Summary

  • Shell's annual profits crash but shares jump

  • Bank of England governor Mark Carney ' too aggressive' on rates threat

  • Halifax house prices jump 9.7% in three months to January

  • SSE to close coal-fired power unit

  • Sumner Redstone steps down as CBS chairman

  1. Inflation above 2% by 2018?published at 13:07 Greenwich Mean Time 4 February 2016

    IHS economist Howard Archer tweets:

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  2. Carney: little Brexit impactpublished at 13:04

    Inflation Report press conference

    Mr Carney says Bank policymakers are not giving much consideration to a possible Brexit in its growth predictions. What's more, he doesn't yet see "a big risk premium built into confidence [in the markets] around the referendum".

  3. Postpublished at 13:00

    Chancellor George Osborne tweets:

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  4. Carney: UK conditions point to rate risepublished at 12:56

    Inflation Report press conference

    Reporters are pressing Mr Carney for more guidance on when he thinks interest rates may rise, but the Bank governor remains vague (of course). 

    "In a situation where we have had the strongest recovery (along with the US) in the world, and people are steadily finding work - in that environment it is viable for households and businesses to expect that rates are going to rise," he says. 

    However, Mr Carney warns that households and companies remain too indebted.

  5. Another side of Carneypublished at 12:52 Greenwich Mean Time 4 February 2016

    Former Newsnight economics correspondent Duncan Weldon tweets:

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  6. Carney: a rate rise still likelypublished at 12:48

    The likely path for interest rates is still up, Mr Carney says, despite slowing global economic conditions: "The view is still that, more likely than not, the next move will be up."

  7. Rate cut vs risepublished at 12:45 Greenwich Mean Time 4 February 2016

    Economics correspondent Andrew Verity tweets:

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  8. Carney: banks are 'resilient'published at 12:43

    Mark Carney says at the Inflation Report press conference that UK banks are in good shape to withstand a downturn in the global economy: "Banks are much less likely to amplify such stresses."

  9. Postpublished at 12:41 Greenwich Mean Time 4 February 2016

    BBC economics editor Kamal Ahmed tweets:

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  10. Carney: 'modest economic profile'published at 12:37 Greenwich Mean Time 4 February 2016

    Mark Carney

    Bank of England governor Mark Carney tells a press conference that the "outlook for trade is particularly challenging". The pace of growth in the UK is expected to dip below averages this year, before improving next year. It was, he said, "a more modest economic profile".

  11. Sterling slidespublished at 12:29

    Sterling fell after the minutes from the Bank of England minutes were released and showed that Ian McCafferty, the lone policymaker who had backed a rate rise, reversed his decision. In its quarterly Inflation Report also released today, the Bank cut its growth forecasts due to a gloomier global outlook. 

    The pound fell to $1.4545, from $1.4596 beforehand, and is off a one-month high of $1.4665 struck earlier in the day. The euro rose 0.8% to 76.675 pence. 

  12. Inflation Reportpublished at 12:18

    Economics correspondent Andrew Verity tweets:

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  13. King of Aston Villapublished at 12:13

    Mervyn KingImage source, Getty Images

    Former Bank of England governor Mervyn King (Lord King of Lothbury, if you prefer) has been appointed to the board of Aston Villa. 

    He says: "I watched my first match at Villa Park more than 55 years ago, and have experienced the highs and the lows since then. I shall do my best to help the rebuilding of Aston Villa Football Club as together we return it to its position as one of the top clubs in the world."

  14. Blow to wage growth hopespublished at 12:04
    Breaking

    Kamal Ahmed
    Economics editor

    The Bank of England's Monetary Policy Committee has voted unanimously to keep interest rates at historic lows.

    Meanwhile, the quarterly Inflation Report released today said that wage growth had "eased significantly more" than anticipated.

    It will be 2018 before average weekly earnings are increasing at the rate experienced before the financial crisis, the report suggested.

    The Bank now expects average weekly earnings to increase by 3% this year, down from the 3.75% it predicted three months ago.

  15. Former BP boss: 'It takes time for supply to stabilise'published at 11:56

    Lord Browne

    Former BP boss Lord Browne of Madingley has been talking to BBC economics editor Kamal Ahmed about one of the hot topics of the moment - the oil price. Watch the video here.

  16. BlackRock's good turnpublished at 11:48

    Who says City types don't care? BlackRock has raised almost £850,000 for Children’s Hospices across London (CHaL, external) under a partnership that began in September 2014. The hospices that will benefit include Ellenor Hospice in Dartford, Haven House in Woodford Green, Noah’s Ark in Barnet, Richard House in Beckton and Shooting Star Chase in Hampton and Guildford.

    BlackRock staff have also been volunteering at the hospices. Stephen Whyman, a BlackRock director, says CHaL is an "ambitious and inspirational collaboration" that the firm is proud to support. 

  17. China: renminbi faces a 'tidal wave' of sellingpublished at 11:41

    Chinese currencyImage source, Reuters

    China is burning through its foreign exchange reserves so quickly that it will soon breach what the IMF believes "is the lowest acceptable level", say Societe Generale analysts.  

    The consequence? It will accelerate the pace at which money is fleeing the country. Soc Gen says China has burnt through almost $800bn of reserves since they peaked at about $4tn in mid-2014.

    At that rate it will be only a few more months before forex reserves go below the IMF's recommended lower threshold, says Soc Gen's Albert Edwards. "If that occurs ... expect to see a tidal wave of speculative selling, forcing the [central bank] to throw in the towel and let the market decide the level of the renminbi exchange rate."

  18. Friends like these...published at 11:32

    Top Gear presenter Chris Evans has gained a sidekick:

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  19. European markets risepublished at 11:23

    Graph of latest movements in the FTSE

    Mining stocks are still buoying the FTSE 100, which is up 1.3% at 5,912 points. Leading the pack is Anglo American which has soared more than 11%, while BHP Billiton is up 7.6% and Antofagasta by 7.6%.

    Meanwhile, Coca-Cola HBC is the biggest faller, down 4.7%, with AstraZeneca 4.5% lower after it said revenue and profits would fall this year because of cheaper generic rivals to its cholesterol drug Crestor.

    In Paris the Cac is up 0.6% and the Dax is 0.7% higher.

  20. Cow-abunga...published at 11:12 Greenwich Mean Time 4 February 2016

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