Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
iPhone 12: What’s new with Apple’s first 5G phone? October 13, 2020 Apple has unveiled its first 5G compatible mobile phone – the iPhone 12 – in a move chief executive Tim Cook said was the “beginning of a new era”. Apple’s first 5G iPhone has been eagerly awaited. The company set the tech world abuzz when it unveiled the “Hi, Speed” tagline for this year’s event, [...]
Andrew Bailey says Bank of England ‘not there yet’ on negative interest rates October 13, 2020 Bank of England governor Andrew Bailey has said the BoE is not yet in a position to decide whether it should cut interest rates in negative territory, as there is more work to be done on what effects they might have. It comes after the Bank sent a letter to lenders yesterday asking them about [...]
WTO tells EU it can slap $4bn of tariffs on US over Boeing subsidies October 13, 2020 The EU has been given the go-ahead to slap tariffs on $4bn (£3.1bn) of US goods in the latest development in the subsidy saga involving Boeing and Airbus. It comes after the World Trade Organization (WTO) last year allowed Washington to tariff $7.5bn of EU goods over state support for European aeroplane manufacturer Airbus. The [...]
Trading surge boosts JP Morgan but Citigroup’s profit suffers October 13, 2020 JP Morgan’s third-quarter results beat analysts’ expectations as trading revenue was lifted by a recovery in global markets despite the ongoing coronavirus pandemic. Its Wall Street rival Citigroup fared less well, however, with profit slipping 34 per cent despite credit costs stabilising. JP Morgan’s net income rose to $9.44bn (£7.25bn) from $9.1bn a year earlier. [...]
IMF: Covid cases and support cutbacks threaten global recovery October 13, 2020 The global economic recovery is under threat from the resurgence of coronavirus and governments withdrawing economic support too early, the International Monetary Fund (IMF) has warned. IMF chief economist Gita Gopinath said the crisis is “far from over” and will “likely leave scars”. She said the global economy’s total loss of output would could amount [...]
Nobel Prize in economics: What is auction theory and why is it important? October 12, 2020 US academics Paul Milgrom and Robert Wilson have won the 2020 Nobel Prize in economics for their groundbreaking work on the theory and practice of auctions. Milgrom and Wilson, 72 and 83 respectively, are both professors at Stanford University in California. They will split the 10m krona (£850,000) prize and each receive a gold medal. [...]
Bank of England’s use of fast data under fire after weak GDP figures October 9, 2020 The Bank of England’s “reliance” on fast payments data that fed into upbeat predictions has come under fire after figures showed the UK economy performed much worse than expected in August. The Bank has repeatedly referred to data from its Chaps payment system, which reflects sales companies make through card purchases, during the coronavirus pandemic. [...]
British Land shares rise as it restarts dividend payments October 9, 2020 Shares in property development company British Land climbed 3.9 per cent after it announced it would resume paying its dividend, saying footfall at its retail parks was ahead of the wider market. The shopping centre and office-owner intends to pay dividends twice a year, in February and August. It previously paid them quarterly but suspended [...]
FTSE 100 rises despite UK GDP missing expectations October 9, 2020 The FTSE 100 rose at the open despite the UK economy growing less than expected in August, as traders continued to mull the prospect of more US fiscal stimulus. London’s blue-chip index climbed 0.5 per cent to 6,009 points. The FTSE 250, made up of slightly smaller companies, rose 0.3 per cent. Asian markets were [...]
Almost a fifth of ALL US dollars were created this year October 8, 2020 About 20 per cent of all US dollars were created this year. The Federal Reserve has printed unprecedented amounts of money to support the coronavirus-stricken economy. It has sparked debates about inflation and helped asset prices soar. Data from the Fed shows that a broad measure of the stock of dollars, known as M2, rose [...]
