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 A sight account is one in which funds can be transferred at speed and with no restriction, or withdrawn as [...]
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 [...]
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 [...]
US President Barack Obama and Cuban President Raul Castro to end trade embargo after 50 years December 17, 2014 US President Barack Obama has just announced the end of the longest-standing trade sanctions in US history, as part of a ground-breaking thaw in relations with Cuba. The two long-time enemies, which sit on the opposite ends of the political spectrum, have agreed to “open economic and travel ties”, the most significant improvement in [...]
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 [...]
Russia, Tesco and Alex Salmond feature in the seven biggest losers of 2014 December 17, 2014 It’s Christmas. The time of year when we’re all supposed to be a little more caring, charitable and considerate of those not feeling so swell. But for every champagne toast to success, there is regret at the bottom of a bottle. So summon some of that Christmas spirit for this sorry lot, the seven [...]
Rouble takes a beating as Apple halts sales in Russia December 16, 2014 Russia’s economic situation spiralled out of control yesterday as its central bank’s shock decision to raise interest rates to 17 per cent failed to prevent a further collapse in the rouble. The currency’s extreme volatility was reflected in a decision late last night by Apple – the world’s largest company – to suspend online sales [...]
Russian rouble crisis echoes UK Black Wednesday December 16, 2014 RUSSIA’S currency crisis, dubbed Black Tuesday, yesterday sparked memories of the UK’s own foray into drastic rate hikes – when sterling crashed out of the Exchange Rate Mechanism (ERM). Britain’s Black Wednesday, as it became known, saw the Bank of England hike interest rates twice in one day in 1992 to ward off currency speculators [...]
FTSE 100 closes up despite volatile day as rouble plunges – London Report December 16, 2014 BRITAIN’S top equity index rose yesterday as a drop in UK inflation propped up the stock market in the face of market turmoil caused by Russia, while energy stocks rebounded. The blue-chip FTSE 100 index endured a volatile session, caused by a plunge in Russia’s rouble currency, before closing up by 2.4 per cent, or [...]