Sep
4

Turkish lira falls against dollar as tensions with US mount over fighter jets

first_img whatsapp Tuesday 2 April 2019 12:46 pm Read more: Overnight Turkish lira lending rate surges to 400 per centThe lira had fallen 0.5 per cent against the dollar shortly after midday, having recovered its losses after briefly hitting $5.611. It has been a volatile period for the Turkish currency as the country waits for the official results of local elections.Unofficial results said that President Recep Tayyip Erdogan’s Justice and Development party (AKP) had lost control of Ankara, the country’s capital. Yesterday the Turkish lira overnight swap rate rocketed up to 400 per cent from a closing rate of 23.75 per cent on Friday. The rate – the cost to investors of borrowing lira using foreign currency overnight – hit 1,200 per cent last week, by far its highest mark in history.Some bankers believed the Turkish government was attempting to avert a lira crisis ahead of elections by leaning on banks to raise rates. whatsapp Harry Robertson The US today suspended its planned delivery of fighter jet equipment to Turkey after the country failed to say it would not take military aircraft deliveries from Russia, Reuters reported.Sean Darby, chief global equity strategist, said: “Despite conflicting claims over the local election results during the past weekend, President Erdogan’s clasp on power remains tight. Nevertheless there is unlikely to be any respite for the economy or equity market as real interest rates will need to remain high to keep inflation in check and deter capital outflows.”Read more: Turkish stocks tumble as lira borrowing rate hits 1,000 per centToday’s fall against the dollar is more bad news for the lira after a difficult period. It came under pressure recently as investors looking to dodge risk amid a global slowdown sold emerging market currencies.The lira was also squeezed by worries about a return to strained relations with the US surfaced over the issue of the Golan Heights and fears about the government loosening economic policy ahead of Sunday’s elections. center_img Share Turkish lira falls against dollar as tensions with US mount over fighter jets The Turkish lira has fallen against the dollar today after the US suspended the delivery of F-35 fighter aircraft equipment to Turkey.The drop follows a tumultuous period in the foreign currency markets that saw a key lira lending rate hit 1,200 per cent amid claims of government meddling. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily Funny Tags: Trading Archivelast_img read more

Sep
4

EU member states give green light on US trade talks despite French resistance

first_img Tags: Climate change Donald Trump Jean-Claude Juncker People whatsapp EU member states give green light on US trade talks despite French resistance Monday 15 April 2019 11:59 am More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org A meeting of member states today voted overwhelmingly to give the European Commission, which deals with trade policy, the green light to start negotiations with the US in the hope of ending rising tensions between the countries.The talks will focus on a trade agreement on industrial goods and will also try to reach a second agreement to make it easier for companies to prove their products meet standards requirements on both sides of the Atlantic.The Commission continued to insist that talks will not concern agricultural products, something the Trump administration has been pushing for.Earlier this year President Donald Trump criticised the EU’s trade stance towards America, saying: “They don’t allow our products in. They don’t allow our farming goods in.”Belgium abstained on the vote while France voted against. France has insisted that the talks should also cover climate change, a request that the Commission has taken on board. In an official statement the Commission said it “will further examine the potential economic, environmental and social impacts of the agreement, taking into account the commitments of the EU in international agreements, including the Paris Agreement on climate change.”This is likely to cause tensions with the US, however, which withdrew from the Paris Agreement in 2017.In July 2018, the EU secured a reprieve from Trump’s proposed tariffs on cars and car parts, which make up some of the bloc’s biggest exports to the US.In January the Commission officially proposed to member states negotiations on removing industrial tariffs and reaching “conformity assessments” with the US.The president of the Commission, Jean-Claude Juncker, today said: “We want a win-win situation on trade, beneficial for both the EU and the U.S. Notably we want to slash tariffs on industrial products as this could lead to an additional increase in EU and U.S. exports worth around €26 billion.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStorycenter_img Harry Robertson whatsapp Share The European Union has voted to kick off trade talks with the US in the face of French resistance, it announced today.Read more: US threatens tariffs on $11bn of EU goods Read more: Juncker confident Trump will not impose car tariffsEU trade commissioner Cecilia Malmstrom said: “This is a welcome decision that will help ease trade tensions. We are now ready to start formal talks for these two targeted agreements that will bring tangible benefits for people and economies on both sides of the Atlantic.” last_img read more

