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| Eurozone jobless rate hits near nine-year low, German industrial output surges - business live | Eurozone jobless rate hits near nine-year low, German industrial output surges - business live |
| (35 minutes later) | |
| Aid and development charity Oxfam has also had a good Christmas - and people in the poorest parts of the world should benefit | |
| My colleague Angela Monaghan explains: | |
| Oxfam proved a Christmas hit with UK shoppers as vintage designer party clothing and first-edition books helped drive a sharp rise in online sales over the festive season. | |
| The charity said Burberry, Barbour, Gucci, Whistles and Boden were among the most popular clothing brands searched for on its online shop, where sales jumped by a third in the eight weeks to 23 December. Cameras, blankets and throws were also sought-after items. | |
| Oxfam’s total sales over the period were £16.9m, up 1.2% on the same period in 2016. The charity said the extra money raised was enough to provide clean, safe water for almost 200,000 people in an emergency. | |
| More here: | |
| JP Morgan’s CEO, Jamie Dimon, seems to have eaten some bitcoin humble pie. | JP Morgan’s CEO, Jamie Dimon, seems to have eaten some bitcoin humble pie. |
| Dimon has told Fox News that he ‘regretted’ labelling bitcoin as a fraud last September - a comment that enraged (or amused) cyber-currency supporters. | Dimon has told Fox News that he ‘regretted’ labelling bitcoin as a fraud last September - a comment that enraged (or amused) cyber-currency supporters. |
| But while he acknowledges that the blockchain that underpins bitcoin has real uses, he insists he still isn’t very interested in the whole issue of digital currencies. | But while he acknowledges that the blockchain that underpins bitcoin has real uses, he insists he still isn’t very interested in the whole issue of digital currencies. |
| As Dimon put it: | As Dimon put it: |
| “The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s [initial coin offerings - or new digital coins] you have to look at individually. | “The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s [initial coin offerings - or new digital coins] you have to look at individually. |
| The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.” | The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.” |
| Dimon also backed Donald Trump’s new tax reforms -- arguing that the president was right to almost halve US corporation tax to 21%. | Dimon also backed Donald Trump’s new tax reforms -- arguing that the president was right to almost halve US corporation tax to 21%. |
| The old 40% tax rate was a “huge disadvantage” to America, Dimon argued, driving capital and skilled labour overseas. | The old 40% tax rate was a “huge disadvantage” to America, Dimon argued, driving capital and skilled labour overseas. |
| In the long run, the cut will help firms to grow their businesses and invest in research and development, Dimon insists. | In the long run, the cut will help firms to grow their businesses and invest in research and development, Dimon insists. |
| Critics of the tax reforms, though, argue that they will mainly benefit high-earners, and end up costing middle-class Americans in the long term. | Critics of the tax reforms, though, argue that they will mainly benefit high-earners, and end up costing middle-class Americans in the long term. |
| JPMorgan Chase Chairman & CEO Jamie Dimon on tax reform: "Over time, it will be very good for America." pic.twitter.com/J6hOg1cmyu | JPMorgan Chase Chairman & CEO Jamie Dimon on tax reform: "Over time, it will be very good for America." pic.twitter.com/J6hOg1cmyu |
| And here’s a reminder of how bitcoin shrugged off Dimon’s warning: | And here’s a reminder of how bitcoin shrugged off Dimon’s warning: |
| Jamie Dimon regrets calling Bitcoin "a fraud" in September. Value has increased ~250% in the meantime. Still doesn't prove him wrong, I'm personally very skeptical.#BTC #Bitcoin #Cryptohttps://t.co/jtLhbuzWXshttps://t.co/61Nyyq5Z06 pic.twitter.com/Eiy5BTkfhU | Jamie Dimon regrets calling Bitcoin "a fraud" in September. Value has increased ~250% in the meantime. Still doesn't prove him wrong, I'm personally very skeptical.#BTC #Bitcoin #Cryptohttps://t.co/jtLhbuzWXshttps://t.co/61Nyyq5Z06 pic.twitter.com/Eiy5BTkfhU |
| Technology site The Register has a good scoop -- apparently Britain’s City watchdog has (perhaps accidentally) banned workers across the financial services industry from using their own phones and computers for work. | Technology site The Register has a good scoop -- apparently Britain’s City watchdog has (perhaps accidentally) banned workers across the financial services industry from using their own phones and computers for work. |
