Brent crude drops below $100 a barrel September 8, 2014 A raft of weak figures from major oil consuming nations pushed the price of North Sea Brent Crude to below $100 a barrel this morning for the first time since June last year. The ICE October Brent, an international benchmark for oil prices, fell 88 cents to $99.94 a barrel. The drop came after data [...]
Is Westminster going to grant Scotland devo max powers if it stays part of the union? September 8, 2014 In a last-ditch attempt to woo swing voters, George Osborne has hinted Westminster will offer Scotland greater powers over taxes and spending if those going to the polls next week vote to keep the union intact. Speaking on the morning it emerged the Yes campaign had edged ahead for the first time during the [...]
BP share price falls as UK intervenes in legal battle over oil spill payouts September 8, 2014 BP's share price fell to 462p this morning, despite news the UK government is planning to intervene in the US' attempt to order huge payouts for the Gulf of Mexico oil spill. In a filing with the US Supreme Court, the government said BP had “gone to great lengths to restore the Gulf Coast”, [...]
Even Primark sales aren’t sweet enough to save Associated British Foods from a 4pc share price slump September 8, 2014 Associated British Foods (ABF) went on the offensive in a trading update this morning, saying it expects strong Primark sales to contribute to an increase in adjusted earnings per share for the year ending September 13 – but that wasn't enough to stop shares falling 4.4 per cent in early trading as investors worried about [...]
Is the UK property market finally cooling? House price growth slows to 3pc September 8, 2014 House prices grew just three per cent in the three months to August, down from 3.5 per cent in July, figures published this morning showed – another sign of cooling market conditions. The figures, by Halifax, showed prices rose 9.7 per cent in the year to August, down from July's 10.2 per cent, and just [...]
Electrolux agrees $3.3bn acquisition of GE’s appliance business September 8, 2014 Electrolux has agreed to buy General Electric's (GE) appliance business for $3.3bn (£2.04bn) in what would be the biggest deal in the Swedish company's history. The world's second largest appliance maker said ownership of GE's brands will enhance its presence in North America, and the size of the transaction strengthens its "commitment to the appliance [...]
Independence referendum: No campaign rushes to convince Scotland to stay September 7, 2014 Westminster’s political heavyweights pressed the panic button last night in the race to keep Scotland part of the United Kingdom, spurred into action by a shock poll showing the campaign for independence edging ahead for the first time. The damning new figures by YouGov show the Better Together campaign, backed by Labour, the Conservatives and [...]
Rail commuters get boost as Osborne caps fare rises September 7, 2014 Rail fare increases will be capped at 2.5 per cent for 2015 in a bid to help hard-pressed commuters, the government has announced. Chancellor George Osborne said the move, which limits price hikes of regulated rail fares to the rate of inflation, was a bid to help taxpayers, and was only possible because of other [...]
City firms pay higher wages as labour market hots up September 7, 2014 City firms are on an employment drive as the economic recovery takes hold, according to recruiters Morgan McKinley. Growing demand for staff means finance businesses are paying higher salaries to attract the best workers. Vacancies were 18 per cent higher in August compared to the same month last year and salaries for new jobs grew [...]
Welcome to our new readers from far and wide September 7, 2014 City A.M. is continuing to extend its reach, adding 30 new stations to its distribution network in and around the capital. From today we welcome on board new commuters to the west and north east of London. So, good morning to those in Bishops Stortford, Audley End and all the way to Cambridge; and on [...]