Swiss central bank imposes negative interest rate: Franc drops against the euro December 18, 2014 The Swiss Central Bank (SCB) has moved to stop the franc hitting its currency exchange ceiling of 1.2 Swiss francs to the euro by imposing a 0.25 per cent tax on sight deposit account balances. A sight account is one in which funds can be transferred at speed and with no restriction, or withdrawn as [...]
The UK, Alibaba and Nigel Farage are the biggest winners of 2014 December 18, 2014 As the year draws to a close it's a good time to reflect and look back on who will be cheerfully toasting 2014, after looking at those poor souls who've been dealt nothing but coal this year. This lot have plenty of reason for good cheer this holiday season – here's our pick of the [...]
André Villas-Boas: The former Tottenham and Chelsea manager on charity, football and coaching in Saint Petersburg December 18, 2014 How have you found being an ambassador for the Laureus Sport for Good Foundation? I have been an ambassador since 2011. I’m very grateful for the opportunity they have given me to reach out to people who have suffered from all kinds of problems, from social exclusion, to poverty, to disabilities. As a citizen you [...]
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, [...]
World Cup bid corruption investigator quits December 17, 2014 FOOTBALL’S world governing body Fifa has suffered another blow to its reputation after the lawyer tasked with investigating corruption claims resigned from the role in protest. Michael Garcia quit his position as Fifa’s chief ethics investigator yesterday because, he said, his inquiry into allegations surrounding the bidding processes to stage the 2018 and 2022 World [...]
Kenya marathon star fights back in dope test row December 17, 2014 WORLD record-breaking Kenyan marathon runner Wilson Kipsang has accused his country’s athletics governing body of deliberately damaging his reputation after it revealed that he missed a doping test. Kenya Athletics on Tuesday took the unusual step of publicising Kipsang’s missed test, which occurred last month, but, in keeping with international rules, said he would not [...]
Russia contagion: Global tailwinds should see the world through this crisis December 17, 2014 IN A global economy, disaster can spread as easily as it strikes. The world is watching as news from Russia looks increasingly bleak, with potential implications for other regions. But as the situation continues to evolve, how could other countries be affected? Russia’s situation is troubling, but there are also plenty of forces at play [...]
After a volatile week for global markets, is there still time for a Santa Rally? December 17, 2014 Adrian Lowcock, head of investing at Axa Wealth, says Yes. The so-called Santa Rally relates primarily to the last two weeks of the calendar year – the weeks of Christmas and New Year. In this two-week period, the FTSE 100 has put in its best performance of the year every year since 1986. A major [...]
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 [...]
Rouble relief as Russian government steps in December 17, 2014 Following days of losses, the rouble strengthened against the dollar this afternoon after Russia's central bank outlined a range of measures to boost the countrys ailing banking sector. Among the measures put forward, the bank said it planned to freeze the valuation of banks' securities portfolios at the previous quarter, abolish caps on the amount [...]