Bank of England governor Mark Carney warns of financial risk posed by climate change September 29, 2015 Bank of England (BoE) governor Mark Carney has warned the City of climate change's threat to economic stability. Read more: Tackling climate change is possible without hindering economic growth Carney used a speech at a Lloyd's of London dinner to give a stark warning of the huge risks to financial security posed by global warming. [...]
UK retail sales beat forecasts in September, reports Confederation of British Industry September 29, 2015 UK retail sales grew at a faster pace than expected in the year to September, with firms expecting business to pick up pace in the run-up to Christmas, research shows. Of the 119 firms polled by the Confederation of British Industry (CBI) distributive trades survey, 55 per cent expect sales volumes to increase in the [...]
Eurozone confidence hits four-year high as Greece worries diminish September 29, 2015 Economic confidence in the Eurozone hit its highest point in over four years this month, according to data released by the European Commission. The bloc's Economic Sentiment Indicator (ESI) reached 105.6 points in September – an increase of 1.5 points from August's figure of 104.1. This puts confidence in the economy at its highest [...]
Shipping industry warns of 75,000 job losses under Labour leader Jeremy Corbyn’s tax plans September 29, 2015 Labour's proposed tax hikes for industry could lead to huge job losses and leave the Exchequer with more than £1bn in lost revenue, shipping industry representatives have warned. Read more: If Jeremy Corbyn's Labour Party ignores the rules it’ll lose the game Under a Jeremy Corbyn-led Labour government, shadow chancellor John McDonnell would scrap favourable tax [...]
Austerity has failed and Labour shadow chancellor John McDonnell is right that the Bank of England needs a new mandate September 29, 2015 Labour’s shadow chancellor John McDonnell set out his ideas for the first time yesterday. Central to this is a new kind of economics; one that worries about the well-being of the man on the street, and not just the haves. That is a welcome development. He is right to say that the Labour Party needs [...]
Global debt growth returns to pre-crisis levels September 29, 2015 Global debt burden is returning to pre-crisis levels as the Global Wealth Report released today shows debt growing at its fastest pace since 2007. The report published by Allianz showed global debt growing by over four per cent last year – still not close to the soaring growth rate from before the financial crisis hit, [...]
Spanish inflation takes a dive as it falls to -1.2 per cent September 29, 2015 In a world where deflation is becoming the norm, it was hardly expected that today's Spanish inflation figure would do much to shore up locals' optimism – but the figure has managed to surprise even the most pessimistic of analysts. The country's figure for EU harmonised consumer price inflation dipped to -1.2 per cent in [...]
Reserve Bank of India cuts interest rates more than expected September 29, 2015 India’s central bank has surprised investors and economists alike by cutting its interest rate more than expected. This is the fourth time the Reserve Bank of India has slashed interest rates this year, bringing them down from 7.25 per cent to 6.75 per cent. The cut goes further than the quarter-point most economists were forecasting [...]
Oil prices: Has black gold lost its shine? As Royal Dutch Shell takes a $4bn hit from a failed venture, are oil companies still investable? September 29, 2015 Royal Dutch Shell has halted oil exploration in the Arctic, after a $7bn (£4.6bn) quest failed to yield enough crude to justify continued spending. The venture has been a “very costly error” and will damage the company both financially and reputationally, according to Deutsche Bank analyst Lucas Herrman. Shell said it is likely [...]
London beats New York for the number of high tech jobs September 29, 2015 London is home to more tech talent than the cities of New York and San Francisco – or anywhere in Europe. There are more than 71,000 professional developers in the capital, according to research from Stack Overflow, an online developers’ group: 25 per cent more than NYC. A separate set of data from [...]