The sharing economy is about building a sustainable future March 3, 2020 For those unaware of what the sharing economy is, just look to your phone. Whether it’s renting someone else’s home for a holiday, borrowing a designer dress, or sharing a car with strangers, peer-to-peer platforms are allowing us to trade our spaces, skills and stuff, all at the click of a button. Right now, 5.3m [...]
Federal Reserve slashes interest rates over coronavirus fears March 3, 2020 The US Federal Reserve has slashed interest rates by 50 basis points – 0.5 percentage points – in an emergency response to the economic risks of coronavirus. Fed chair Jay Powell said rate-setters had witnessed the “broader spread of the virus” and “come to the view that it is time for us to act in [...]
Robert Walters shares fall on coronavirus profit warning March 3, 2020 Economic bellwether recruiter Robert Walters’ shares sank today as it warned 2020 profit will miss expectations due to the coronavirus outbreak. The recruitment agency’s shares fell seven per cent to 494p after the coronavirus profit warning compounded a dire 2019 filled with Brexit and economic uncertainties. Profit before tax slipped three per cent to £47.4m [...]
G7 ‘ready to act’ to minimise economic impact of coronavirus March 3, 2020 Finance ministers and central bank governors from the G7 nations have said they are “ready to act” to minimise the impact of the coronavirus outbreak, pledging to use “all appropriate policy tools” including fiscal measures. Following a conference call earlier today, the G7 issued a statement saying that action would be taken by each member [...]
Coronavirus: Mark Carney warns of ‘large economic shock’ March 3, 2020 Bank of England governor Mark Carney has said the economic shock from coronavirus “could prove large” but sought to reassure the public that it will “ultimately be temporary”. The outgoing governor told parliament today that the central banks and governments around the world are working on a “powerful” response to the crisis that will likely [...]
G7 ‘will not call for fiscal or monetary support’ in coronavirus statement March 3, 2020 The G7 nations will voice their determination to combat the economic impact of the coronavirus outbreak, but reportedly will not directly call for new government spending or coordinated interest rate cuts. Finance ministers and central bank governors from the G7 are due to issue a statement following a conference call on the epidemic at midday, [...]
ECB ‘working on lending scheme’ for small businesses hit by coronavirus March 3, 2020 The European Central Bank is reportedly working on measures to provide liquidity to businesses hit by the economic impact of the coronavirus outbreak. Measures being considered by the ECB include a targeted longer-term refinancing operation directed at small and medium-sized firms, which could be hardest hit by a virus-related downturn, sources familiar with the discussion [...]
UK PMI: Construction expands at fastest rate in over a year March 3, 2020 UK construction output rose at its fastest rate in over a year in February, a survey showed today, as new orders picked up at a fast clip. The IHS Markit/Cips construction purchasing managers’ index (PMI) jumped to 52.6 in February, up from 48.4 in January. A score of above 50 indicates expansion and it was [...]
It may be a while before the fog lifts on Italy March 3, 2020 The Italian economy was already looking rather parlous at the start of this year, with global bodies like the International Monetary Fund, World Bank and European Commission all predicting almost negligible growth rates. Even the January forecast from Italy’s official statistics agency suggested that GDP would increase by just 0.2 per cent over the course [...]
We are blind to the soft-left bias across British institutions March 3, 2020 A few weeks ago, I went to an art exhibition at Somerset House called 24/7. Billed as “a wake-up call for our non-stop world”, it promised to explore the many ways in which technology is speeding up our lives. This was, admittedly, something of a busman’s holiday. Back in 2016, I wrote a book called [...]