UK front of the queue for US foreign direct investment August 12, 2016 British investment into the United States underpins more than one million jobs on the other side of the Atlantic, research has shown, highlighting the importance of the economic special relationship. Business group the CBI said the UK has retained its position as the single largest investor into the US, accounting for $449bn (£346bn) – or 15 per cent [...]
FTSE 100 soars to 14-month high as pound falls further against the euro August 11, 2016 The FTSE 100 soared to above 6,900 for the first time this year on Thursday. At 6,914.71, the bluechip index closed up 0.7 per cent, its highest level in more than 14 months. Read more: FTSE 100 charges towards 14-month high as miners gains The market had been lingering at less than 6,850 earlier in the [...]
One chart showing what would happen to the UK’s GDP if you stripped out London August 11, 2016 Since the Brexit vote and the ensuing realisation of a divide in national political priorities, an increasing amount of noise has been made about turning London into its own state. Admittedly, that's pretty unlikely – but figures put together for City PM by Statista using research from German think tank Institut der deutschen Wirtschaft suggests what might happen [...]
Before the bell: What you need to know before the US market open August 11, 2016 Oil is falling and Australia's government is taking steps to stop Chinese firms from taking a controlling stake in its largest energy network: here's what you need to know before the market open at 2:30pm. US futures are pointing to a strong open. The S&P is up by 0.21 per cent, the Nasdaq is 0.24 per [...]
London’s night-time economy could be worth £43bn and an extra 115,000 jobs August 11, 2016 Unlocking London’s night-time economy will deliver a £3bn boost to the capital and help protect London from the economic shock of Brexit, a new report has argued. Research published today said the introduction of the Night Tube, along with a relaxation of licensing laws and other tweaks to help Londoners make the most of the capital [...]
Will Mark Carney’s corporate bond-buying help UK companies? August 11, 2016 Companies across the UK are bracing themselves for a shake-up to the way they raise cash on the corporate finance market as the Bank of England prepares to start buying private sector debt. Threadneedle Street will buy around £10bn of top-quality corporate bonds as part of its mission to help the UK avoid a recession [...]
Government urged to implement new tax credit scheme for UK exporters for economy boost after Brexit vote August 10, 2016 The government is being urged to implement a tax credit scheme for UK exporters to boost British business and the economy after the Brexit vote. In an open letter, David Thomas, the executive chairman of the Council of British Chambers of Commerce in Europe (COBCOE), said: “This will cost the exchequer nothing on balance. “It can [...]
Why the post-Brexit economic doom and gloom may have been greatly overdone August 10, 2016 Something quite remarkable happened in the UK economy in June. UK broad money growth M4ex rose 5.8 per cent (year-on-year) – its fastest rate since the introduction of quantitative easing in 2009. Indeed, the growth rate is approaching the 6 per cent baseline for broad money growth that the Bank of England announced was its target [...]
Quantitative easing bounces back with successful round of BoE bond-buying August 10, 2016 The Bank of England's quantitative easing programme is back on track after its latest offer to buy government debt was massively oversubscribed. The Bank received offers from bond-holders to hand over more than £5.5bn worth of government coupons this afternoon – covering Threadneedle Street's daily £1.17bn budget by a factor of 4.7 to one. Officials will have [...]
Yuan currency to rule them all: China seeks to boost renminbi August 10, 2016 China has pledged to boost the role of the renminbi in the international economy as the country prepares to take new steps to develop the reputation and more widespread use of its currency. The People's Bank of China (PBOC) said today it was seeking to increase the use of the renminbi as a reserve currency for central [...]
