Alibaba quarterly revenue beats estimates with net profit nearly doubling
Kenyan opposition leader to challenge election result in court
Malala Yousafzai Wins Place at Oxford University
Bank issues pay warning and cuts growth forecast as rates held
04 August 2017, 12:37 | Marta Robbins
Sterling skids to 9-month low vs euro as BoE keeps rates unchanged
At the time of the report, the Dollar Spot Index was up 0.11% at 92.942, with the Euro down 0.08% at 1.1846 and the pound flat on the day, the Dollar having found support through Asian session in recent days only to stumble through the U.S Session.
"The case for any near-term interest rate hike has been watered down by inflation dipping in June, while United Kingdom growth remains stuck in a low gear". But some analysts had seen a small chance of a rate rise this week after comments from the Bank's governor, Mark Carney, and other committee members that they were more open to higher rates to keep inflation in check. The Bank's chief economist, Andy Haldane, did not vote for a hike, after previous rhetoric suggesting he might take the plunge.
Also adding to the dovish arguments were the bank's new macroeconomic forecasts.
For 2018 it expects growth of 1.6 per cent, down from 1.7 per cent previously.
While a gradual pick-up in investment will eventually offset that fall, Carney noted it expects the level of investment in 2020 to be 20 per cent lower than the Bank's pre-referendum forecasts.
Given the uncertainties surrounding both the United Kingdom economic outlook - as a result of Brexit - and the BoE's position, markets could become quite volatile, particularly when the voting is released and during the press conference with Governor Mark Carney and some of his colleagues.
The Bank has therefore downgraded its forecast for GDP growth since the May meeting.
Bride spends honeymoon in jail after pulling gun on groom Of the incident, Murfreesboro Police Sergeant Kyle Evans told WTVF: " She pulled out of her wedding dress a 9mm pistol". This was only after she realized her weapon didn't have any bullets in it when she tried to shoot her new husband.
Mark Carney has told a press conference today that Brexit is harming the United Kingdom before it has even happened and that the country needs a transitional arrangement to its future relationship with the EU.
The markets believe that an interest rate hike is very unlikely but to what extent dissent is brewing within the Monetary Policy Committee (MPC) over tightening monetary policy will be under the spotlight.
The Bank today attempted to prime markets that monetary policy may need to be tightened by a "somewhat greater extent" than investors are now anticipating.
As expected, the Bank will bring its Term Funding programme to an end when it expires in February next year, but not before raising the ceiling on it to £115bn from £100bn, which it said is due to strong demand from banks.
However, it said it expects inflation to rise further in the coming months, and to peak at around 3% in October, with the past depreciation of sterling continuing to pass through to consumer prices. The Bank still ascribed the overshoot of its two per cent target "entirely" to the effects of the weaker pound.
Speaking to World at One, Longworth said that the Bank didn't have a "good record" when predictions were concerned and that Governor Mark Carney's statement on the current expectations sounded like "project fear all over again".
With low unemployment, wages are expected to rise. Recent figures showed the economy had its slowest growth since 2012 in the first half of this year, while inflation has also dipped and growth in wages remains weak.
Apple Rings In Higher Earnings On iPhone Sales
The tech giant sold 41m iPhones during the quarter and 11.4m iPads , a 15 per cent increase on the same period past year . Apple sold 41 million iPhones during the quarter, plus the company reduced inventory by more than 3 million units.
Month may hold highest gas prices
Today, South Carolina continues to register the lowest average in the nation at $2.02, followed by Alabama at $2.03. Gasoline prices in MA have shot up 3 cents for the second straight week as slumping gas prices appear to be over.
Bankrupted Russian Firm's Jets May Become Air Force One
Bearing the famous designation 'Air Force One' , the planes have become well known due to their distinctive white-and-blue livery. According to Defense One , the Air Force is expected to announce the purchase of these two 747-B aircraft as soon as this week.
Apple Accused of Bowing to Chinese Censors
Internet providers in Russian Federation will also be required to block access to VPNs and proxies under the new law. Another provider, Star VPN , tweeted that its app had also been removed from the China-based Apple App Store.
Minneapolis School Explosion Causes Partial Collapse; 2 Missing
The Fire Department also confirmed that it had recovered two bodies in the wreckage, but it did not disclose their identities. MINNEAPOLIS-Multiple people are trapped after an explosion and collapse at the Minnehaha Academy Upper School in Minneapolis.