Can shipping brokers ride out the rougher seas? August 18, 2015 Commodity turmoil could blow the shipping industry off course. The wider effects of stormy conditions in the global commodities market are emerging as more companies reveal tumbling earnings. Shipping company Clarksons yesterday published profits of £6.2m, down 36.7 per cent on the first six months of the previous year, citing “severe challenges faced by the [...]
Japan’s Abenomics is branded a failure as GDP points to an economic slump August 18, 2015 Japan could be forced to ramp up QE this autumn following its economic contraction – while experts are suggesting Abenomics has been a failure. Latest figures from the world’s third-largest economy show Q2 GDP shrunk 1.6 per cent on an annualised basis, brought down by lower consumer spending and weak exports. Private consumption [...]
All eyes on Federal Reserve after shock Empire State index drop August 18, 2015 American traders will be poring over crunch sets of data this week after a key index plummeted to its lowest level since the depths of the recession in 2008-09. The Empire State index – one of several widely watched barometers of manufacturing in the US – collapsed to a score of minus 14.9 in August [...]
UK house prices: Approvals of mortgages slip back in July as interest rate rise looms August 17, 2015 The number of mortgage approvals fell back in July against a backdrop of fears over a rise in the Bank of England’s interest rates, according to the latest Mortgage Monitor from e.surv, the UK’s largest chartered surveyor. There were 65,356 house purchase mortgage approvals in July, down 1.8 per cent from 66,582 in June and [...]
Bank of England policymaker Kristin Forbes warns against keeping interest rates low for too long August 17, 2015 Bank of England policymaker Kristin Forbes has warned keeping interest rates low for too long risks undermining Britain's economic recovery. Earlier this month, when the monetary policy broke unanimity and voted 8-1 to hold rates, Forbes chose to stick with the majority. The US economist and external member of the monetary policy committee (MPC) said there [...]
Eurozone trade surplus hits six-month high amid weak euro August 17, 2015 The Eurozone's trade surplus soared to a six-month high in June, as growth in exports outpaced imports. The euro area's official statistics agency said it hit €26.4bn (£18.7bn) during the month, up from €16bn a year earlier. Exports from the single currency area to the rest of the world rose 12 per cent to €182.7bn in the [...]
FTSE chief executive pay: How long would it take you to earn as much as these top 10 highest earners? August 17, 2015 The pay packets of the FTSE 100's top bosses has fallen in real terms, with chief executives taking home around £80,000 less than previous years, adjusting for inflation. You probably won't see any of them cutting back, though. That's a drop in the ocean of their annual income from salaries, bonuses, share awards and other remuneration, which [...]
This could spell the end of fixed rate mortgages August 17, 2015 Legislation being shaped by the European Union could make it too expensive for building societies and small banks to offer fixed rate mortgages. If they stopped making these kinds of loans it would vastly reduce the number of fixed-rate mortgages available, according to a report in The Times. Nevertheless bigger banks will still be able to make them [...]
Surprise drop in top dog pay: Report shows FTSE chiefs taking home less cash in real terms August 16, 2015 Average pay packages for FTSE 100 chief execs fell in real terms over the course of the most recently-recorded year, according to a new report out today. Bosses at British blue chip firms took home an average of £4.96m in 2014, compared with £4.92m in 2013, according to the High Pay Centre think tank. Adjusting [...]
Cigarette plain packaging war heating up as new Australian study due for release August 16, 2015 The tobacco industry has hit back at the government’s plan to enforce plain packaging for cigarettes, warning that the ruling will cause a rise in counterfeits being smuggled into the UK. As legal battles rage between the UK government and British American Tobacco, this latest challenge comes after it was revealed yesterday that an official [...]