Finance

Estimated cost of Hinkley Point C nuclear plant rises to £37bn

Critics point to volatility of scheme but energy department says price ‘will not affect bill payers’.. The total lifetime cost of the planned Hinkley Point C nuclear power plant could be as high as £37bn, according to an assessment published by the UK government. The figure was described as shocking by critics of the scheme, who said it showed just how volatile and uncertain the project had become, given that the same energy department’s estimate 12 months earlier had been ... Read More »

‘Credibility of Europe’s trade policy at stake’

Commission dubbed ‘traitors’ for handing over approval of Canada trade deal to national parliaments.. If there was ever such a thing as an easy trade deal for the EU, Canada was supposed to be it. As Chrystia Freeland, Canada’s trade minister, put it last month: “If the EU cannot do a deal with Canada, I think it is legitimate to say: Who the heck can it do a deal with?”… Source: ‘Credibility of Europe’s trade policy at stake’ – POLITICO Read More »

ECB asks Italian lender to cut bad loans by 40%

Monte dei Paschi may have to raise capital quickly to meet the ECB’s target.. The European Central Bank has asked Italy’s third-largest lender, Banca Monte dei Paschi di Siena, to slash its bad debts by 40 per cent to €14.6 billion over three years, heaping more pressure on Rome and Brussels to stabilise the Italian banking system… Source: ECB asks Italian lender to cut bad loans by 40% Read More »

The market is getting the Fed wrong, JPMorgan’s Lebovitz says

The Federal Reserve could very well increase rates once this year, even though the market is not expecting it, David Lebovitz, global market strategist at JPMorgan Asset Management, said Friday. “I’m not exactly sure the market is getting this right. The first-quarter growth numbers, they were weak. We saw GDP revised down to 1 percent, which is half of the average growth rate we’ve seen over the course of the recovery,” Lebovitz told CNBC’s “Squawk Alley.”… Source: The market is ... Read More »

EU to Ireland: You cannot go back on water charges

Commissioner Karmenu Vella tells MEP country must not back out of commitment.. The European Commission has insisted Ireland cannot abolish water charges without breaching European law. In a written response to MEP Marian Harkin, the Commission said Ireland had committed to water charges in 2010 and it could not revert on that… Source: EU to Ireland: You cannot go back on water charges  Read More »

Nirmala Sitharaman talks of pulse imports from Burma, Africa

Commerce and Industry Minister Nirmala Sitharaman today said pulses will be imported from Burma, Africa and Canada and 1 lakh tonnes of lentil will be available in markets soon to keep a lid on prices.. The government is also encouraging farmers to increase production of pulses. Sitharaman, who was at Bilaspur to highlight achievements of the Modi… Source: Nirmala Sitharaman talks of pulse imports from Burma, Africa | The Financial Express Read More »

Fintan O’Toole: Brexit fantasy is about to come crashing down

Brexit vote reveals rancour and distrust at the heart of the English body politic.. Mark Paul and Joe Brennan look at how Brexit will affect the Irish economy. Did you ever see a slightly drunk man trying that trick with the tablecloth? He thinks he can whip the cloth off the table with a fast, clean snap, but leave all the crockery perfectly intact… Source: Fintan O’Toole: Brexit fantasy is about to come crashing down Read More »

PM: Malaysia well-positioned to face any volatility post-Brexit referendum

KUALA LUMPUR: Malaysia, which has sound fundamentals, diversified economic structure and ample liquidity in its financial markets, is well-positioned to face any volatility following the UK referendum result, said Prime Minister Datuk Seri Najib Tun Razak. “I am confident we will be able to weather this period of uncertainty. The government will also continue to strengthen the economy and further our fiscal reforms,” he said in a statement yesterday. He said exit from the 28-nation European Union (EU) would not ... Read More »

World gas production increases – OPEC

Baku, Azerbaijan By Elena Kosolapova – Trend: The world marketable gas production has increased by 1.9 percent and neared 3.644 trillion cubic meters in 2015, as compared to 2014, according to OPEC Annual Statistical Bulletin 2015. The US became the largest marketable gas producer in 2015. The country’s marketable gas production increased by 5.3 percent in a year and stood at 768.83 billion cubic meters. Russia ranked second, as it produced 637.39 billion cubic meters of marketable gas in 2015, ... Read More »

China to generate a quarter of electricity from wind power by 2030

Report says figures could rise to nearly one-third with power sector reforms, making it the world wind energy leader by a large margin.. China is on track to generate more than a quarter of its electricity from wind power by 2030, and the figure could rise to nearly a third with power sector reforms, a new study has found… Source: China to generate a quarter of electricity from wind power by 2030 | Environment | The Guardian Read More »

Refugees can offer economic boost to their host countries

Refugees are often considered an economic burden for the countries that take them in, but a new study conducted by UC Davis with the United Nations World Food Program indicates that refugees receiving aid—especially in the form of cash—can can give their host country’s economy a substantial boost. The researchers found that these economic benefits significantly exceeded the amount of the donated aid. The findings come as refugee numbers around the world are growing. In 2015, an estimated 15.1 million ... Read More »

3 Reasons China Fears Brexit

China’s economic opportunities in Europe would vanish with Britain’s departure.. Ivan Lidarev No doubt, the United States stands to lose a great deal from a Brexit. In recent months, countless commentators, as well as the Obama administration, haveemphatically made this point. But few analysts have noted that the same holds true for China. Britain’s departure from the EU would be a costly economic and political blow to China, which worries Beijing. Thus, China has quietly but… Source: 3 Reasons China ... Read More »

Premarket: Sell-off abates as Brexit opinion seen shifting

Shares, oil and bond yields rose on Friday after a tumultuous week and as campaigning for Britain’s EU membership vote next week was suspended after the killing of a pro-”Remain” politician. European bourses rebounded 1.5 per cent after a third straight week of falls and bond markets saw benchmark 10-year German bond yields claw back up to the zero mark as risk appetite slowly began to return… Source: Premarket: Sell-off abates as Brexit opinion seen shifting – The Globe and ... Read More »

As victims pile up, the binary options industry parties in Cyprus

Passing the buck, blaming the clients, and dancing gangster-style: Behind the scenes at the scandal-wracked industry’s annual festive get-together.. LIMASSOL, Cyprus — The first person I met at the IFX Expo, an annual summit for the binary options and forex industry held at the Palais des Sports in this industrial Mediterranean port, was a prim Russian woman in her thirties who had recently taken a job with a binary options company in Israel… Source: As victims pile up, the binary ... Read More »