Fed chair Janet Yellen defends low interest rates amid concern over frothy prices July 16, 2014 Federal Reserve chair Janet Yellen held the line during a grilling from US politicians yesterday, arguing that the economic climate meant that very low interest rates were still appropriate. “If the Fed [and Yellen] is going make a change in rhetoric, it is likelier to come at the September meeting, because that is the next [...]
MEPs elect Jean-Claude Juncker head of European Commission July 16, 2014 Jean-Claude Juncker has been officially elected as the new European Commission president by members of the European parliament. The vote to elect Juncker, whom UK Prime Minister David Cameron has publicly opposed, took place in Brussels yesterday where he won 422 of the 729 ballots cast. There were just 250 votes against him and 47 [...]
Mike Ashley waives Sports Direct bonus July 16, 2014 Sports Direct founder Mike Ashley will not take up his bonus despite the controversial scheme gaining approval from shareholders. The retailer announced Ashley will not take up the share-based bonus in 2015 ahead of its financial results, due out tomorrow, and would not approach shareholders about any bonus until 2019. The collective £200m bonus, approved [...]
Fed’s Janet Yellen: US recovery is incomplete and uncertainty remains July 15, 2014 The US recovery is far from complete. That's the message from Federal Reserve chair Janet Yellen, who in written testimony has said that "too many Americans remain unemployed" and inflation remains below the central bank's objective. Yellen has also highlighted "considerable uncertainty" surrounding the Fed's projections for economic growth. Central bank watchers will be trying [...]
Jean-Claude Juncker wants to “reindustrialise” Europe as new Commission boss July 15, 2014 No surprise here, but Brussels veteran Jean-Claude Juncker, the man who became David Cameron's public enemy number one last month, has officially been elected president of the European Commission. Former Luxembourg Prime Minister Juncker received 442 votes in favour and 250 against in today's secret ballot among MEPs, which rubber stamped his election to the [...]
Mark Carney: My Mansion House speech was designed to shake up markets July 15, 2014 Remember that Mansion House speech when Bank of England governor Mark Carney shocked markets by saying that interest rates could come sooner than expected? Well that was exactly the point. Replying to a question from MPs on the Treasury Select Committee about whether the surprise statement made in the Mansion House speech was to "shake [...]
Mario Draghi says QE “falls squarely” in European Central Bank mandate July 14, 2014 Mario Draghi is doing more scene-setting work for full-blown quantitative easing. Speaking to EU politicians today, the European Central Bank (ECB) president said that QE "falls squarely" in the central bank's mandate. Draghi's comments come as the International Monetary Fund today did all but outright say that the ECB should begin to engage in asset [...]
Mike Coupe: Three things you didn’t know about Sainsbury’s CEO July 14, 2014 Chief executive of Sainsbury’s Mike Coupe 1 He describes himself as a “keen but average guitarist” and prepared for his new job by going to Glastonbury with his wife. 2 He enjoys cycling and recently completed the London to Brighton race in aid of the British Heart Foundation 3 He has a cat called Gretchen, [...]
Merkel could step down ahead of term July 14, 2014 GERMAN chancellor Angela Merkel could step down from her position in the years ahead, or may not stand in the country’s next election, according to Der Spiegel. A chancellor has not left the job without losing a federal or internal party election in Germany since 1949.
This Middle East tragedy will become a catastrophe if Obama missteps now July 14, 2014 My wife recently passed along to me an almost unutterably beautiful video from the Royal Shakespeare Company. In it, Camille O’Sullivan performs “Daughter, Dear Daughter” from the Bard’s moving The Rape of Lucrece, giving voice to the universal anguish of a parent burying a child. It ends with the harrowing plea, “Then live, sweet Lucrece, [...]