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Headlines â€“ 24/10/2016 - US Headlines Special
Headlines - 10/10/2016
10 October 2016 |
Crackdown, crackdown, crackdown; it is the continuous headline plastered across the media however what is actually happening? What does this actually mean? The answers still remain uncertain. The Guardian this week highlights the concern over labour shortages. This was one of the major issues regarding Brexit. Whilst Brexit supporters believed that immigration was becoming uncontrollable, supporters of the EU expressed reservations about the limitation on boarders. The Guardian explains how there is likely to be a labour shortage as hiring has rebounded after the summer period which began with the shock vote to leave. Nonetheless, â€˜the Recruitment and Employment Confederation (REC) also found the availability of permanent and temporary staff continued to fall in September. At the same time demand for staff continued to rise and there was solid growth in starting salaries for people placed in permanent jobsâ€™ reports the Guardian. The issue of labour shortages however will be one in which the UK has to debate with the EU regarding its exit. Despite this, it is unlikely that the EU will be sympathetic to the UKâ€™s needs as many European nations feel abandoned by the UKâ€™s vote.
Meanwhile, the Guardian also reports that the UK is in talks with Ireland about how to secure the border further following the UKâ€™s departure from the EU. James Brokenshire, The Northern Ireland Secretary, has highlighted how their â€œfocus is to strengthen the external border of the common travel area [CTA], building on the strong collaboration with our Irish partners,â€ explains the Guardian. This is very interesting as it proposes the first semi-agreement regarding the free movement of people?
Once again this week is the topic of Brexit dominating the European news. The Financial Times reports how the Russian state bank, VTB will move its headquarters of its investment bank out of London following the decision of â€˜Brexitâ€™. Whilst some may speculate that this maybe a mere coincidence, â€˜Herbert Moos, deputy chairman and chief financial officer of VTB, stated â€œWe did have bigger plans for the London office, but after Brexit we are scaling them down and building them up elsewhereâ€¦Our board will decide where by the end of the yearâ€â€™, he told the Financial Times. Whilst VTB are not the largest investment bank in London, the move indicates how the issue of free movement across Europe is a major issue and one that should not be taken lightly in Brexit negotiations. Do the actions of VTB indicate a flight of financial services and other institutions from the UK?
Moving away from the subject of Brexit however, Reuters explains how Greece is expected to receive the final instalment of 2.8 billion euros out of the total of 33.5 billion euros. Whilst 1.1 billion euros has been improved, 1.7 billion euros will be dependent on data that is currently being collected, reports Reuters. It is interesting to consider however that if Greece fails its economic tests whether the EU will bail out Greece in order to keep support of Greece and its people?
There has been mixed opinions surrounding the UK at the moment, however recent reports indicate that there is an economic storm on the horizon. The BBC explains how â€˜The International Monetary Fund has cut its forecast for UK economic growth next year as it warned that the global recovery remains "weak and precarious".â€™ The Independent similarly reports how the UKâ€™s currency has fallen to a thirty-one year low. They also explain how the economic outlook has resulted in a lack of confidence in the UK causing it to fall behind France in terms of economic powers to eighth place in comparison to France which places at fourth and Germany at third.
Hitting the business news this week, the Government is selling off its UK Green Investment Bank. The Government announced that it would sell the asset last year. The Telegraph explains how Macquarie â€˜is in line to win the auctionâ€™ however Richard Branson is one of the many who have called upon the UK government to keep the asset in British hands. It is yet to be confirmed who will acquire the UK Green Investment Bank and which factors will determine the winning bid; economic factors or nationalistic?
Meanwhile, Saudi Aramco announces that it will IPO the entirety of its company. As the largest oil company in the world, it is expected that it will be the most expensive and valuable company globally as it is expected to list for approximately $2 trillion explains the Telegraph.
In M&A news, Indian drug maker buys Actavisâ€™ UK and Ireland business for approximately Â£600 million. The continuation of the deal suggests how confidence has remained in the UK despite the Brexit vote as companies are still choosing to invest. This proposes the question as to whether the Brexit vote will only impact the relationship between Britain and Europe and not global confidence in the UK?
The US elections are heating up as voting day is less than a month away. Trump and Clinton faced the second presidential debate. This event came following Trumpâ€™s controversial comments regarding women which Clinton in turn used to her advantage during the course of the debate. However, when watching snippets of the debate together with reading news articles such as the Financial Times overview, it is apparent that the debate was a series of insults and not one of political relevance. Nonetheless, the recent reports demonstrating Trumpâ€™s attitude to women has resulted in Republican outcry with some calling for Trump to step down as the candidate for President. In turn, this has led to Clinton taking a lead in the polls however, it is still predicted that the number needed to rule a majority will not be acquired by either party.
Meanwhile, Chinese government has proposed new measures to resolve the countryâ€™s debt issues. The Financial Times informs us that the new programme â€˜will allow struggling companiesâ€™ bank debt to be swapped for equityâ€™. This will hopefully support many Chinese companies who in total have â€˜accumulated about $18tn in debtâ€™ which is the â€˜equivalent to 170 per cent of gross domestic productâ€™ reported the Financial Times. Will this measure be successful? Will this stop a debt crisis from emerging?