The Week Ahead: Yellen debut at Jackson Hole August 17, 2014 FLASHES of illumination rather than fireworks are expected at this week’s annual meeting of top central bankers and economists in Jackson Hole, Wyoming. Few predict as momentous a speech as that by Federal Reserve chairman Ben Bernanke two years ago that paved the way for an unprecedented $85bn (£51bn) per month stimulus plan. His successor [...]
Pro-Russian rebels shoot down Ukrainian fighter aircraft as ministers meet for talks August 17, 2014 A Ukrainian jet fighter was shot down by pro-Russian rebels yesterday, just before key talks between Kiev and Moscow, aimed at de-escalating the fighting in the east of Ukraine. According to Agence France-Presse, Ukrainian officials revealed a MiG – 29 was downed as it flew to "eliminate a large group of terrorists." The timing of [...]
Russia says Ukraine aid convoy contains no military personnel August 16, 2014 Russia's defence secretary Sergey Shoygu has assured his US counterpart Chuck Hagel that an aid convoy heading for Ukraine contains no military personnel. Western countries have expressed concern that Russia is using the convoy as a pretext for sending more soldiers to the area, but Russia denies these allegations, saying that the purpose of the convoy [...]
UK economy grows 0.8 per cent in second quarter August 15, 2014 UK GDP expanded 0.8 per cent in the second quarter and 3.2 per cent annualised, beating analyst expectations and contrasting starkly with the stagnating Eurozone. The increase in output – of more than three per cent year-on-year – marks the strongest such increase since the last quarter of 2007. Output in the services sector, which [...]
Russian giant Rosneft pleads for $42bn state aid as sanctions bite August 14, 2014 OIL GIANT Rosneft announced yesterday that it was seeking a $42bn (£25.15bn) loan from a fund earmarked for Russian pensions to help it weather Western sanctions imposed after the crisis in Ukraine. Rosneft, one-fifth owned by BP and run by a close ally of President Vladimir Putin, produces more oil than Iraq or Iran and [...]
Russia, Ukraine and EU agree to talks on trade August 14, 2014 GAS AND a Ukraine-EU free trade deal will top the agenda when leaders from the bloc, Kiev and President Vladimir Putin next meet – although no venue or time has been set. The talks between Putin, Ukrainian President Petro Poroshenko and European Commission President Jose Manuel Barroso would be face-to-face. Raising discussions of the disputes [...]
London Report: Putin’s Crimea comments help to calm FTSE August 14, 2014 THE FTSE yesterday rose after being bolstered by apparently conciliatory comments from Russian President Vladimir Putin on a visit to Crimea, as well as expectations for a continuation of ultra-loose monetary policy. On a trip to Crimea, the Ukrainian region annexed by Russia in March, Putin said his country would stand up for itself but [...]
Iran’s female Fields medalist is a reminder of prosperity’s liberating power August 14, 2014 Amid all the horror and hard choices dominating the global news this summer, it’s important not to miss the brighter trends as well. So it is worth taking a moment to salute Maryam Mirzakhani, who became the first woman to win a Fields Medal, the Nobel of maths, this week. Mirzakhani was among four researchers [...]
As Eurozone growth flatlines, is the bloc facing a lost decade? August 14, 2014 Sam Bowman, research director at the Adam Smith Institute, says Yes. A quarter of Spanish workers are unemployed. Youth unemployment in Greece is above 50 per cent. All Italian growth in the last 15 years has been wiped out. And Germany’s economy, previously healthy, shrunk in the second quarter. Across the Eurozone, unemployment is above [...]
Design your own holiday home in The Cotswolds August 14, 2014 It’s a stifling summer’s day in London and work is exhausting. You shut your eyes and imagine escaping to an idyllic rural retreat complete with picturesque villages, a smattering of good restaurants, pubs, and a vibrant social scene. You’ve effectively transported yourself to the Cotswolds. This fantasy of a tranquil home-away-from-home is what the owners [...]