Oil rout forces Kuwait to hike petrol prices 80 per cent August 2, 2016 Kuwait will hike its petrol prices by more than 80 per cent from 1 September, as part of the Opec member's adjustment to lower for longer oil prices. Its cabinet said yesterday that the price for the highest grade petrol would rise to 165 fils a litre, from 90 currently, according to a report by state news agency KUNA. Read [...]
Why it pays for TV networks to have their own flagship shows August 2, 2016 Fans are often frustrated by the fact TV network HBO's smash hit series Game of Throne isn't available on rival platforms such as Netflix. But new research suggests that holding onto exclusivity rights isn't just good for TV operators, it also benefit consumers. Read more: Play your own Game of Thrones in Northern Ireland Other [...]
Construction output tumbles at fastest pace since 2009 but sterling gains ground August 2, 2016 Activity in the construction sector is shrinking at its fastest pace in seven years, but has still managed to beat some exceptionally gloomy forecasts, helping the pound climb against the dollar. The Markit/Chartered Institute of Procurement and Supply (CIPS) survey came in at 45.9 on an index where scores below 50 signify contraction. This was only slightly down [...]
The economy post-Brexit: More QE or cutting interest rates? The UK’s poor productivity’s the real elephant in the room August 2, 2016 Uncertainty over the health of the global economy persists, as a checkered patchwork of data releases add to speculation over what the future holds. In the UK, the Brexit vote has amplified worries about the economy. “It remains hard to see how the UK can avoid recession altogether, possibly starting as soon as the third quarter,” [...]
Anticipation of $20bn Microsoft bond to finance LinkedIn deal drives up US Treasury yields August 1, 2016 US Treasury yields rose today in anticipation of a $19.75bn (£14.93bn) bond offering from Microsoft to finance its takeover of LinkedIn. The tech giant is expected to imminently launch the seven-tranche US dollar bond. Orders for the bond have reached more than $30bn, while 30-year yields hit a session high today of 2.244 per cent, Reuters reported. Yields [...]
There is a 98 per cent chance the Bank of England will cut interest rates August 1, 2016 The Bank of England is almost certain to slash interest rates when its rate-setting monetary policy committee (MPC) meets for the second time since the EU referendum this week. Futures markets indicate there is a 98.1 per cent probability the MPC will cut rates to a new record-low of 0.25 per cent, slightly up on [...]
India’s largest mortgage lender issues world’s first “Masala bond” in London August 1, 2016 The world's first ever "masala" bond has been issued in London today, in what chancellor Philip Hammond described as a major win for the UK economy in the aftermath of the EU referendum. India's largest mortgage provider, Housing Development Finance Corporation (HDFC), became the first Indian company to list corporate rupee-denominated debt outside of India, with the [...]
Manufacturing stutters forward in the Eurozone as PMI dips slightly August 1, 2016 Factories in the Eurozone entered the summer with a slight wobble, as output dipped and fundamental weaknesses in the manufacturing sector appeared stubborn. The purchasing managers' index (PMI) for manufacturing across the single currency bloc slipped to 52 in June, down from 52.8 in July, on a reading where scores above 50 mark expansion. It [...]
UK manufacturing PMI sinks even lower after EU referendum August 1, 2016 The most up-to-date measure of economic output among UK manufacturers has slumped to its lowest level in more than three years following the EU referendum. The manufacturing purchasing managers' index (PMI), which is closely watched by policymakers at the Bank of England, dropped to 48.2 in July, from 52.4 in June. That was even lower than a [...]
Fresh delay for US rate hike on weak growth figures August 1, 2016 The prospect of a second US interest rate rise since the recession has slipped back following weak GDP data and some dovish comments from one of the Federal Reserve's key rate-setters. Futures markets now indicate the probability of a rate rise by the end of the year is less than one in three, down from around [...]
