There is a perfectly respectable political case for holding a second Brexit vote, says Matthew Lynn. But to do so would be a disaster for business for these three reasons.
The post A second referendum would be a disaster was first published on MoneyWeek.
- By Alexandra Ulmer and Deisy Buitrago CARACAS (Reuters) - President Nicolas Maduro said on Friday Venezuela would issue higher denomination bills "very soon" as soaring inflation and a crumbling currency leave the crisis-stricken country’s largest note worth just 2 U.S. cents on the black market. Today 5,000 bolivars buy just over $1 on the black market, which exists because Venezuela introduced currency controls in 2003 but does not offer enough dollars to meet demand. Venezuela is believ
- via United KingdomMain image:
A PATTERN is emerging in political journalism. Whenever something can be construed as a rejection of the establishment, or a win for authoritarianism, or a triumph for swaggering, braces-twanging, fast-talking bombast—or some other shift the writer does not like—the subject is ascribed to a global Trump-ite revolution. Often this comes without nuance.Take this week. On Monday responses to the election of a statist, pro-death-penalty MEP as UKIP leader obeyed the
- The U.S. jobs report on Friday made one thing clear: President-elect Donald Trump will inherit the same two-track U.S. economy that bedeviled his predecessor. Hiring is solid and the unemployment rate ...
- By Edward McAllister and Joe Bavier DAKAR (Reuters) - A decade and a half ago, Adama Barrow was working 15-hour shifts as a security guard at retailer Argos in north London, harbouring dreams of making his mark as a real estate developer. On Friday, he was declared president-elect of his homeland, the tiny riverside West African nation of Gambia, ending over two decades of rule by Yahya Jammeh, a feared authoritarian who once said he would rule for "a billion years". Gambians are now looking to
- Regional growth inequality in the UK is becoming more pronounced, says Bank of England chief economist Andrew Haldane.
- In a bid to boost Britain's economy through Brexit, Prime Minister Theresa May's government has said it wants to address business concerns and replace an ageing copper network with the "gold standard" common across Asia and parts of Europe. Pressure has been building on BT and its Openreach division for years, led by rivals TalkTalk, Sky and Vodafone, who rely on the network, and by a group of politicians who believe it is failing consumers and businesses. Rivals blame BT, saying Openreach's cas
- By Patrick Rucker and Anna Irrera WASHINGTON (Reuters) - Online credit companies and paperless lenders would be able to get federal charters to do their business nationwide under a plan outlined on Friday by a U.S. banking regulator. The Office of the Comptroller of the Currency (OCC), the main regulator for federal banks, said it hoped offering a charter for "fintech" companies would spur innovation in the banking sector. "Technology-based products and services are the future of banking and the
- By Peter Hobson and Alistair Smout LONDON (Reuters) - Britain's top share index edged downwards to a 2-week low on Friday as investors avoided risky bets heading into the weekend of Italy's constitutional referendum, with bank shares leading the declines. The blue-chip FTSE 100 closed down 0.3 percent, taking its loss for the week to 1.6 percent and snapping a three-week winning streak. Royal Bank of Scotland and Barclays were among the steepest fallers, down 3.2 percent and 2.8 percent respecti
- (Reuters) - Ladder Capital Corp, a real estate investment trust which has bankrolled much of U.S. President-elect Donald Trump's property development, is exploring the possibility of a sale, according to people familiar with the matter. The move comes as Ladder grapples with new regulations making selling on mortgages more difficult. Founded in 2008, it has been one of the key lenders that Trump has turned to after his relations with major Wall Street banks soured following some of his business
- (Reuters) - Aixtron SE's takeover by China's Fujian Grand Chip Investment Fund may soon be on the list of deals called off due to increased U.S. regulatory scrutiny. The Committee on Foreign Investment in the United States (CFIUS) has recommended that the 670 million-euro deal be blocked due to security concerns. The CFIUS, that examines deals to determine the effect on national security, has targeted Chinese companies aggressively pursuing acquisitions in the United States and has already derai
- By Lucia Mutikani WASHINGTON (Reuters) - U.S. employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6 percent, making it almost certain that the Federal Reserve will raise interest rates later this month. The solid employment gains likely reflect growing confidence in the economy, which has been marked by rising consumer spending and inflation. The unemployment rate fell three-tenths of a percentage point last month, hitting its lowest level sin
- Increasing protectionism is unlikely to override forces of automation
- Ireland collected 1.8 percent more tax than expected in the year to November, the Finance Ministry said on Friday, putting it closer to the target of cutting its budget deficit below one percent of GDP while funding extra spending. Ireland is relying on its year-end tax take being 2 percent higher than it had forecast at the beginning of the year to cut its budget deficit to 0.9 percent of gross domestic product from 2.3 percent last year. After the outperformance waned in recent months, the Fin