Sep
4

No Brexit is now more likely than no-deal Brexit, economists predict

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarTotal Battle – Tactical Game OnlineThe Most Addictive Strategy Game of 2021Total Battle – Tactical Game OnlineMisterStoryWoman files for divorce after seeing this photoMisterStoryGuerilla InsuranceA Cliff Collapsed In The Grand Canyon And Unearthed This…Guerilla Insurance Share More From Our Partners Puffer fish snaps a selfie with lucky divernypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Britain remaining in the EU is now more likely than a disorderly Brexit, according to a Reuters survey of economists.The poll found that Britain leaving with a free trade deal of some description was still the most likely outcome but Brexit being cancelled jumped above a no-deal scenario into third place in the latest monthly survey. Economists also unanimously expect the Bank of England to hold interest rates when its Monetary Policy Committee (MPC) meets next month.But they suggested the next hike could come early in 2020, a quarter later than the previous poll predicted.Read more: Brexit to place ‘considerable demands’ on City watchdogElizbeth Martins at HSBC said: “Without Brexit uncertainty, the Bank of England might have considered raising interest rates at the 2 May inflation report meeting.“With the country still in limbo politically, this is highly unlikely.” No Brexit is now more likely than no-deal Brexit, economists predict Callum Keown Read more: Poll: Farage’s Brexit party will beat Tories in EU electionsOf the 51 economists surveyed, only one said no-deal Brexit was more than 50 per cent likely – with the median probability staying at 15 per cent.It comes after EU leaders granted the Prime Minister Theresa May a Brexit extension until 31 October at a midnight summit earlier this month, avoiding a no-deal Brexit the following day.BNP Paribas economists said: “Apart from the fact that no-deal Brexit is now less likely, the path ahead is as unclear as ever.“A deal (and likely a softer Brexit) still seems more likely than not. But we are sceptical that this will happen any time soon.” Thursday 18 April 2019 11:01 am whatsapp whatsapp Tags: Bank of England Brexit People Theresa Maylast_img read more

Sep
4

Stamp duty is making the housing crisis even worse

first_img Rachel Cunliffe Tags: Trading Archive by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStory The government seems to be aware of stamp duty’s distortive effect, hence Philip Hammond’s move to exempt first-time buyers in 2017. But since most people selling a home will also be looking to buy one, the impact trickles down – even transactions involving First-Time Buyers Relief fell by 23 per cent in 2019.The current system encourages people to either stay put in unsuitable homes, or to buy not on the basis of what they need now, but what they might need in decades’ time, as moving every few years is prohibitively expensive. People at every rung on the ladder, from first-time buyers to young families to retired downsizers, suffer as a result, and so do the government’s coffers.If politicians want to smooth out this distorted market, they should make moving house as easy as possible for everyone. Scrapping stamp duty completely and making up the difference elsewhere – whether with more progressive council tax bands or a new land tax – is the only way to get the market moving again, regardless of Brexit. There is no silver bullet to fixing the nation’s housing crisis, short of the obvious but politically challenging solution of building a lot more houses.Nonetheless, certain taxes and regulations make an already flawed market even more distorted and act as additional barriers to those seeking to buy and sell homes. And in the case of the much-hated stamp duty, they do so at a cost to the Treasury. whatsapp More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.com Share whatsapp Last week, consultancy firm London Central Portfolio crunched the numbers, and found that tax receipts for stamp duty in the first quarter of 2019 are down 26.2 per cent on the previous quarter, and have fallen by almost £0.75bn over the last year.Why? Because transactions have slumped by 21.4 per cent.Brexit is often blamed for cooling the market, but the counter-productive impact of stamp duty cannot be underestimated. By adding tens of thousands of pounds to the price of a home, it acts as a deterrent to move.This incentivises people to stay in properties that may no longer be suitable for their needs – such as parents with grown-up children who might otherwise consider downsizing, or those with job offers in another part of the country. This means that the UK’s existing housing stock cannot be used most effectively, worsening the existing shortage and trapping workers in the wrong places (housing is cited as one factor behind the UK’s weak productivity).In fact, the Adam Smith Institute has estimated that stamp duty is four times more harmful to economic efficiency than income tax, and eight times more harmful than VAT. Wednesday 8 May 2019 8:02 am Stamp duty is making the housing crisis even worse last_img read more