| It’s all to do with the new MIFID II directive; designed to prevent market abuse which came into force this week. The FCA seems to have enforced the new rules with excessive zeal. | It’s all to do with the new MIFID II directive; designed to prevent market abuse which came into force this week. The FCA seems to have enforced the new rules with excessive zeal. |
| The Reg’s Gareth Corfield explains: | The Reg’s Gareth Corfield explains: |
| The UK’s Financial Conduct Authority has quietly transposed an EU rule without including a crucial bit of detail, thus effectively banning BYOD [bring your own device] policies in all financial services organisations across Blighty. | The UK’s Financial Conduct Authority has quietly transposed an EU rule without including a crucial bit of detail, thus effectively banning BYOD [bring your own device] policies in all financial services organisations across Blighty. |
| The UK version of the rule, which came into force on January 1, prohibits any business regulated by the FCA from letting its employees communicate with each other or the outside world “on privately owned equipment which the firm is unable to record or copy”. | The UK version of the rule, which came into force on January 1, prohibits any business regulated by the FCA from letting its employees communicate with each other or the outside world “on privately owned equipment which the firm is unable to record or copy”. |
| However, the original version of the rule, contained in the European Union’s Market In Financial Instruments Directive (MIFID II), restricted this only to investment firms – not applying it to the entire financial sector. | However, the original version of the rule, contained in the European Union’s Market In Financial Instruments Directive (MIFID II), restricted this only to investment firms – not applying it to the entire financial sector. |
| The FCA regulates financial services firms ranging in size from behemoths such as Goldman Sachs right down to independent financial advisers who tell ordinary folk where best to put their savings and investments. | The FCA regulates financial services firms ranging in size from behemoths such as Goldman Sachs right down to independent financial advisers who tell ordinary folk where best to put their savings and investments. |
| The body uses powers contained in the Financial Services and Markets Act 2000 (FSMA) to implement conduct and prudential rules, among these directives received from EU. It then sets out these rules in its handbook. | The body uses powers contained in the Financial Services and Markets Act 2000 (FSMA) to implement conduct and prudential rules, among these directives received from EU. It then sets out these rules in its handbook. |
| This is how what should have been a BYOD rule affecting only part of the market has been turned into a blanket ruling on BYOD affecting everyone – right down to self-employed advisers. | This is how what should have been a BYOD rule affecting only part of the market has been turned into a blanket ruling on BYOD affecting everyone – right down to self-employed advisers. |
| But before you chuck your phone in the bin, the FCA has since clarified that individuals can bring their own devices to work after all. However, bosses must take all reasonable steps to prevent them using them to send or receive unrecorded messages or calls. | But before you chuck your phone in the bin, the FCA has since clarified that individuals can bring their own devices to work after all. However, bosses must take all reasonable steps to prevent them using them to send or receive unrecorded messages or calls. |
| Another headache for the IT manager..... | Another headache for the IT manager..... |
| Financial Conduct Authority 'gold-plates' EU #MIFID II rule, bans BYOD across entire UK finance sector <- exclusive by me https://t.co/9iHT4O6UFC pic.twitter.com/kUnTnaxVCz | Financial Conduct Authority 'gold-plates' EU #MIFID II rule, bans BYOD across entire UK finance sector <- exclusive by me https://t.co/9iHT4O6UFC pic.twitter.com/kUnTnaxVCz |
| Germany’s government is optimistic about growth prospects in 2018: | Germany’s government is optimistic about growth prospects in 2018: |
| Germany’s government expects the economy to grow this year at around the same rate as last year, when it expanded by 2.2%. #newsdesk | Germany’s government expects the economy to grow this year at around the same rate as last year, when it expanded by 2.2%. #newsdesk |