- The German state of Hesse has approved an amended fee proposal for Frankfurt airport for 2017, allowing operator Fraport to increase fees but angering the airport's main customer Lufthansa. Irish budget carrier Ryanair announced last month plans to start flying from Frankfurt airport next year, prompting calls from Lufthansa for airport operator Fraport to lower fees for all carriers. The Hesse economy and transport ministry said in a statement on Friday that one aspect of the new structure awar
- Greece expects to reach an initial agreement with its official creditors at a meeting of euro zone finance ministers on Monday on the fiscal targets and reforms it needs to adopt to conclude its latest bailout review, a government official said on Friday. Talks on two other aspects of the review, namely debt relief and primary surplus targets after 2018, when Greece's bailout programme ends, are expected to continue, and both issues will probably be discussed at another Eurogroup meeting. Athens
- By Julia Fioretti BRUSSELS (Reuters) - European Union ministers on Friday backed lowering the caps for how much mobile telecoms operators can charge each other to keep their customers connected while abroad, although they are likely to be cut further in subsequent negotiations. Ministers gave Slovakia, which holds the rotating EU presidency, a mandate to start negotiations with the European Parliament on a series of wholesale price caps for handling voice, SMS and data traffic between different
- French utility EDF is considering a cut in the amount of net profit it pays out in dividends, a business website quoted a finance ministry source as saying, as it looks to shoulder a multi-billion euro investment bill in coming years. The website of TV station BFM Business said the state-controlled utility would reduce its dividend payout ratio to a maximum 50 percent of underlying net profit from 2017. EDF declined to comment.
- By Francesco Guarascio BRUSSELS (Reuters) - EU officials have debated calling an emergency summit of euro zone leaders after Sunday's Italian referendum if a government defeat brings market turbulence, but key figures see no need for such a move, sources said on Friday. Two sources with knowledge of discussions over the past days told Reuters some officials, particularly those who believe the 19 euro zone leaders should meet more often, had urged European Council President Donald Tusk to make pl
- The US economy created 178,000 jobs in November, with the unemployment rate falling to a nine-year low.
- By Marcin Goettig WARSAW (Reuters) - The European Union might fill a void in global trade left by the United States if the world's biggest economy becomes more inward-looking with Donald Trump as president, EU Trade Commissioner Cecilia Malmstrom said on Friday. Trump won the election campaigning on a protectionist policy stance that has raised concerns among some economists that global trade could suffer during his four-year term that begins in January. "Now it is possible that the United State
- By David Milliken LONDON (Reuters) - The Bank of England's chief economist, Andrew Haldane, said on Friday it would be risky to raise interest rates too hastily and that he was comfortable with the BoE's recent shift to a neutral stance on what its next monetary policy move should be. Britain's central bank is grappling with the effect of a sharp fall in sterling since June's vote to leave the European Union, which Haldane said was likely to push up inflation and also hurt growth over the coming
- By John Revill ZURICH (Reuters) - Two years after the Swiss franc shock brought Switzerland to the brink of recession, Roland Goethe is still fighting for the future of the sheet metal company his grandfather set up 86 years ago. Goethe AG is one of many manufacturers coping with the aftermath of the Swiss National Bank's decision in January 2015 to scrap a long-standing limit on the franc against the euro. The decision rocked currency markets and sent the franc rocketing against the euro, the c
- via UK EconomyCountry ranked 10th worldwide in year before vote on EU membership
- German car sales are heading for their strongest growth in about six years, the VDA industry association said on Friday, though analysts cautioned that momentum is inflated by technical factors while economic threats are growing. A robust economy, high employment and favorable financing terms could auto sales in Europe's largest economy by 5 percent this year to almost 3.4 million vehicles, the VDA said, from 3.2 million in 2015. "The political and economic risks that may dampen peoples' and com
- Train fares in Britain will go up by an average of 2.3% from 2 January, the rail industry announces.
- WASHINGTON (AP) — U.S. employers added a solid 178,000 jobs in November, reflecting the steady economy President-elect Donald Trump will inherit. And the unemployment rate hit a nine-year low of 4.6 percent, though mainly because many people stopped looking for jobs and were no longer counted as unemployed.
- By Lucia Mutikani WASHINGTON (Reuters) - U.S. employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6 percent, making it almost certain that the Federal Reserve will raise interest rates later this month. The solid gains in employment likely reflect rising confidence in the economy. Data for September and October was, however, revised to show 2,000 fewer jobs created than previously reported.
- MADRID (Reuters) - Spain's government said on Friday it had set its 2017 spending limit at 118 billion euros ($125.55 billion). Spain's debt-to-gross domestic product (GDP) ratio for 2017 will be 99 percent, against 99.4 percent in 2016, Budget Minister Cristobal Montoro told a news conference. The government also proposed tax hikes on tobacco, alcohol and sweet drinks as part of its 2017 budget plans. ($1 = 0.9398 euros) (Reporting by Sonya Dowsett; Editing by Angus Berwick)
- Yantra is sensational with buoyant cherry notes and a long, soothing, mineral-spiked finish, says Matthew Jukes.
