Investors are prepared to take sub-zero yields in order to keep their money in safe haven German 10-year bunds July 13, 2016 Germany is getting ready to sell €5bn (£4.2bn) worth of 10-year bonds with a zero per cent coupon for the first time. Yields on the German bund have been dropping for weeks – and are now firmly in negative territory, hitting a record low of minus 0.2 per cent last week, which is why a negative yield [...]
Citibank moves to scrap certain Venezuelan accounts July 12, 2016 Citibank is shutting down certain accounts in Venezuela, much to the chagrin of the country's president. In a speech yesterday, President Nicolas Maduro slammed the move, which would see his government's foreign currency accounts closed within a month. "With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela's accounts," Maduro [...]
The Irish economy grew by a whopping 26 per cent last year – but economists are not impressed July 12, 2016 The Irish economy grew by an impressive 26 per cent last year, soaring past estimates of 7.8 per cent gross domestic product (GDP) growth – but only after the capital stocks of a number of companies that relocated to the country were included in the state's balance sheet. Revised figures from Ireland's Central Statistics Office (CSO) show GDP was [...]
International court backs Philippines in South China Sea dispute July 12, 2016 A United Nations tribunal today ruled in favour of the Philippines, in a case it bought against Chinese claims to maritime rights in the South China Sea. Beijing had ramped up its rhetoric ahead of the decision, with president Xi Jinping warning earlier this month that it is "not afraid of trouble". But the Permanent Court of [...]
SEC investigating Tesla over failure to disclose driverless car crash – reports July 12, 2016 The US Securities and Exchange Commission (SEC) is investigating Elon Musk's Tesla Motors – in particular, looking at whether the tech firm broke the law by failing to disclose a fatal accident involving one of its driverless cars in May. The accident, which happened in Florida on 7 May, resulted in the death of 40-year-old Joshua Brown. [...]
Revolution in Japan’s boardrooms could be just the medicine for ailing economy July 12, 2016 Japan's Prime Minister Shinzo Abe has declared victory in the weekend election after winning a majority in the parliament’s upper house. He will use the fresh mandate to press on with plans to reform the flailing economy – under the strategy dubbed “Abenomics” – and will also look at changing the country’s pacifist constitution. Japan’s [...]
Jean-Claude Juncker provisionally backs Sir Julian King to be the UK’s next EU Commissioner July 11, 2016 Jean-Claude Juncker has provisionally backed the nomination of Sir Julian King to become the UK's new EU commissioner. The president of the European Commission will determine whether to appoint King, whom he met in Brussels this morning, by the end of the month. "President Juncker was able to establish Sir Julian's European competencies. On the basis [...]
Goldman Sachs hires former EU chief Jose Manuel Barroso July 8, 2016 Goldman Sachs has hired former EU boss Jose Manuel Barroso as non-executive chairman of its international business. Barroso served as president of the European Commission from 2004 to 2014, and as Prime Minister of Portugal from 2002 to 2004. He was first elected to the Portuguese Parliament in 1985, and then served as state secretary for home affairs, [...]
US non-farm payroll numbers: Country added 287,000 jobs in June in turnaround from shock May figures July 8, 2016 The US added 287,000 jobs in June, driven by the leisure and hospitality and healthcare and social assistance sectors. The non-farm payroll data released today is a marked turnaround from the numbers published last month, which showed US employers added just 38,000 jobs in May. The greenback crashed after the May data, which showed the weakest jobs growth [...]
Private jet flights from China to Europe soar as sterling falls to Earth July 6, 2016 The number of private jets flying into Europe from China has taken off this year, climbing by 43 per cent on the same period last year. Data from private jet company Magnus Aviation has shown that in June, private jets flying in to Europe from China increased by 41.7 per cent from same month last year. [...]