Sterling to fall 20 percent on Brexit, says think tank

Sterling is likely to drop 20 percent straight after a Brexit vote in June, according to The National Institute of Economic and Social Research (NIESR).

If Britain votes to leave the European Union on the 23rd June, the think tank also forecast soaring prices and a 1 percent drop in economic growth over the next year.

“The longer term impact of leaving the EU could reduce GDP by anything between 1.5% and 3.7% by 2030 depending on the subsequent relationship between the UK and the EU, as well as the rest of the world”, the Institute said in its report.

Toyota forecasts steep sales drop

Japanese automaker Toyota forecast a 35 percent fall in income for the current fiscal year, down to 1.5 trillion yen.

Vehicle sales were also down across most regions. However, operating income increased by 103.4 billion yen.

TMC executive vice president Takahiko Ijichi said: “Operating income increased by 103.4 billion yen compared to the previous fiscal year. The positive factors such as cost reduction efforts and favorable foreign exchange rates more than offset the negative factors such as decreased vehicle sales and increased expenses, particularly labor costs and R&D expenses.”

Shares have remained largely unaffected by the news, with Toyota (TYO:7203) trading down 0.76 percent after hours.

Top 25 hedge fund managers earn more than nations

The world’s top hedge fund managers earned more than the entire economy of Namibia last year, according to a report by Alpha magazine.

Kenneth Griffin, founder and chief executive of Citadel, and James Simons, founder and chairman of Renaissance Technologies, were in first place, earning $1.7 billion each.

Heavily criticised Wall Street salaries pale in comparison to these figures, with the US’s top banker Jamie Dimon taking home just $27 billion.

The list features 25 fund managers, and in its 15 year history has yet to feature a single woman.

11/05/2016