Bank of England to keep interest rates at record lows this Thursday as more economists say rates won’t go up next year December 6, 2015 The Bank of England is widely expected with keep its base rate on hold rate this week, with more economists viewing 2017 as the more plausible option for the first interest rate hike since the financial crisis. The Bank’s monetary policy committee voted eight to one last month to keep the rate which it deals with [...]
Storm Desmond Carlisle floods close United Biscuits’ McVities factory as army drafted in and Cobra meeting called to handle flood fallout December 6, 2015 The Carlisle factory of United Biscuits, maker of McVities chocolate digestives and other biscuits, has flooded after storm Desmond wreaked chaos across the north of England. Read more: Insurers already ready for bad weather and Storm Desmond The factory in Church Street, Caldewgate is flooded by water more than a metre high, and staff have been told to remain at home, according to reports. [...]
Don’t be fooled by market calmness, warns Bank for International Settlements December 6, 2015 Financial markets still face a high level of vulnerability despite calming over recent months, the Bank for International Settlements (BIS) warned today. The central bank watchdog said bank credit ratings have deteriorated further since 2010 in major advanced economies. BIS chief economist Claudio Borio said the fact bank shares traded at a discount to book [...]
Bank of England approves 19 insurers’ solvency II models for capital ratios ahead of EU 2016 rules, including Aviva, Prudential and Lloyds of London December 6, 2015 Several of Britain's biggest insurance firms, including Aviva, Prudential and Lloyds of London have been given the thumbs up by the Bank of England for new rules governing how much capital they should hold. The Solvency II capital rules which come into force across the EU from the start of next year, mean insurers are able [...]
UK housing crisis: Build to Rent investment to triple by 2020 December 5, 2015 Investment in Build to Rent will triple to £50bn by 2020, helping it swell from two to five per cent of the private rental sector, and providing minor relief to the UK's growing housing crisis. It's pertinent as the number of first time buyers and young homeowners are declining, at a time when private rental stock is [...]
European central bank boss Mario Draghi says “no limit” to policy tools December 5, 2015 European Central Bank (ECB) boss Mario Draghi has said that there's "no limit" to the arsenal of tools it can deploy to fight stubbornly low inflation and slow growth. Draghi, in prepared remarks to an audience in New York, said: "We will secure the return of inflation to 2 percent without undue delay, because we are currently deploying [...]
Merry Christmas: Barclays could cut another 20 per cent of investment bank jobs December 4, 2015 Barclays is planning to cut another 20 per cent of jobs at its investment bank, it has been reported. The bank has already announced 7,000 job cuts at its investment bank, but these are thought to be on top of that. Last year it slashed 2,500 jobs, and expects to make a similar number of [...]
US crude and brent oil prices recover losses after Opec holds production December 4, 2015 Oil prices recovered losses this afternoon, as the Organisation of Petroleum Exporting Countries (Opec) decided not to cut production at its key meeting in Vienna. Opec members seemingly failed to agree on an oil production ceiling, after the final statement was published with no mention of a new one, apparently allowing members to continue pumping oil at current rates. [...]
At the close: FTSE 100 index closes down as miners suffer losses December 4, 2015 The FTSE 100 index closed down today, led lower by miners, while tourism stocks also dropped. The UK's top blue-chip index closed 0.59 per cent down at 6,238 points, marking four successive days of losses and the first weekly decline in three weeks. Miners wiped out gains they made earlier in the day, with Glencore closing 3.25 per [...]
Glencore, BHP Billiton, Anglo American share price: Miners suffer as iron ore falls to fresh 10-year low December 4, 2015 Iron ore prices fell to a fresh 10-year low today, amid concerns falling demand from its biggest consumer would add to a global glut in the steelmaking raw material. It came after industry consultancy Custeel said more steel mills in China's Shanxi province have halted production due to shrinking demand and shortage of cash. Spot iron ore prices fell to [...]
