UK vs ECB: Britain squares up to Eurozone in legal battle for City’s rights July 9, 2014 British lawyers accused the European Central Bank (ECB) of breaking the single market rules in a landmark case yesterday. By insisting euro-denominated payment transactions are cleared within the Eurozone, the ECB is breaking the law, the Treasury argued. The UK complained in 2011 but it has taken until now to reach the European Court of Justice [...]
Piketty’s populism is flawed: Capitalism doesn’t mean more inequality July 8, 2014 The financial crisis has undoubtedly created a demand in popular culture for works portraying capitalism in a bad light, such as the recent bestseller by Thomas Piketty – Capital in the 21st Century. Piketty’s writing has gathered increasing attention from economists, who show that his arguments do not bear scrutiny. The focus of Piketty’s work [...]
George Osborne tells India: The good days are coming July 7, 2014 Chancellor George Osborne has hailed Narendra Modi’s new administration in India for working to attract investment into the country, telling an audience in Mumbai that “good days are coming”. In a speech in which he announced a number of new trade deals between the UK and India, the chancellor praised the close ties between the [...]
Germany’s Angela Merkel sends strong warning to US over spy claims July 7, 2014 German Chancellor Angela Merkel has spoken for the first time about an alleged double agent in the German intelligence community, claiming if true it would be “a clear contradiction of what I consider to be trusting co-operation” with the US. Speaking during a trade visit to China, her seventh since taking office in 2005, Merkel [...]
Mark Carney cancels cricket but Bank of England isn’t short on cake July 7, 2014 Mark Carney may have caused a stir by banishing the traditional Bank of England summer cricket match this year, but by all accounts staff had a great day out, replete with face-painting, wheel-barrow races, the Wimbledon final on a big screen and a bake-off. The governor, described by one tweeter as a “very [...]
Mark Carney makes first key cut as Bank of England governor July 6, 2014 Mark Carney has made his first cut since he walked through the door at Threadneedle Street in July. Not to interest rates – although they remain at their historic lows of 0.5 per cent – but to one of a large selection of cakes at this year's Bank of England summer party. The Bank governor [...]
Boosting investment is “only way out” for Europe – ECB’s Coeure July 6, 2014 Governments must do more to aid the European recovery, by cutting sovereign debt and boosting the level of investment, says European Central Bank (ECB) executive board member Benoit Coeure. Speaking in Aix-en-Provence, France, Coeure said that the current economic situation is very worrying, and that "the only way out is by investing". But this should [...]
IMF sees no “brutal slowdown” in China – Christine Lagarde July 6, 2014 China's economic expansion isn't set to stutter, according to the International Monetary Fund (IMF). IMF managing director Christine Lagarde says that the fund sees "no brutal slowdown" and expects that China will achieve growth of seven to 7.5 per cent this year. Investors now see a possible slowdown in Chinese growth as a key risk, [...]
Mark Carney’s Bank of England snubs staffer: Cancels cricket fun at staff party July 4, 2014 Just weeks after one colleague celebrated his love of cricket in a public speech, Mark Carney's Bank of England has confirmed that it has axed all cricket-related hijinks at its staff summer party. There will no cricket match at the central bank's summer, as first reported by Bloomberg. The move is a stark tone change [...]
Fear of Scottish independence behind Glasgow’s £500m boost from Treasury says Sturgeon July 3, 2014 Scotland’s deputy first minister Nicola Sturgeon has played down a £500m funding announcement by David Cameron, suggesting the money is in response to the threat of Scottish independence, an outcome the Prime Minister is keen to avoid. Cameron announced Glasgow as the first Scottish city to win a sought-after city deal with the Treasury yesterday, [...]
