Awkward: Now Canada is joining the Asian Infrastructure Investment Bank August 31, 2016 Remember that time the UK put the US' nose out of joint by deciding to join the controversial Asian Infrastructure Investment Bank (AIIB)? Now the US' closest neighbour has done the same: today Canada said, in an effort to "create hope and opportunity for our middle class as well as for people around the world", it will [...]
The EU’s dangerous quest for tax harmonisation ignores that corporation tax itself is obsolete August 30, 2016 Most governments would love to get their hands on an extra €13bn (£11.1bn) from a multinational company. But the Irish government will likely be wrangling in court for many years at what will surely be considerable expense in a somewhat unusual bid to avoid collecting tax. The European Commission has ordered what is by far [...]
Post Brexit Britain can get a much better US trade deal than the EU’s failing TTIP August 30, 2016 Many people are now questioning the viability of the Transatlantic Trade and Investment Partnership (TTIP), the free trade deal under discussion between the US and the European Union. Over the weekend, German Vice-Chancellor Sigmar Gabriel stated that the TTIP talks had collapsed, despite the protestations of his Chancellor and the United States Trade Representative Michael [...]
Is Nobel Prize-winning economist Joseph Stiglitz right that Europe may have to abandon the euro to save the European project? August 30, 2016 Ruth Lea, economic adviser at Arbuthnot Banking Group, says Yes. Granted, some may regard the common currency as an intrinsic part of the “European project”, but the euro is undermining the very foundations of a prosperous and peaceful union for all its members, which is surely what the European project is fundamentally about. And it is [...]
Abercrombie & Fitch hurt by fierce competition in 14th straight quarterly sales drop August 30, 2016 Fashion retailer Abercrombie & Fitch is the latest US chain to post disappointing results. Shares ditched almost 14 per cent in the pre-market in New York as the company revealed its 14th consecutive quarterly sales decline. It blamed the slump on lower traffic at its out-of-town stores and a drop off in tourist spending. Same-store sales fell by [...]
Eurozone economic sentiment fell to a five-month low in August after June’s Brexit vote August 30, 2016 Economic sentiment among the 19 members of the Eurozone fell during August to its lowest level since March, according to new EU data. The European Commission's Eurozone Economic Sentiment Indicator (ESI) fell to 103.5 over the past month, from 104.5 in July – well below the 104.1 forecast by a Reuters poll of economists. Confidence was [...]
An eye for an eye, a hack for a hack: The global cyber arms race is heating up August 30, 2016 Many will be familiar with the biblical adage “an eye for an eye, a tooth for a tooth”. Underpinning the Book of Exodus, this principle of even-handed justice formed the kernel of Old Testament law. Yet contemporary followers of the book allowed it to transmute into a justification for personal vengeance. It wasn’t until Jesus [...]
Germany expects up to 300,000 migrants to arrive this year August 28, 2016 Germany is preparing for a possible 300,000 migrants to enter the country this year – but the nation's leaders are convinced they can manage the influx of people. Speaking to German newspaper Bild, Frank-Juergen Weise, the head of the country's Federal Office for Migration and Refugees, said: "We can do it. Despite problems we have had [...]
Sterling surges after Janet Yellen rate hike remarks August 26, 2016 The pound surged against the dollar this afternoon, after Federal Reserve chief Janet Yellen said the case for a rate hike had strengthened over the past few months. Sterling went up 0.5 per cent to hit a three-week high of $1.3264 following Yellen's speech at Jackson Hole. It has since fallen back, although it's still above the [...]
Richard Branson reveals he thought he was going to die after accident while cycling on Caribbean island August 26, 2016 Virgin Group founder Richard Branson said his life flashed before his eyes when he was in a bike accident while cycling with family on the Caribbean island of Virgin Gorda. The entrepreneur – whose own private island, Necker, lies just north of Virgin Gorda in the British Virgin Islands – recounted his harrowing experience in a blog [...]