Sep
4

Car Free Day 2019: Mayor of London to close 12 miles of roads

first_img“This will be a great opportunity for us all to leave our cars behind and explore our streets by foot, or by bike. Mayor of London Sadiq Khan is set to close 12.3 miles of roads in the capital for Car Free Day 2019. Mayor of London Sadiq Khan to close 12 miles of roads for Car Free Day 2019 whatsapp Tags: Sadiq Khan Share Khan’s road closures will span 18 London boroughs including major roads around Tower Bridge, London Bridge and the City of London for the event on Sunday 22, September. “This World Car Free Day is an excellent opportunity to show that the City of London is at the forefront of the drive to tackle air pollution and congestion, Alastair Moss, chair of the City of London Corporation’s Planning and Transportation Committee, said. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com “It will allow people to enjoy the Square Mile in a way which has never been possible before as many streets will be transformed into spaces for people to enjoy.” Car Free Day 2019 is designed to tackle air pollution, which is a particular issue affecting London. “I encourage as many Londoners as possible to join in the fun and see the city from a different perspective.” Thursday 20 June 2019 2:06 pm Read more: Westminster to spend £28m tackling traffic and air pollution Meanwhile, Londoners can walk around the Totally Thames festival and join in with activities to mark the 125th anniversary of Tower Bridge. “I want this year’s Car Free Day events to be the best of any world city,” Khan said. The City of London and Southwark will play host to treasure hunts and guided walking routes, as well as food markets and art installations. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarUndoNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceUndo Ulez has caused controversy in the capital, with Transport for London (TfL) raking in £220,000 per day from the £12.50 charge on polluting vehicles. He has introduced several measures to tackle air pollution in the capital, including introducing the world’s first Ultra Low Emission Zone. (Ulez). Navdeep YadavNavdeep Yadav is an MA Financial Journalism student at City, University of London. Read more: 500 London roads breach air pollution whatsapp Khan has made air pollution a key issue to tackle during his mayoralty. London will mark the day with celebrations across the capital, including live music, sports and games, and BMX rides and skate ramps set up around the city. Car Free Day 2019 will occur across 18 London boroughs in September last_img read more

