MP warns of “Machiavellian plot” as FCA scraps banking probe December 31, 2015 City watchdog the Financial Conduct Authority is scrapping its major review of the culture, pay and behaviour of those working in the banking industry. The probe was originally intended as a wide-reaching look at practices across the board. However, following an initial stage review, the FCA is now looking at individual firms, which it says it [...]
Russian rouble dives against the dollar as economic picture darkens December 31, 2015 The Russian rouble tumbled yesterday as concerns over a prolonged oil price rout stoked fears surrounding the country's economy. The rouble sank 1.2 per cent at Rbs73.15 against the dollar yesterday, taking it to a record low. It has since recovered somewhat, and was last up 0.1 per cent at Rsb73.9. Russia's economy is heavily dependent on oil [...]
John Lewis sets the bar for Christmas trading with healthy 2.3 per cent growth in festive week December 31, 2015 The high street can breathe a sigh of relief if bellwether John Lewis is anything to go by: sales at the department store during Christmas week were up a healthy 2.3 per cent on 2014. The retailer, which last year celebrated its 150th anniversary, posted sales of £129.2m in the week to 26 December. The shopping [...]
Institute of Directors: Company profits at risk from an interest rate rise by the Bank of England December 31, 2015 One of Britain's biggest business groups has warned company profits peaked in 2015, and they'll be crunched when the Bank of England eventually raises borrowing costs for the first time in more than six years. The Institute of Directors (IoD) said the bank's rate-setters has exercised caution thus far, but they'll have "no choice" but [...]
Government finally responds to petition calling for Donald Trump to be banned from entering the UK December 31, 2015 The government has finally responded to the growing number of people who signed a petition calling for Donald Trump to be banned from the UK, acknowledging the "strength of feeling" the Presidential hopeful has caused. More than 560,000 people have signed the petition asking for Trump, who is currently vying for the Republican candidacy ahead of [...]
Wages rose for the first time in eight months in November December 31, 2015 Wages rose for the first time in eight months in November, and they could be set to rise further, despite average advertised salaries declining across the board in 2015. Monthly average advertised salaries rose 0.2 per cent to £33,112 in November, up from £33,043 in a month earlier according to Adzuna. "November could be a turning [...]
New Year’s Eve London fireworks: Met to deploy huge numbers of armed police amid heightened security fears December 31, 2015 London's streets will see a "heightened police presence" tonight during New Year's Eve celebrations, including what is thought to be a huge number of armed officers. Some 3,000 Met officers will be on duty in central London as hundreds of thousands of the city's residents and tourists make their way to the river to watch the annual [...]
Sports Direct to pay staff above minimum wage from 2016 December 31, 2015 Sports Direct has said it will pay its staff above the minimum wage from 1 January 2016, as the retailer looks to shrug off criticisms of its working conditions. The minimum threshold will apply for both directly employed casual staff and its UK employees. It estimates that this and associated costs will cost the business [...]
New Year Honours 2016: Natalie Massenet, Carolyn McCall, Alan Yarrow and the men and women in business awarded Damehoods, Knighthoods, OBEs and CBEs December 30, 2015 Natalie Massenet, Carolyn McCall and Alan Yarrow are among the business leaders to make 2016's New Year honour list this year. Massenet, the entrepreneur who founded Net-a-Porter and McCall, chief executive of EasyJet, were made Dames, while Lord Mayor of London Yarrow was knighted. Outgoing Nationwide chief executive Graham Beale was awarded an CBE, as was [...]
Uber just had its billionth ride.. and it was in London December 30, 2015 Uber has passed another milestone in its short history. Not only is it the most highly valued startup in the world, but its one billionth ride was taken on Christmas Eve – and it happened right here in London. That one billionth ride was a £5 UberX from London Fields to Hoxton and comes just five [...]