| The decline in eurozone unemployment will please the European Central Bank. | The decline in eurozone unemployment will please the European Central Bank. |
| ECB president Mario Draghi has often cited falling joblessness as a defence of his stimulus policies, which cut interest rates to record lows and pumped trillions of euros into the economy. | ECB president Mario Draghi has often cited falling joblessness as a defence of his stimulus policies, which cut interest rates to record lows and pumped trillions of euros into the economy. |
| Dennis de Jong, managing director at UFX.com, reckons Draghi can feel vindicated, in the face of criticism from some politicians (particularly in Germany). But there could be more challenges ahead.... | Dennis de Jong, managing director at UFX.com, reckons Draghi can feel vindicated, in the face of criticism from some politicians (particularly in Germany). But there could be more challenges ahead.... |
| “Lower unemployment sets the field for wage growth and ultimately higher inflation, so the euro should be in demand with traders today. | “Lower unemployment sets the field for wage growth and ultimately higher inflation, so the euro should be in demand with traders today. |
| “Draghi has successfully navigated the eurozone through a particularly tricky period, and its economic prospects look strong. However, with further political instability brewing in both Spain and Germany, not to mention uncertainty surrounding Brexit, some continue to ask what lies beneath this millpond?” | “Draghi has successfully navigated the eurozone through a particularly tricky period, and its economic prospects look strong. However, with further political instability brewing in both Spain and Germany, not to mention uncertainty surrounding Brexit, some continue to ask what lies beneath this millpond?” |
| This is an significant moment: | This is an significant moment: |
| The euro area unemployment rate dropped below its long-term average in November, for the first time in 9 years. pic.twitter.com/AnDWZ1tw07 | The euro area unemployment rate dropped below its long-term average in November, for the first time in 9 years. pic.twitter.com/AnDWZ1tw07 |
| Unemployment among young people across the eurozone has also fallen, but the job isn’t finished yet. | Unemployment among young people across the eurozone has also fallen, but the job isn’t finished yet. |
| The euro-area jobless rate dropped to 18.2% in November, down from 20.5% a year ago. | The euro-area jobless rate dropped to 18.2% in November, down from 20.5% a year ago. |
| But again, some countries are in much better shape than others: | But again, some countries are in much better shape than others: |
| In November 2017, the lowest rates were observed in the Czech Republic (5.0%) and Germany (6.6%), while the highest were recorded in Greece (39.5% in September 2017), Spain (37.9%) and Italy (32.7%). | In November 2017, the lowest rates were observed in the Czech Republic (5.0%) and Germany (6.6%), while the highest were recorded in Greece (39.5% in September 2017), Spain (37.9%) and Italy (32.7%). |
| EU youth unemployment latest Greece (39.5% in September 2017), Spain (37.9%) and Italy (32.7%).EN MARCHE! | EU youth unemployment latest Greece (39.5% in September 2017), Spain (37.9%) and Italy (32.7%).EN MARCHE! |
| The unemployment rate across the wider European Union has fallen to a nine-year low of 7.3%, down from 7.4%. | The unemployment rate across the wider European Union has fallen to a nine-year low of 7.3%, down from 7.4%. |
| Over the last 12 months, unemployment in the EU has dropped by 2.133 million people, and by 1.561 million in the euro area. | Over the last 12 months, unemployment in the EU has dropped by 2.133 million people, and by 1.561 million in the euro area. |
| But before anyone gets carried away, there are still 18.116 million men and women unemployed in the EU, including 14.263 million in the eurozone. | But before anyone gets carried away, there are still 18.116 million men and women unemployed in the EU, including 14.263 million in the eurozone. |
| Newsflash: Unemployment across the eurozone has hit its lowest rate on almost nine years. | Newsflash: Unemployment across the eurozone has hit its lowest rate on almost nine years. |
| The euro-area jobless rate fell to 8.7% in November, down from 8.8% in October. That’s the best reading since January 2009, when the global economy was crashing into recession. | The euro-area jobless rate fell to 8.7% in November, down from 8.8% in October. That’s the best reading since January 2009, when the global economy was crashing into recession. |
