Turkish lira crashes following Ministry of Education purge – as powerful explosion is reported in Ankara July 19, 2016 The Turkish lira was already down more than two per cent against the dollar today, before a large explosion was reported in the Altındağ district of Ankara late this afternoon. The currency was down 2.2 per cent against the dollar at $0.32850, its lowest since Saturday night when an attempted coup sent the currency plummeting. However, [...]
Oil wavers as traders weigh glut fears against supply disruptions July 19, 2016 Oil prices dipped in and out of positive territory yesterday, as traders weighed fresh output disruptions against persistent oversupply fears. Brent crude, the global benchmark, remained flat at $46.96 in afternoon trading, having fallen 1.4 per cent yesterday. And US crude, known as West Texas Intermediate, dipped 0.46 per cent to $45.03, after settling about 1.6 [...]
Standard and Poor’s: The good times may be over for Europe’s top companies July 19, 2016 Brexit could spell the end of a relatively benign period for the UK and Europe's biggest companies, according to Standard and Poor's (S&P). In a new report, the ratings agency warned: "The UK's decision to leave the EU is likely to knock the European corporate sector out of the 'sweet spot' it has been enjoying". The body cited [...]
Over 65s face less inflation than millennials due to the supermarket price war July 19, 2016 The over 65s have the lowest real inflation rate of any age group because of the supermarket price war, according to research from Fidelity International. The report from Fidelity shows the over 65s experience an inflation rate of 0.3 per cent, while millennials (under 30s) face an inflation rate of 0.9 per cent – the highest of any [...]
IMF revises growth forecasts downwards and says global outlook has worsened after Brexit vote July 19, 2016 The UK's vote for Brexit has added "significant uncertainty to an already fragile global recovery", the International Monetary Fund (IMF) said in its World Economic Outlook (WEO) today – as it warned that Britain could potentially go into recession if negotiations with the EU do not proceed smoothly. The IMF said the result of the EU [...]
Sterling edges off session lows as inflation beats expectations July 19, 2016 The pound reversed some of its losses against the dollar this morning, after new figures showed inflation beat expectations in June. Prices rose 0.5 per cent in the year to June, the Office for National Statistics (ONS) said – up from 0.3 per cent in May, and beating economists' expectations of 0.4 per cent. The [...]
Shot in the Arm for the City as £24bn mega-deal is agreed July 19, 2016 British tech giant Arm Holdings yesterday agreed to a £24.3bn takeover by telecoms group Softbank, in a move that would go down as the second largest outbound Japanese deal on record. Softbank has pounced for the Cambridge-based chip-maker following a sharp drop in the value of the pound, largely prompted by last month’s vote to leave [...]
Relax! New report predicts UK will avoid severe recession and house pricing crash post-Brexit vote July 19, 2016 The UK can breathe a collective sigh of relief today, as a report revealed the country should avoid a drastic downturn following the Brexit vote. Although the figures from PwC forecast a slowdown in GDP growth for the next few years, they did not project very negative growth. The accountancy giant predicted GDP growth of 1.6 [...]
Bundesbank steps up attempts to seize control over euro bailout cash July 18, 2016 The German central bank has called for the role of the European Commission in managing Eurozone bailouts to be watered down. In its monthly report, published today, the Bundesbank said it wants the finance ministers of Eurozone countries to set and enforce the rules that govern payments made by the European Stability Mechanism (ESM). It [...]
The Bank of England says issuing an official cryptocurrency could raise economic output July 18, 2016 Introducing a Bitcoin-style official currency could boost economic output, help maintain financial stability and smooth the cycle of boom-and-bust, the Bank of England has found. A new report from wonks at Threadneedle Street has modelled the impact of a central bank issuing a new legal tender based on blockchain or distributed ledgers – the technology behind Bitcoin – finding [...]
