Belgium told to sort out Wallonia rift over EU-Canada trade deal by Monday October 23, 2016 The European Union has given Belgium until Monday evening to sort out its dispute over whether to approve the EU-Canada trade deal or risk another disappointing setback for EU trade policy. The new deadline comes after talks between the Belgian government and representatives from the region of Wallonia broke down on Friday, raising fears the entire Comprehensive Economic [...]
Official GDP figures to show UK economy defying Brexit recession warnings October 23, 2016 The UK economy is set show by just how much it outperformed pre-referendum forecasts later this week, when official growth figures for the crucial third quarter are published. Economists expect the Office for National Statistics (ONS) to find the UK grew by a robust 0.3 per cent between the end of June and the end of September. [...]
Top industry representative warns banks could start leaving London before Christmas October 23, 2016 London's biggest banks could start leaving the capital within the next few months, according to one of the Square Mile's most important figures. Anthony Browne, head of the British Bankers' Association (BBA), which represents the interests of UK-based lenders and investment banks, told The Guardian banks have already started contingency planning and the process of moving [...]
Weak pound means pricier petrol and more VAT for the Treasury October 22, 2016 Treasury coffers have been bolstered by the weakened pound driving up prices at the pump according to a report released today. Fuel prices have risen by an average of 3.5p a litre over the last month. This means that the government is raking approximately £25m each month in increased VAT revenues, the AA Fuel Price report revealed. Read more: [...]
The Euro Parliament president is stepping in this morning to try and save the EU-Canada trade deal October 22, 2016 The head of the European Parliament has not given up hope on saving the Canada-EU trade deal and is holding last ditch talks with two of the key parties this morning. Martin Schulz, said he would meet Canadian Trade Minister Chrystia Freeland at 6.30am British time and then speak with Walloon premier Paul Magnette at 9am in an effort to revive [...]
Autumn Statement 2016: Philip Hammond in trouble as government dramatically misses borrowing target October 21, 2016 The government has dramatically overshot its target for public borrowing, with a whopping £10bn black hole in the country's finances. The deficit – a measure of how much more the government spends than it receives – rose to £10.6bn in September. That was £2.5bn over expectations and 14 per cent higher than the same month last year. It [...]
Executive pay regulation will backfire if it’s not based on evidence October 20, 2016 Executive pay is the poster child for the disconnect between big business and the general public. It does need to be reformed. It needs to be fair given an executive’s performance – and performance as measured by long-run contribution to society, not short-run profit. However, 80 years of history shows that compensation reform has frequently [...]
Middle East bond market on for record-breaking year after Saudi $17.5bn deal October 20, 2016 The middle eastern bond market boom has captured the attention of investors around the world, according to one of the leading players behind Saudi Arabia’s record-breaking $17.5bn debt sale. Jean-Marc Mercier, global co-head of debt capital markets at HSBC who met over 300 potential investors as part of the Saudi deal, told Morning Wire the [...]
Rollercoaster ride for euro as Draghi denies bond-buying speculation October 20, 2016 The euro leapt up and then crept down this afternoon in a mini-frenzy of trading as European Central Bank (ECB) President Mario Draghi failed to provide any clues about the outlook for Eurozone monetary policy. As the ECB held its negative interest rates and quantitative easing (QE) programme unchanged, Draghi said there was no talk of either extending, winding down or [...]
Before the bell: What you need to know before the US market open October 20, 2016 Markets are further backing a Clinton victory in the US presidential election next month after last night's final debate, while the European Central Bank is expected to keep policy on hold when it meets this afternoon. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing higher [...]