Iceland’s reticence to unwind financial crisis capital controls will prove costly in the long term August 1, 2016 Whether because of the enthusiasm of its football commentators or interest in its EEA arrangement as a model for post-Brexit UK, Iceland has been in the news frequently recently. Its economy has been growing fairly rapidly in recent years, up around 30 per cent from its 2009 trough, though still more than 20 per cent below [...]
Exxon Mobil profits plummet as oil prices keep on sliding July 29, 2016 Exxon Mobil had a difficult first half, with earnings sliding 62 per cent, results posted today showed. The figures Earnings fell 62 per cent to $3.5bn in its first half – and skidded 59 per cent to $1.7bn in the second quarter alone. That pushed earnings per share down 59 per cent in the second quarter, to $0.41. Meanwhile, upstream earnings fell to $294m, down $1.7bn from the [...]
US second quarter GDP was weaker than expected – and first quarter growth has been revised down July 29, 2016 US GDP has missed expectations in the second quarter coming in at 1.2 per cent – far below the forecast 2.5 per cent. To make things worse, GDP growth in the first quarter was also revised downwards from 1.1 per cent to 0.8 per cent. Consumer spending – which makes up most of US GDP – grew [...]
Power 100: Close Brothers’ Nancy Curtin explains why she supports Donald Trump July 29, 2016 Nancy Curtin is the chief investment officer and head of investment at Close Brothers Asset Management, making her one of the highest-ranking women in London’s asset management sector. Earlier this year she was included in City A.M.’s Power 100 list. Here, she talks about what inspired her – and explains why she backs Donald Trump. [...]
This is what Norway might be giving Finland as a birthday present next year… and it’s going to be pretty hard to wrap July 29, 2016 Birthdays… they stump us all, and not least when diplomacy is involved. It must be hard to think of a new present to give a country each year, but this week the Norwegian government confirmed it is considering giving Finland – wait for it – an arctic mountain for its birthday next year, when the country [...]
Rapid growth in household incomes powering Eurozone recovery July 28, 2016 Household incomes grew by one of their fastest rates since the financial crisis in the Eurozone earlier this year, as the recovery in the single currency area picked up steam. Disposable income per person, which takes into account all kinds of incomes and expenditures, climbed by 0.9 per cent in the first quarter, up from a [...]
Turkey’s tourist numbers drop 40 per cent on terrorist attacks July 28, 2016 The number of foreign visitors heading to Turkey plummeted in June as sun-seekers shunned the troubled country amid terrorist attacks and political instability. In total, 2.4m tourists visited Turkey in June, down 41 per cent on the same month last year in the biggest fall in more than two decades. Last month an attack at Istanbul's [...]
Emerging markets are winning the dash for cash after Brexit vote July 27, 2016 Emerging markets are one of the big winners from the UK’s vote to leave the EU as economies have benefitted from an influx of foreign capital. With bond yields crashing in the advanced world following the shock vote for Brexit on 23 June, Standard and Poor’s (S&P) said “yield-hungry investors” had flocked to more exotic [...]
US Federal Reserve paves the way for pre-election rate rise July 27, 2016 The Federal Reserve signalled the way to an interest rate rise before the US Presidential Election this evening as it heralded the strong pace of the economic recovery. Rate-setters left policy unchanged on this occasion, as expected, but a hike for only the second time since the financial crisis is now a distinct possibility for [...]
Why it’s time to start taking Donald Trump seriously, part two July 27, 2016 Just as the UK’s former Remain camp was getting used to the transformation of Project Fear into Project Sigh Exaggeratedly But Put Up With It, a new version has emerged across the pond. Yes: Project Fear, Donald Trump Edition, ground into gear this week as the Democratic National Convention got into full swing – – [...]