Sep
4

Sterling sinks as Boris asks Queen to suspend parliament

first_img Sebastian McCarthy Wednesday 28 August 2019 12:08 pm Michael Hewson of CMC Markets told City A.M.: “This is not a surprising reaction given the rebound we saw yesterday in the wake of yesterday’s events designed at trying to prevent a no-deal Brexit. He tweeted today that it would be “a constitutional outrage” if parliament could not have its say on how the UK leaves the EU on Halloween. Hammond called the move “profoundly undemocratic”. MPs from the Liberal Democrats, SNP, Plaid Cymru and The Independent Group for Change joined this rebel alliance. DavidCheetham, chief market analyst at XTB, said: “There’s been someselling seen in the pound after a couple of recent developments onthe Brexit front with an acrimonious outcome looking more likely bythe day.” whatsapp Sterling ‘falls off a cliff’ amid no-deal Brexit fear “The markets regard no deal as the worst possible outcome for the British economy. News that there will be a cross-party effort to counter Prime Minister Johnson’s plans to leave on the 31 October no matter what, were enough to fuel sterling gains of nearly 0.5 per cent to the dollar.” He added: “First off, reports that parliament could be suspended in the coming days hit the wires with rumours swirling around Westminster that a privy council are set to head to Balmoral to meet the Queen and make the request. Time running out to block a no-deal Brexit “Sterling has fallen off the cliff as investors have become increasing anxious about the Brexit chaos,” said Naeem Aslam, chief market analyst at TF Global Markets. Share “The ride on this highway is going to be more turbulent than ever and British politicians do not realise this. Infect they have made circus out of Brexit.” “This move cuts down the amount of time available to MPs to thwart such an outcome and as such makes the prospect of a no deal Brexit much more probable.” whatsapp “Shortly afterwards, speculation grew further when additional reports suggested this means that Boris Johnson is planning on beginning a new session of parliament some five weeks later than previously thought, with a fresh Queen’s speech on or around 14 October.” The dive comes amid speculation that Boris Johnson’s government will ask the Queen to suspend parliament in a move that could stop opposition MPs from passing a law to prevent a no-deal Brexit. More From Our Partners Puffer fish snaps a selfie with lucky divernypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Former Treasury boss Philip Hammond has also vowed to oppose it. He said: “Boris doesn’t want anyone to stop his plan of no-deal Brexit and if the Queen approves his request then there is only his way or the highway. Figures such as former Prime Minister John Major have threatened to use the courts to block Johnson in a no-deal Brexit scenario. Read more: The summer is over, now it’s back to Brexit It would be a constitutional outrage if Parliament were prevented from holding the government to account at a time of national crisis. Profoundly undemocratic.— Philip Hammond (@PhilipHammondUK) August 28, 2019 “New elections may be needed before any final clarification, and given the British first past the post electoral system and the current dispersion of the electorate, uncertainty would be very high.” Proroguing parliament ‘profoundly undemocratic’ One tactic believed to be under consideration is another extension to Article 50, which originally was due to enact Brexit on 29 March. The pound also dropped as much as 0.86 per cent against the euro, hitting €1.098 before trimming losses to stand 0.64 per cent down. Gilles Moec, group chief economist at Axa Investment Managers, warned Johnson’s move to suspend parliament undermines apparent progress at the G7 last week. This afternoon it slipped to 0.67 per cent down against the USD dollar at 1.2205. The pound plunged against the US dollar today as Prime Minister Boris Johnson is reportedly preparing to suspend parliament to pursue a no-deal Brexit. “Our fundamental view has not changed,” he added. “It is unlikely that any positive outcome on Brexit – such as a deal, an extension or even a second referendum – can occur without the UK – and UK assets – first going through an exacerbation of the current crisis sentiment.  Sterling crashed 0.839 per cent to around $1.218 this morning, losing gains from yesterday amid reports that the government is expected to ask the Queen to suspend parliament. Brexit: Sterling sinks as Boris Johnson asks Queen to suspend parliament Read more: Government expected to ask Queen to suspend parliament Ricardo Evangelista, a senior analyst at Activtrades, said: “The pound is once again on the backfoot, both against the euro and the dollar. This follows yesterday’s recovery, on the back of news that opposition leaders had agreed on a strategy, to prevent a no-deal Brexit. BIARRITZ, FRANCE – AUGUST 24: British Prime Minister Boris Johnson during a press conference in the Bellevue hotel conference room at the conclusion of the G7 summit on August 24, 2019 in Biarritz, France. The French southwestern seaside resort of Biarritz is hosting the 45th G7 summit from August 24 to 26. High on the agenda will be the climate emergency, the US-China trade war, Britain’s departure from the EU, and emergency talks on the Amazon wildfire crisis. (Photo by Jeff J Mitchell/Getty Images) “It is not constitutionally absolutely clear that those in parliament refusing a no deal can actually, within the current time limits, impose their view on the government, just as it is also unclear whether changing the backstop would be enough for the Eurosceptic wing of the Tory party to support a new deal sponsored by Boris Johnson. Over the weekend Johnson met with fellow European leaders at the G7 summit in France for talks, but disagreements over a £39bn Brexit divorce bill threatened to jeopardise hopes of a trade deal between the two sides. Labour leader Jeremy Corbyn has united with rival parties to propose legislation aimed at stopping a no deal scenario.last_img read more

