The outlook for the global economy turns darker, as the world braces for blowback from US-China tensions and Brexit. Is it all doom and gloom? We ask Dr Jacob Frenkel, chairman of JPMorgan Chase International. SS: Alright, so lots to talk about. After last year’s Davos summit you have actually cited the growing global debt level as a concern, but this year we have the China – US standoff that you think is also a big problem to the global economy. Do you think we are looking at a recession to come? JF: Well, the important thing is to recognise that the world is a very global entity. Countries in the world are interconnected and therefore it is in a way against the nature of the integrated world to have barriers and to create trade tensions, so as an introduction I would like to say that in my judgement the Chinese – US standoff as far as the trade skirmishes is the major issue. But you are perfectly right that we arrived to this year which is the 10th anniversary … [Read more...] about Equal distribution of income doesn’t mean equal misery
Gdp what does it mean
Chancellor Philip Hammond is delivering his last Budget announcement before Brexit today amid growing pressure on the Government over its handling of leaving the European Union . Mr Hammond is announcing his second budget of the year. The budget, presented in the House of Commons, will set out the Government’s economic plan for the country. But the Chancellor will be under pressure to demonstrate that austerity is reaching an end when he delivers his Budget statement . Philip Hammond has promised a Budget for "the strivers, the grafters and the carers" as he set out his tax and spending plans in the Commons. His comments come after Prime Minister Theresa May promised she was ending years of austerity. "The era of austerity is finally coming to an end," Mr Hammond told MPs. Follow live updates here: Key Events Passengers could be hit by Air Passenger Duty rise 20:10 Everything that was announced 18:09 Reaction to the Budget 17:54 Beer, cider and spirit tax frozen … [Read more...] about UK Budget Announcement 2018 LIVE: What it means for you
With Christmas on the way, a European getaway might be on the cards, so it's good to know you're getting value for money. Here is our guide to what's happening in the euro currency market — and how to get the best price for your sterling. What is today's pound to euro exchange rate? The pound was trading at €1.12 at 7.30am on October 30, 2018. The trading value continues to be affected by speculation over Brexit, and even the Government's "end of austerity" budget provided no real lift in the pound's value. Actual rates for holidaymakers are significantly lower than market prices, but they broadly follow the trend. Sterling had been on a very modest upward trend from August, but lost a large part of the value it had gained in mid-October. Brexit jitters have persisted since Prime Minister Theresa May rejected the possibility of a people's vote on the final deal, and said she would push for a break with the EU even if it cost her the top job. Bank of England governor … [Read more...] about Pound to euro exchange rate – what is the exchange rate today and where’s the best place to buy currency?
Theresa May will attempt to rally ministers over the next 48 hours as concerns about a no-deal Brexit grow. The Prime Minister was dealt a blow on Sunday after EU leaders decided to scrap plans to publish a draft on a future trade deal with Britain when talks about what will happen with the Irish border failed. As Mrs May moves to get a deal drawn up, question after question is being raised about what will happen when the UK leaves the EU on March 19. And in the middle of this political and socio-economic maelstrom lies business. So what could Brexit mean for Bristol business? How is it going to impact trade, recruitment and foreign investment? And what opportunities will it bring? Business leaders from across the Bristol city region gathered at PwC’s Bristol office to discuss the implications of Brexit on business in the city. An expert panel, chaired by Bristol Post editor-in-chief Mike Norton, included Philip Syrpis, professor of EU Law at Bristol University; Anne … [Read more...] about What does Brexit mean for Bristol?
Updated 1346 GMT (2146 HKT) July 11, 2018 (CNN)US President Donald Trump has arrived in Brussels with a clear message: NATO members must hike their defense spending and they must do it now. Trump has long called on other NATO members to spend at least 2% of their gross domestic product on defense, as the transatlantic alliance's own guidelines recommend. He has a point. The US spent more than 3.5% of its GDP on defense last year, and far more in previous years, while only three other member nations -- the UK, Greece and Estonia -- passed the 2% threshold last year, NATO data shows. Poland slipped in 2017 below the benchmark to 1.99%. "I think these countries have to step it up, not over a 10-year period, but they have to step it up immediately," Trump said in Brussels on Wednesday, on day one of the summit. NATO allies in 2014 agreed to try and reach their 2% target over a decade, by 2024, too long a time frame for Trump. He pointed specifically to Germany as a wealthy nation that … [Read more...] about Is the US NATO’s piggy bank? Here’s what to know