Wolrd Economic Forum Davos 2017 Live - #WEF17

#WEF17 Tweets

IMF Revises UK Growth Forecast Upwards To 1.5%

In its latest World Economic Outlook, the IMF said it now expects the UK economy to grow by 1.5% this year, marking a 0.4% upward revision to forecasts made in October.

For why?

"A stronger-than-expected performance during the latter part of 2016"

So much for the post Brexit financial apocalypse predicted by the Remainders!

Trump Promises "Fair" Deal for UK

Donald Trump promises UK “fair” trade deal @economiamag | https://t.co/1ZpeXb4Iiy pic.twitter.com/LypVz5NANU

— ICAEW Talk (@ICAEW_talk) January 16, 2017

Samsung Identifies Cause of Galaxy Note 7 Fires

Reuters reports that a Samsung Electronics investigation into what caused some Galaxy Note 7 smartphones to catch fire has concluded that the battery was the main reason.

This of course comes as no surprise to anyone, as it has been assumed to be the issue from the very first reports of fires. However, notwithstanding that, Samsung will announce the results of their investigations on 23 January, one day before their fourth quarter results. 

However, it seems that Samsung may have other things to worry about:

South Korea Prosecutor Seeks Arrest of Samsung Chief for Bribery https://t.co/cHmg0fQQCu

— Dr. Mark P. Barry (@DrMarkPBarry) January 16, 2017

First-time Buyers Highest Since 2007

The Halifax report that there were more first-time home buyers in 2016 than at any time since the start of the financial crisis.

The Halifax estimated there were 335,750 first-time buyers last year, the highest figure since 359,900 in 2007.

However, the average first-time deposit has more than doubled since 2007 to stand at more than £32,000.

The Halifax also found the average price of a first home broke through the £200,000 barrier for the first time.

Halifax housing economist Martin Ellis attributed the increase in first-time buyer numbers to continuing low mortgage rates and high levels of employment, which had "supported the market". He is quoted by the Telegraph:

"Government schemes such as Help to Buy have improved affordability, enabling more first-time buyers to buy their own property."

Yet again the dire predictions of Project Fear have been proven wrong.

Carney Admits Project Fear Was Wrong

Mark Carney, currently Governor of The Bank of England, has finally admitted that the EU has more to lose from Brexit than the UK.

He also admitted that Britain's economy will defy his own gloomy forecasts, that formed the bedrock of Project Fear,and grow at a faster rate than expected.

The Bank of England is now “very likely” to improve its economic forecast next month, Mr Carney said as he said he was “surprised” that the economic slowdown that he forecast has not materialised.

He is quoted by the Telegraph:

"In the run up to the referendum we felt that it was the largest risk [to the economy]. There were a series of things that could have happened that would have had financial stability consequences. Of course having got through the night the day after the scale of the immediate risks around Brexit have gone down.

I am not saying there are greater short term risks on the continent in the transition than there are in the UK."

The question is, how much longer will he remain in his job?

US Charges Three UK Traders

Reuters reports that t he U.S. Justice Department has brought charges against three former traders (based in the UK) at JPMorgan Chase & Co, Citigroup Inc and Barclays Plc arising from a global probe into the manipulation of foreign exchange rates at major banks.

Richard Usher, formerly of JPMorgan, Rohan Ramchandani, formerly of Citigroup, and Christopher Ashton, formerly of Barclays, were charged with conspiring to restrain trade in an indictment filed at a federal court in Manhattan.

Greece Moves The Goalposts Again

Moodys says #Greece's renewed tensions with creditors 'signal delays in second programme review, a credit negative'.

— Yannis Koutsomitis (@YanniKouts) December 19, 2016

Unicredit Hits The Skids

UniCredit to raise billions and cut 14,000 jobs https://t.co/jRZmEQjVHh

— BBC News (World) (@BBCWorld) December 13, 2016

IMF's Useless Greek Predictions

The forecasts the #IMF has run so far turned out spectacularly wrong, #Greece Econ Min Papadimitriou tells @BloombergTV #economy

— Manos Giakoumis (@ManosGiakoumis) December 13, 2016

Greece Caught Between Rock and a Hard Place

IMF:More debt relief,lower surpluses after 2018. Schäuble:IMF in program,but no relief nor lower surpluses. Enough w/ games against #Greece.

— Dim. Papadimoulis (@papadimoulis) December 8, 2016

Greece should do itself a favour, and leave the Eurozone.

IMF's Greek Fantasy - Sunday Opening

According to daily To Ethnos, the IMF submitted a demand to the Greek government last Friday via an e-mail that all stores be open on 52 Sundays per year, and to legislate this measure within the month of December.

The Fund claimed that this measure was including in the first tool kit of the OECD that was not implemented.

All very well and jolly in a wealthy consumer driven economy. However, Greeks are living in penury.

How much extra will they buy if stores are open on Sunday?

Bugger all!

Greece Tells IMF To Fuck Off

Govt spokesman Tzanakopoulos: #Greece has made it clear it won't accept new measures for period after 2018. "Ball is in IMF's court."

— Nick Malkoutzis (@NickMalkoutzis) December 6, 2016

Greek Crisis Hasn't Gone Away

Whilst the media have been distracted by Brexit and Trump, the Greek debt crisis hasn't gone away.

As per the Wall Street Journal Germany and the Netherlands have promised their parliaments that they won’t ask for more money for Greece unless the IMF also resumes lending to Greece.

However, the IMF won’t do this unless it is satisfied that Greece’s debt burden is sustainable. For the IMF, this is a question of institutional credibility. It has already put its name to two failed programs, and it is determined that it will only join a third program if it is convinced that Greece can return to the markets at the end of it, its financial sovereignty restored.

Fat chance of that!

Coming Soon - Meat Free Fivers!

"Just time for a quick look at the headlines. The Times leads with..." pic.twitter.com/n0mat8HqWE

— Stephen Graves (@stephengraves) November 30, 2016