Chinese pour $110bn into US real estate, says study

Investment is set to double in the next five years as wealthy rush to get their money into overseas assets, especially houses

Chinese nationals have become the largest foreign buyers of US property after pouring billions into the market in search of safe offshore assets, according to a study.

A huge surge in Chinese buying of both residential and commercial real estate last year took their five-year investment total to more than $110bn, according to the study from the Asia Society and Rosen Consulting Group.

Related: Poetry or property punts: what’s driving China’s love affair with Cambridge?

Related: Super-rich may quit London homes under new anti-corruption rules

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Church of England sells investments fearing market slowdown

Gloomy global outlook prompts church to offload £250m of equities even as it outperforms the market

The Church of England has said it fears a looming global economic slowdown with governments relatively powerless to shore up growth, as it revealed a decision to offload a portion of its substantial stock market holdings.

The church commissioners, who manage the C of E’s £7bn investment fund, said they enjoyed market-beating returns of 8.2% last year but warned they would struggle to keep up that pace in future. Over the past 30 years the fund’s average annual return has been 9.7%.

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UK economy: gloomy outlook for workers’ pay rises

HR industry group forecasts average pay to increase just 1.7% with retail sector warning shoppers are dwindling and EU referendum denting confidence

Workers are being warned to expect meagre wage rises until at least 2020, as weak productivity and new costs such as the national living wage curb employers’ readiness to raise salaries.

Even though employment is expected to rise, pay growth is forecast to be just 1.7% over the next year, as an ample supply of labour helps employers hold back on wage rises in a “jobs-rich, pay-poor” economy, said the Chartered Institute for Personnel and Development (CIPD).

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Shell creates green energy division to invest in wind power

Insiders say oil firm’s New Energies renewables arm could grow very big, but not for a decade or more

Shell, Europe’s largest oil company, has established a separate division, New Energies, to invest in renewable and low-carbon power.

The move emerged days after experts at Chatham House warned international oil companies they must transform their business or face a “short, brutal” end within 10 years.

Related: Oil firms have 10 years to change strategy or face ‘short, brutish end’

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Bank of England’s Mark Carney defends his Brexit intervention – video

Bank of England governor Mark Carney speaks on BBC1’s Andrew Marr Show on Sunday, defending his previous warning that leaving the EU could lead to recession. He says the last financial crisis taught us that an independent institution should have responsibility for stability, adding that it was his job to be ‘straight with people’. Earlier in the programme, energy minister Andrea Leadsom accused Carney of ‘dangerous intervention’

This clip was taken from BBC1’s The Andrew Marr Show Read Brexit minister accuses Bank of England of ‘dangerous intervention’ Continue reading…

Brexit minister accuses Bank of England of ‘dangerous intervention’

Bank’s governor has destabilised financial markets by warning on possible short-term effects of leaving EU, says Andrea Leadsom

The Bank of England’s warning that leaving the EU could lead to a recession is an “incredibly dangerous intervention” that has increased financial instability, a Tory minister campaigning for Brexit has said.

Andrea Leadsom, a Conservative energy minister, accused the Bank’s governor, Mark Carney, of disrupting the markets and jeopardising his independence, after he argued last week that leaving the EU could lead to a financial downturn in the short term.

Related: Brexit could lead to recession, says Bank of England

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A new crisis in Greece would give the Leave campaign its own Project Fear

There are very good reasons to be wary of leaving the EU. But what if we stay and the union breaks up?

They say that it pays to have friends in high places. As they battle to keep Britain in the EU, David Cameron and George Osborne have been spoilt for ammunition over recent days. Dire warnings on the consequences of Brexit came through thick and fast and, naturally, the Remain camp seized on every one.

The Bank of England raised the threat of recession and soaring inflation, the International Monetary Fund warned of tumbling house prices and Gordon Brown formed a rare alliance with Cameron over the prospect of the third world war.

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