The Bank for International Settlements is unconvinced that ending the dominance of the US dollar will protect the world economic order May 10, 2016 Ending the dominance of the US dollar will not be enough to promote stability in the international monetary and financial system, a top official at the Bank for International Settlements has argued (BIS). The BIS, often called the central bank for central banks, questioned the prevailing theory that when one currency becomes the world’s effective [...]
Before the bell: What you need to know before the US market open May 10, 2016 Stock futures in the US are up on the back of a good day in Asia and a strong start across Europe. The S&P is up by 0.34 per cent, while the Nasdaq is up by 2.5 per cent. The Dow has added 0.35 per cent in the pre-market. The day's big news so far Germany's current [...]
Niesr wades into Brexit debate with the latest assessment of how the UK economy would fare after Brexit May 10, 2016 The UK economy could be up to eight per cent smaller if it votes to leave the European Union in the upcoming referendum, according to the National Institute for Economic and Social Research (Niesr). Brexit "would represent a significant shock to the UK economy," and would leave the economy between 1.5 per cent and 7.8 per [...]
This tiny London garage sold for more than the price of the average house May 10, 2016 A tiny garage in west London is the latest sign of the ridiculous scramble for prime property locations in the capital, after being bought up for more than the price of the average home in the UK. The 18ft by 35ft spot in Hammersmith and Fulham smashed the already rather steep £250,00 guide price, the Guardian reports. It went for [...]
The UK trade deficit hits a post-crisis high despite a slight improvement in March May 10, 2016 The UK's trade deficit narrowed slightly in March, but it was not enough to prevent the UK from clocking its largest shortfall for the first quarter of the year since before the economic crisis. In March, the UK bought £3.8bn more goods and services from abroad than it sold to the rest of the world, a [...]
Germany’s current account just hit a record high – but not everybody is celebrating May 10, 2016 Germany recorded its largest ever monthly current account surplus in March, as exports of Germany goods held steady in the face of global turmoil and imports dipped. Mo money … Firms sold a total of €107bn (£85bn) during the month – down just 0.5 per cent on March last year. Imports came in at €81bn, down four per [...]
The UK economy is in desperate need of a productivity roadmap to give it a much needed boost May 10, 2016 It’s no secret poor productivity is partly to blame for the slowing of GDP growth. Official figures from the Office for National Statistics illustrate labour productivity fell by 1.2 per cent in the fourth quarter of 2015 from the third quarter, the biggest drop since the financial crisis in 2008. The latest ICAEW Economic Forecast [...]
China’s balancing act is the biggest risk to the world economy as inflation data shows prices still off target May 10, 2016 China’s economic rebalancing is the biggest threat to the global economy, the ratings agency Fitch has said, warning that a “hard landing” would trigger ripple effects around the world. The difficulties associated with shifting the world’s second largest economy from a reliance on investment towards consumption are “sharpening” according to Fitch, as authorities face the [...]
Greek debt relief deal OK’ed after German backdown to IMF May 9, 2016 Greece’s battered economy received some good news yesterday after Eurozone finance ministers agreed to debt relief measures if new reforms come to fruition. The Mediterranean state will be granted longer grace periods and bond maturities from 2018 if it upholds the reforms agreed to in its most recent bailout package. The move is a concession [...]
Here’s what 300 top economists told the UK about tax havens May 9, 2016 So-called rock star economist Thomas Piketty and Nobel prize-winner Angus Deaton are among 300 top economists from around the world calling for an end to tax havens, ahead of a meeting of world leaders this week. Economists from several of the world's elite universities, including Oxford, the London School of Economics, Harvard and the Sorbonne are among [...]
