Yellen pledges patient approach before starting to hike rates December 17, 2014 US POLICYMAKERS yesterday voted not to change its policy stance while also saying they would be “patient” before beginning to raise interest rates. The term “considerable time” was ditched from the Fed’s statement. It was initially used to signal how long rates would stay low for after the asset purchase programme ended in October. Instead, [...]
FedEx stock falls 5pc as it misses profit expectations for quarter December 17, 2014 FEDEX yesterday posted lower-than-expected quarterly earnings as results at its FedEx Ground and FedEx Freight units missed estimates, and it reiterated an outlook analysts consider conservative, sending its stock down nearly five per cent. On a conference call with analysts, FedEx executives said labour problems at West Coast ports this year had left cargo shipments [...]
S&P prints best day in more than a year – New York Report December 17, 2014 THE S&P 500 scored its best result since October 2013 yesterday, as the Federal Reserve gave an upbeat assessment of the economy and said it would take a patient approach toward lifting interest rates. The rally, which followed a three-day losing streak, was also driven by a 4.2 per cent gain in the S&P energy [...]
Federal Reserve policy statement: Interest rate hike is getting closer December 17, 2014 The Federal Reserve's policy statement shows it's inching closer to an interest rate hike. Here are some of the key takes. "Considerable time" is gone The Fed has dropped its "considerable time" approach to interest rates rises instead favouring "patience" in normalising policy. "Considerable time" was widely believed to mean six months so many commentators [...]
Fed meeting might change rate schedule – The week ahead on Wall St December 14, 2014 INVESTORS will focus on a two-day Federal Reserve policy meeting amid speculation the central bankers will change their view on interest rates and the economy. The Federal Open Market Committee (FOMC) meets tomorrow and on Wednesday with a statement and forecasts expected Wednesday at 7pm GMT, followed by Fed chair Janet Yellen’s press conference half [...]
Bank of England to publish transcripts from financial crisis era December 11, 2014 City economists will gain an unprecedented level of insight into the Bank of England’s decision-making process, as Mark Carney yesterday agreed to publish more information than ever. Detailed transcripts of policymakers’ discussions at the height of the financial crisis will be published, with some redactions to cover sensitive areas. And in future, transcripts [...]
Fewer MPC meetings? The Bank’s new plans are likely to backfire December 11, 2014 Yesterday, the Bank of England’s Monetary Policy Committee (MPC) announced a wide-ranging package of reforms to its meetings, processes and communications. The objective is sound – to enhance accountability and transparency. The proposals build on a report by Kevin Warsh, a former US Federal Reserve governor. His report was triggered by concerns that records of [...]
Google’s Eric Schmidt says artificial intelligence concerns are normal but misguided after Stephen Hawking and Elon Musk warnings December 10, 2014 Google boss Eric Schmidt is the latest to weigh in on the artificial intelligence debate after Stephen Hawking and Elon Musk both offered a dim view of intelligent machines in the future. Schmidt is tabling a much more positive view of the rise of the machines. Nothing to do with Google’s massive investment in AI, [...]
US non-farm payroll: The dollar has gone through the roof December 5, 2014 The dollar leaped 0.34 per cent against the pound to its second-highest since October last year as US non-farm payroll figures smashed all expectations. The dollar hit 0.6402 against the pound as official statistics from the US showed non-farm payroll – which measures the number of new jobs created – rose by 321,000 in November, [...]
London is a global hotspot for “tech for good” and these 19 startups are going to change the world December 4, 2014 London is the leading city in the world for creating technology for social good, with 19 of the top 100 so-called “tech for good” startups, products and inventions, coming from the capital. A teddy that can read childrens vital signs to help make a diagnosis, a device that means your iPhone can detect malaria and [...]