal Reserve yesterday raised US interest rates from 0.5 to 0.75 per cent and [...]
US Federal Reserve raises interest rates to target rate of 0.5 to 0.75 per cent, with “gradual increases” to come in 2017 December 14, 2016 The US Federal Reserve has raised interest rates and set the scene for a further tightening of monetary policy throughout 2017. Rate-setting body the Federal Open Market Committee (FOMC) raised the target range for its federal funds rate to 0.5 to 0.75 per cent. The median expectation of FOMC members for tightening showed three further increases [...]
A leading insect food developer has sealed $37m of funding following a European Commission ruling December 14, 2016 How many insects could you buy for $37m (£24m)? Nope, this isn't the first line to a joke, it's the amount an innovative start-up has managed to raise after bugging investors for capital. In midst of the Brexit vote and Donald Trump winning the US presidential election, you'd be forgiven for having missed some big [...]
Consumers are going to spend a record amount on supermarket premium ranges this Christmas December 13, 2016 Consumers have been preparing to taste the difference this Christmas as they stock up on supermarkets' premium own label brands. Data from Kantar Worldpanel showed that during the three months to the end of 4 December, shoppers spent 13 per cent more on brands such as Tesco Finest and Asda Extra Special than they did the year before. Read more: These [...]
As Trump enters the White House, will the Federal Reserve hike interest rates more aggressively in 2017? December 13, 2016 It was Ronald Reagan who warned against inflation in 1984 by describing it creeping “like a thief in the night to rob our savings, rob our earnings, and take the bread off our tables.” It is ironic then that President-elect Donald Trump, who borrowed his forebear’s campaign slogan “Make America Great Again” to win the [...]