Sep
4

Digital sector contributes £149bn to UK economy

first_img“To guarantee the UK’s future as one of the world’s most significant digital economies it is vital that we act now to ensure that people have the skills to take advantage of what is a huge growth sector. We must also pursue an independent trade policy that has digital at its heart whilst cementing our close collaboration with our European friends and partners.” Digital sector contributes £149bn to UK economy amid tech boom James Warrington (Getty Images) whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeAll Things Auto | Search AdsNew Acura’s Finally On SaleAll Things Auto | Search AdsMoneyPailOnce A Famous WWE Superstar, Now Working 9-5MoneyPailRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorStuff AnsweredThe New 2021 Acura’sStuff AnsweredGameday NewsMichael Oher Tells A Whole Different Story About ‘The Blind Side’Gameday NewsOceandraw29 Gorgeous NASCAR Wives & Girlfriends, Don’t Miss #9OceandrawZen HeraldShe Inspired Three Of The Most Popular Songs EverZen Herald Digital companies contributed £149bn to the economy in 2018 as the UK retained its position as a leading tech superpower. “Technology is a sweet spot of our economy, bringing jobs and wealth across the country,” said digital minster Matt Warman. (Getty Images) Also Read: Digital sector contributes £149bn to UK economy amid tech boom “The success is thanks to our business friendly environment and fantastic workforce. We are working hard to continue this momentum by strengthening regional tech clusters supporting digital businesses and investing in people’s digital skills.” In its report the government highlighted the success of software publishers such as Newcastle-based Sage, which has grown its staff numbers to more than 13,000. Show Comments ▼ (Getty Images) Also Read: Digital sector contributes £149bn to UK economy amid tech boom Growth in the thriving tech sector was also six times larger than across the wider economy, according to new figures from the Department for Digital, Culture, Media and Sport (DCMS). Spurred on by the success of video games firms, the UK’s creative industries pulled in £11.7bn in 2018, growing five times faster than the wider economy. Share Overall, DCMS sectors excluding tourism contributed £224.1bn to the UK, accounting for almost 12 per cent of the economy as a whole. It also pointed to Newport-based semiconductor firm IQE, which has become a market leader despite the impact of the US-China trade war. Investment into UK tech firms hit an all-time high of £10.1bn in last year, surpassing growth in all other countries, according to data from Tech Nation and Dealroom. The figure, which equates to £400m per day, means the digital sector accounts for 7.7 per cent of the UK economy as a whole. whatsapp Wednesday 5 February 2020 4:09 pm While the digital sector grew in line with the wider UK economy until 2015, official figures show its rate of expansion has accelerated rapidly over the last five years. “Today’s figures show that the UK’s digital sector continues to be the UK’s modern success story, ” said Julian David, chief executive of industry body Tech UK.last_img read more