| *EURO-AREA NOV. UNEMPLOYMENT RATE FALLS TO 8.7%, MATCHING EST. | *EURO-AREA NOV. UNEMPLOYMENT RATE FALLS TO 8.7%, MATCHING EST. |
| But... there are still sharp differences between euro-area members. | But... there are still sharp differences between euro-area members. |
| The lowest unemployment rates were recorded in the Czech Republic (2.5%), and Malta and Germany (both 3.6%). | The lowest unemployment rates were recorded in the Czech Republic (2.5%), and Malta and Germany (both 3.6%). |
| While in Greece, more than one in five people (20.5%) are out of work, followed by Spain with a 16.7% jobless rate. | While in Greece, more than one in five people (20.5%) are out of work, followed by Spain with a 16.7% jobless rate. |
| More to follow.... | More to follow.... |
| City analysts are welcoming today’s strong German economic data, particularly the 3.4% jump in industrial production in November. | City analysts are welcoming today’s strong German economic data, particularly the 3.4% jump in industrial production in November. |
| Jennifer McKeown of Capital Economics says German seems to be ending 2017 “with a bang”. | Jennifer McKeown of Capital Economics says German seems to be ending 2017 “with a bang”. |
| She writes: | She writes: |
| “November’s surge in German industrial production is a welcome confirmation that the economy approached the end of 2017 in very good health and the surveys point to further strength to come. | “November’s surge in German industrial production is a welcome confirmation that the economy approached the end of 2017 in very good health and the surveys point to further strength to come. |
| Mark Ostwald of ADM Investor Services agrees, saying: | Mark Ostwald of ADM Investor Services agrees, saying: |
| Better than expected German Trade and Production data affirmed what is already well known, i.e. that the German economy is in rude health. | Better than expected German Trade and Production data affirmed what is already well known, i.e. that the German economy is in rude health. |
| It’s great to see Majestic Wine and Morrison’s bosses praising their hard-working employees this morning. But a cynic might wonder whether they’re partly motivated by a fear of losing them. | It’s great to see Majestic Wine and Morrison’s bosses praising their hard-working employees this morning. But a cynic might wonder whether they’re partly motivated by a fear of losing them. |
| Recruitment firms say that UK companies are finding it harder and harder to find skilled staff - putting a real premium on retaining workers. | Recruitment firms say that UK companies are finding it harder and harder to find skilled staff - putting a real premium on retaining workers. |
| Kevin Green, chief executive of the Recruitment and Employment Confederation, says it’s the worst situation in at least a decade. | Kevin Green, chief executive of the Recruitment and Employment Confederation, says it’s the worst situation in at least a decade. |
| “We have lists where recruiters cite the jobs they are currently finding it hard to fill, in permanent jobs there used to be six or seven areas. Now there are 50 or 60. It goes on and on and on. | “We have lists where recruiters cite the jobs they are currently finding it hard to fill, in permanent jobs there used to be six or seven areas. Now there are 50 or 60. It goes on and on and on. |
| “It is comprehensive, you would have to say the skill and talent shortages are pervasive across the economy at the moment.” | “It is comprehensive, you would have to say the skill and talent shortages are pervasive across the economy at the moment.” |
| This tightening labour market is good news for employees, as they should be able to negotiate significant pay rise. Warm words in the Christmas trading updates won’t be enough! | This tightening labour market is good news for employees, as they should be able to negotiate significant pay rise. Warm words in the Christmas trading updates won’t be enough! |
| The Telegraph has the details: | The Telegraph has the details: |
| ‘Pervasive’ skill shortages across UK economy to drive up wages https://t.co/4VfX3BItFv via @telebusiness | ‘Pervasive’ skill shortages across UK economy to drive up wages https://t.co/4VfX3BItFv via @telebusiness |
| Britain’s FTSE 100 is on the brink of a new all-time high. | Britain’s FTSE 100 is on the brink of a new all-time high. |
| The blue-chip index has gained 33 points to 7,729 points, just 4 point shy of yesterday’s intraday peak. | The blue-chip index has gained 33 points to 7,729 points, just 4 point shy of yesterday’s intraday peak. |