Solid figures show US still on course for December rate hike October 14, 2016 The US Federal Reserve is still on course to hike rates by the end of the year after a reassuringly uneventful set of economic data out this afternoon. New numbers showed retail sales jumped by 0.6 per cent in September, bouncing back from a 0.2 per cent fall the month before. On an annual basis, consumer [...]
Citigroup beats expectations but revenues still fall October 14, 2016 One of the US' largest lenders has surprised and delighted investors by reporting a smaller than expected fall in revenues. The figures Revenues fell five per cent to $17.8bn (£14.6bn) in the third quarter, beating expectations of $17.3bn. Meanwhile, net income fell 11 per cent to $3.8bn, pushing earnings per share down to $1.24, from $1.31 the year before. Banking revenues fell six per cent to $4.1bn, although investment banking [...]
Profits dip at Wells Fargo as it deals with departure of boss John Stumpf October 14, 2016 Wells Fargo has revealed profits dipped during the three months to the end of September, in a week that's seen its chief exec John Stumpf make a dramatic departure. The figures Net income was down to $5.64bn (£4.6bn) from $5.8bn last year, and earnings per share dropped to $1.03 from $1.05. Revenues rose to $22.3bn [...]
How to cut EU migration without leaving the Single Market October 13, 2016 The Tory MEP Vicky Ford has taken a major step back from the idea of closing frontiers to European citizens which still appears to be the throbbing desire of Tory-Ukip hard Brexiters. In a newspaper interview, she set out ideas for reducing inflows of European workers within EU rules. She cites Liechtenstein, which was allowed [...]
Donald Tusk tells the UK: It’s hard Brexit or no Brexit October 13, 2016 Top EU policymaker Donald Tusk has told the UK there is no possibility of a so-called "soft Brexit". Tusk, president of the European Council, said this afternoon "the only real alternative to a hard Brexit is no Brexit" as he appeared to shut the door on the option of the UK and the EU striking a [...]
US Presidential Election 2016: The Bank of Mexico is starting to get quite worried October 13, 2016 The Mexican central bank has warned that the US Presidential election is the biggest threat to Mexico's economy. Around 80 per cent of Mexico's exports head across its northern border to the world's largest economy, and the country's policymakers have been growing increasingly nervous about what a Donald Trump presidency would mean for them as [...]
Former Prime Minister of Portugal Antonio Guterres elected by UN general assembly as new secretary-general October 13, 2016 Former Portuguese Prime Minister Antonio Guterres has been elected as the new United Nations secretary-general by the UN General Assembly. The decision was widely expected, after none of the five UN Security Council veto powers — China, France, Russia, the UK, and the US — voted against him in a secret ballot last week. Guterres, a former [...]
Hanjin shares jump as some of its major assets go on sale October 13, 2016 Shares in South Korean shipping giant Hanjin jumped today after the indebted company announced plans to sell some of its major businesses. A court filing said that the firm, which recently asked for bankruptcy protection, had received legal approval to seek buyers for its assets in order to pay back creditors which are lining up claims. It [...]
The times they are a changin’: Songwriter Bob Dylan wins 2016 Nobel Prize for Literature October 13, 2016 Singer-songwriter Bob Dylan has been awarded the 2016 Nobel Prize for Literature for "having created new poetic expressions within the great American song tradition". Dylan moved to New York in 1961 to perform in clubs and cafes in Greenwich Village and shortly after met the record producer John Hammed, with whom he signed a contract for [...]
The energy celebrity that rose from the presidential debate October 13, 2016 The US has quite the penchant for creating celebrities. The manufactured stars that we already have at our disposal are never enough. Like Rice Krispie treats, you tell yourself “just one more” but there is always the next YouTube sensation—or in this case, a private citizen who manages to pique our interest, at least for a [...]