Great News For PPG12 Dec 2016 08:01
eFinance NewsArticle
Monday newspaper round-up: Forex shrinkage, Ofgem warning, Boxing day, Sky
Mon, 12th Dec 2016 07:05
(ShareCast News) - The world's foreign exchange markets have shrunk for the first time on record in a downturn that poses a big challenge for the City, the global leader in the buying and selling of currencies. Daily foreign exchange trading volumes have shrunk by $300 billion in the past three years to $5.1 trillion, according to the Bank for International Settlements, prompting warnings that the currency markets are becoming more volatile and prone to events such as the sterling flash crash in October. - The Times
Britain's increasing reliance on "intermittent" renewable energy means that the country is facing an unprecedented supply crisis, a senior Ofgem executive has warned. Andrew Wright, a senior partner at Ofgem and former interim chief executive, warned that households could be forced to pay extra to keep their lights on while their neighbours "sit in the dark" because "not everyone will be able to use as much as electricity as they want". - Telegraph
Theresa May has refused calls to force all shops to close on Boxing Day, saying it is not the Government's job to tell businesses how they should run their shows. MPs will hold a Westminster Hall debate on a petition with more than 140,000 signatures calling for a ban on all retail premises opening the day after Christmas, on the basis that it exploits low paid workers. - Telegraph
Theresa May will back steep rises to council tax bills this week in an attempt to plug a gaping hole in social care funding. Warnings of an "absolute crisis" in the industry have prompted the prime minister to drop her opposition to the increases, as the government strives to prove that it is facing up to the ballooning costs of caring for Britain's ageing population. - The Times
Asking prices for properties in the UK will rise by 2% in 2017, although sellers in inner London will be asking less as the bubble "continues to deflate", property website Rightmove has predicted. Sellers entering the market over the past month have priced properties 2.1% lower than those putting homes up for sale the previous month, at an average of £299,159, but Rightmove said it expected next year to be a seventh consecutive year of rising prices. - Guardian
Arms companies and defence officials are hampering attempts to crack down on profiteering by military contracts, MPs have been warned. A regulator set up to ensure the taxpayer is not being ripped off has complained it is not seeing the details of the multi-billion deals such as Britain buying Apache helicopters and P-8 spyplanes from the US. - Telegraph
Insolvency experts believe City banks BNP Paribas, Nomura, Morgan Stanley, ING and Mizuho International could have been the victim of a multimillion-pound fraud, according to recently filed documents. Lawyers and a forensic specialis
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