Sep
4

Metro Bank shares plumb new depths after £131m loss

first_imgGoodbody analyst John Cronin described the results as a “lamentable performance”, and said the repayment of the BCR funding was “ embarrassing for both parties”. Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Earlier this month, it emerged that Metro Bank had launched a major review of its compliance controls after handling money from Iran and Cuba, in breach of strict US and EU sanctions.  Metro Bank also said this morning that it will return £50m of an £120m it was controversially awarded last year by the Banking Competition Remedies’ (BCR) Capability & Innovation Fund, after revising down some ambitious growth targets. whatsapp Metro Bank’s market value has crashed almost 90 per cent since the error emerged, and it is under investigation by the Financial Conduct Authority and Bank of England’s Prudential Regulation Authority.   The lender said it intends to “vigorously defend” the proceedings, which are at an early stage, and that it was not yet possible to estimate their likely financial impact on the company, The figures The challenger bank confirmed the talks on Monday morning (image: Getty) Shares in the company fell as much as 19 per cent in morning trading to an all-time low of 155p, but pared back most of the losses to end the day 3.1 per cent down at 186p. whatsapp Read more: Metro Bank launches cash delivery service to woo smaller firms Metro Bank booked a £130.8m pre-tax loss, compared to a profit before tax of £40.6m in 2018. The lender had to raise £375m in new shares following the discovery of the error, and founder and chairman Vernon Hill and chief executive Craig Donaldson have since left the bank. “Perhaps this is what the board wants too but it’s hard to start believing without seeing such action,” he added. The lender is now planning to open a total of 15 rather than 30 branches in the north of England by 2025. Analysts have suggested that Metro Bank may need to sell some or all of its business in order to survive. Frumkin declined to tell reporters whether the lender had been approached by potential buyers or had appointed advisers for a potential sale, adding: “There is nobody actively marketing the place for sale”.  “Our financial performance reflects a very challenging year for Metro Bank,” said Dan Frumkin, who was appointed chief executive on a permanent basis last week.  What Metro Bank said Why it’s interesting That meant investors took a loss per share of 123.9p, compared to 2018’s 29.1p earnings per share.center_img More From Our Partners LA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Anna Menin and Joe Curtis While net fee income rose 43 per cent, driven by customer growth, net interest income dropped seven per cent to £308.1m.  Wednesday 26 February 2020 5:00 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderDefinitionThe Funniest Yard Signs EVER WrittenDefinitionNinjaJournalistThe Most Expensive Royal Weddings In Royals HistoryNinjaJournalist “We are not saying that it is impossible to resuscitate Metro Bank but we reiterate our view that radical action with the help of third party loan assets (or potentially a fast injection of much lower cost deposits, which feels unlikely) is needed.” Read more: Metro Bank CEO Craig Donaldson to step down Metro Bank also disclosed that it is facing a class action in the US, which it said was “based on breaches of US Federal Securities laws arising from allegedly false and misleading statements in relation to its loan book”.  Tags: Metro Bank Read more: Metro Bank to be loss-making ‘in 2020 and beyond’, Barclays warns The lender said it was not yet “practicable to identify the likely outcome or estimate the potential financial impact of these matters”. Metro Bank also restated a plan in order to deliver a return on tangible equity of over 8.5 per cent by 2024. This was due to a weak net interest margin — a key measure of profitability — which fell to 1.51 per cent compared to 1.81 per cent in 2018. 2019 was a pretty dismal year for Metro Bank, after it emerged that the bank had under-reported its exposure to higher-risk loans by almost £1bn.  Deposits fell by eight per cent to £14.48bn, with an increase in deposits from retail customers failing to offset hundreds of millions of pounds of withdrawals from businesses in the wake of the accounting error. Share Show Comments ▼ “We’ve fully evaluated our strategy, and have a clear plan which will return the bank to sustainable growth built around a community banking model.” Metro Bank shares plumb new depths after challenger bank swings to £131m loss last_img read more

