Switerland’s Alternative Bank Schweiz world’s first bank to apply negative interest rates to savers and charge them for deposits November 23, 2015 A small Swiss bank has caused a stir, after becoming the world's first financial institution to apply negative interest rates to individual clients. While a number central banks around the world have taken benchmark interest rates below the zero mark, individual savers had been shielded from this, meaning they weren't charged to keep cash in [...]
How low can oil prices go? Here’s what the industry thinks November 23, 2015 Venezuelan oil minister Eulogio del Pino yesterday warned that the Organisation of the Petroleum Exporting Countries (Opec) cannot allow an oil price war, and urged it to take action to stabilise the crude market soon. In response to the question of how low oil prices could go next year if Opec fails to take action, del Pino said "mid-20s". With the future direction of [...]
Eurozone economy: Mario Draghi is doing his utmost to make the public believe that QE has not failed – but the damage caused by this pampering of banks could be beyond repair November 23, 2015 In front of a professional audience, the President of the ECB Mario Draghi could not totally deny the facts. For the time being, the public sector purchase programme (PSPP) has neither led to sustained growth nor to the targeted inflation rate of two per cent. That is why he had to admit that the process [...]
US oil tumbles more than two per cent as oversupply fears deepen while copper hits fresh six-and-a-half year low November 23, 2015 The rout in global commodity prices deepened this morning as US oil and copper slipped into the red. US crude oil futures tumbled more than two per cent in early Asian trading, as oversupply fears deepened. US crude's West Texas Intermediate January contract fell 1.86 per cent to $41.12 a barrel, while benchmark front-month Brent futures for [...]
One in five Brits has fallen victim to cybercrime in the last year, with a similar proportion having had their bank details stolen and used to make purchases November 23, 2015 One in five (22 per cent) Brits has fallen victim to cybercrime in the last year, according to a survey released today by security software company Norton by Symantec. The survey of more than 1,000 UK consumers also found that 44 per cent of people had suffered a cybersecurity incident at some point in their life. “We no [...]
Small food suppliers hit the hardest by supermarket price wars November 23, 2015 Britain's small food manufacturers have emerged as the biggest casualties of the supermarket price wars, according to new research out today that reveals how the gap between the profit margins of the suppliers and their bigger competitors is widening. According to law firm EMW, profit margins at small to medium-sized manufacturers – those with less [...]
Autumn Statement 2015: Businesses back deficit reduction plans but the public remains split November 23, 2015 The vast majority of business directors want chancellor George Osborne to hold his nerve on budget deficit reduction when he delivers the Autumn Statement this week, new survey figures reveal this morning, while the general public remains split on the issue. The Institute of Directors (IOD), a business group, said 85 per cent of 1,211 members [...]
UK consumer confidence rebounds on record employment and cheap fuel November 23, 2015 Consumer confidence has rebounded after three months of steep decline due to a rise in positivity toward the jobs market, new survey figures reveal. The consumer confidence index published this morning by Lloyds Bank today hit a score of 158, up five points from October. The index, compiled from a survey of just over 2,000 [...]
Nearly half of Brits would squander their wealth to make sure they qualify for council care cost coverage in their old age November 23, 2015 Almost half (43 per cent) of people would be willing to deliberately deplete their assets to make sure their council pays for their care in old age, according to figures released today from specialist insurer Partnership. By comparison, less than a quarter (23 per cent) said they would be prepared to do the same when asked [...]
The financial sector jobs boom is spreading across the UK November 23, 2015 The jobs boom that has engulfed the capital and its financial sector is now on its way to other regions of the country, according to new figures released this morning. The number of permanent opportunities for professional roles was up six per cent in October compared with the same month last year, data from the Association of [...]