The post A sensational Cabernet/Merlot blend was first published on MoneyWeek.
- For fansof crystal clear water and blue skies, Chris Carter looks at three resorts in the Maldives from which to escape winter.
The post Three island resorts in the Maldives was first published on MoneyWeek.
- The policies carried by a rising anti-establishment tide
- Bank of England chief economist Andrew Haldane said on Friday it would be risky to raise interest rates too hastily and that he was comfortable with the BoE's recently adopted neutral stance on the future direction of monetary policy. Britain's central bank is grappling with the effect of a sharp fall in sterling since June's vote to leave the European Union, which Haldane said was likely to have a significant impact on growth and inflation over the coming year. Last month the BoE said it no lon
- Liberal Democrats overturn big Conservative majority in south-west London seat after campaigning on an anti-Brexit platform
- The new White House chief strategist, Steve Bannon, seems to revel in his sinister reputation.
The post Steve Bannon: the man who revels in darkness was first published on MoneyWeek.
- By Vikram Subhedar LONDON (Reuters) - Global stocks, oil and the dollar eased on Friday as investors took a cautious stance before U.S. payrolls data, which may cement the case for a Federal Reserve rate increase, and Italy's referendum on constitutional reform on Sunday. Strong economic data from the United States, including upbeat manufacturing activity and construction spending, have bolstered the view that the Fed will tighten monetary policy faster than expected to keep inflationary pressur
- Growing up, I remember faulty appliances being fixed by either my grandad or at a local repair shop - where a man with a never-ending array of tools would get the job done. We bought when we needed, not when we wanted. We wasted nothing. And I'm not talking about the middle of the 20th Century; I grew up in the late 90's. Read more: Waste, Waste Management, Reducing Waste, Food Waste, E-Waste, Recycling, Environment, Environmentalism, UK Environment, Economy, UK Economy, Green Economy, Economic
- Eugene Kleiner invested in technology companies, mainly in what would become known as Silicon Valley.
The post Eugene Kleiner: the world’s greatest investors was first published on MoneyWeek.
- Treating a long-term lease like a virtual freehold could be a recipe for a nasty surprise, says Sarah Moore.
The post The flat that will cost you £69trn a year to rent was first published on MoneyWeek.
- Per capita income drops in world’s poorest region amid deepening slump
- (Reuters) - The big moves on currency markets after Donald Trump's election last month drove a 37 percent rise in average daily trading on ICAP Plc's EBS trading platform in November compared with a month earlier, the company said. Trading in the three big currencies on the platform - the dollar, euro and Japanese yen - rose by as much as 52 percent from October, ICAP said, as expectations of higher inflation under Trump drove a sustained dollar rally. "Increased confidence about a December rate
- With rules on children's car seats set to change next year, Richard Westcott visits a facility for conducting tests.
- Professional investor Nicholas Price tips three promising growth stories from the Japanese stock market.
The post Snap up Japan’s untapped winners was first published on MoneyWeek.
- The rout in world bond markets gathered pace in the past week, making November a watershed month for fund flows as bond funds chalked up their heaviest outflows in three and a half years, Bank of America Merrill Lynch said on Friday. November also saw the largest redemption from precious metals funds in three and a half years and the biggest outflow from equity funds in two years, as investors adjusted to a world of rising yields, interest rates and inflation expectations. The net inflow into eq
- China's Ctrip has agreed to buy travel website Skyscanner for £1.4bn – a lot of money for a business that began life in the pub, says Chris Carter.
The post Money makers: the £1.4bn venture founded over a pint was first published on MoneyWeek.
- Euro zone finance ministers will next week discuss a paper by the ESM outlining possible short-term debt relief for Greece, a spokeswoman for the German Finance Ministry said on Friday. "The Eurogroup expects a concept by the ESM on the improvement of debt management in Greece," Friederike von Tiesenhausen said during a regular government news conference.
- The government is proposing to limit the exit charges levied by some workplace pension schemes on savers who withdraw their money early. David Prosser explains.
The post Pension exit fees to be slashed was first published on MoneyWeek.
- The economy is in the spotlight as Ghana builds up for pivotal elections.
- PCI-PAL develops software that allows call centres to process credit and debit-card payments securely. Since then shares have shot up, and have risen by more than 170% in the last year.
The post If only you’d invested in: PCI-PAL and 365Agile Group was first published on MoneyWeek.
- Rewards offered by credit cards are won't be as generous as before, but there are still some enticing deals, says Ruth Jackson.
The post Credit-card perks set to shrink was first published on MoneyWeek.
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