Sep
4

At the height of coronavirus, corporate insolvencies are falling

first_img whatsapp Duncan Swift, past president of insolvency and restructuring trade body R3, said: “Today’s quarterly and year-on-year decrease in corporate insolvency numbers is highly unusual given the circumstances and climate, and very unlikely to last. James Booth Debenhams went into administration earlier this month Also Read: At the height of coronavirus, corporate insolvencies are falling by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyGloriousaDrone Captures What No One Was Supposed to SeeGloriousaPost FunThe Deadliest Snakes Ever Found On The PlanetPost Funzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsQuizGrizThe Average Baseball Fan Only Gets 7 Right! Can You Beat That?QuizGriz Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show. “Therefore, some caution needs to be applied when interpreting trends in numbers of insolvency recorded in the most recent quarter.” At the height of coronavirus, corporate insolvencies are falling “We should expect a very significant rise in insolvencies, especially once the lockdown starts to be lifted, and government support initiatives such as furloughing start to be withdrawn, as creditor pressure will grow and it will become clear that, in a world of social distancing, many businesses will no longer be viable in their existing form.” “The impact of the coronavirus on every aspect of the business world is hard to overstate, and almost all companies, from multinationals to microbusinesses, have been affected. Debenhams went into administration earlier this month Also Read: At the height of coronavirus, corporate insolvencies are falling Debenhams went into administration earlier this month Also Read: At the height of coronavirus, corporate insolvencies are falling He added: “Government support on an unprecedented scale has been offered to companies and employees via the employee support scheme, state-backed business loans and grants, the suspension of business rates, a VAT holiday, the suspension of evictions from commercial properties for non-payment of rent, and so on.center_img Show Comments ▼ The ONS said the statistics “largely predate the emergence of, and response to, the coronavirus pandemic”. Jo Windsor, restructuring and insolvency partner at Linklaters, said: “These figures reveal little about the impact the lockdown measures have had on the economy and it might not be until the end of this quarter before the true cost of the crisis emerges. However, it warned: “Some statistics may have been affected where individuals, insolvency practitioners, intermediaries (who process debt relief orders) and courts were unable to process insolvencies in the usual manner during the latter part of March. Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019. “All of this is welcome, but it is clear that it will not have been enough to keep every company afloat, especially those which had entered the crisis period with existing debt problems. Thursday 30 April 2020 11:54 am whatsapp Share Debenhams went into administration earlier this month last_img read more

Sep
4

UK coronavirus deaths have smallest increase since start of lockdown

first_imgHowever, there has been some press reports that there have been problems with the system and that it was not completely ready to be launched. Monday 1 June 2020 5:48 pm Stefan Boscia On Sunday, 1,570 tested positive for coronavirus, which represented “downward progress in the number of confirmed cases”, according to Hancock. whatsapp A man wearing a protective face mask walks past a poster in the street in Leeds (AFP via Getty Images) Also Read: UK coronavirus deaths have smallest one-day increase since start of lockdown A man wearing a protective face mask walks past a poster in the street in Leeds (AFP via Getty Images) The UK’s number of coronavirus deaths had it smallest one-day increase yesterday since lockdown was implemented on 23 March. Show Comments ▼ “It’s successful, I’m very glad to report that those who are asked to isolate by the contact tracers are expressing the willingness to do so and we track that very carefully,” he said. “The level of incidence of disease has come down and so actually we have more capacity than we need, this is a good thing.” The programme sees 25,000 contact tracers track down anyone who has been in close contact with a positive coronavirus case. He added: “We can see from these charts the pattern right across the board, which is that on the substance, we’re making significant progress but there is still more to be done.” whatsapp Primary school students from reception, year one and year six are also going back to the classroom from today. A man wearing a protective face mask walks past a poster in the street in Leeds (AFP via Getty Images) Also Read: UK coronavirus deaths have smallest one-day increase since start of lockdown Share UK coronavirus deaths have smallest one-day increase since start of lockdown Hancock said that a majority of the 9,000 new Covid-19 cases that have occurred since the new system was put in place have been contacted. It comes as the UK further eased lockdown today, allowing people to meet with a maximum of five people from outside their household. Health secretary Matt Hancock said at the daily press briefing that 111 people died from Covid-19 yesterday, bringing the total to 39,045. A major part of the government’s plan out of lockdown is the NHS track and trace programme, which was launched last week. last_img read more