Scottish independence will work as currency competition laboratory – Australian central bank staffer July 2, 2014 If the Scots vote for independence this September, the country could be a testing ground for currency competition, according to the Reserve Bank of Australia's assistant governor, Guy Debelle. But Debelle cautioned today that private issuance of competing currencies in Scotland has been tried before, and while it worked well for a spell, was [...]
Mike Ashley finally lands bonus after shareholder backlash July 2, 2014 Sports Direct founder Mike Ashley has been awarded a bonus after 60 per cent of shareholders approved plans to let Mr Ashley share in a bonus scheme of up to £200m between the retailer's employees and management. However, 40 per cent of shareholders opposed the move, which was the company's third attempt in two years [...]
Journalists beware: Financial news could soon be written by robots July 2, 2014 Are earnings reports so mundane that a robot can be trusted to produce them? The Associated Press thinks so. The news service will soon entrust reports on earnings and some other business stories to an automated system so it can better resource more in-depth business coverage. The AP expects to produce more than 4,000 reports [...]
Government may take emergency measures to boost housing supply July 2, 2014 The government is exploring measures to boost house building as new figures are expected to reveal a dearth of new builds this year, according to the BBC's Newsnight programme. According to leaked documents seen by the BBC, officials fear that data set to be released before the 2015 general election will show a four per [...]
Carillion preferred for Liverpool FC stand – but contract could be less than Luis Suarez transfer July 2, 2014 Support services and construction firm Carillion has been appointed as the preferred bidder for the expansion of Liverpool Football Club's main stand – for around the price the club hopes to receive from selling disgraced striker Luis Suarez. The project, which is subject to planning consent, is estimated to be worth in the region of [...]
Bar time phone charger The Perkinator snapped up by Google July 2, 2014 Anyone cool enough to be mooching about in the VIP area of Soho House festival later this week could well end up using an invention made by Guy Winterflood, former stockbroker and progeny of City grandee Brian Winterflood. The broker-turned-inventor has produced a device called The Perkinator, which allows you to charge your phone in a [...]
Employment growth in UK’s construction sector hits all-time high July 2, 2014 The UK's construction sector is speeding up again this June, with activity growing at its fastest pace in four months. According to purchasing managers' index (PMI) data from Markit, the sector is expanding more ferociously than first estimated, with a headline reading of 62.6. Any number above 50 implies that activity in the sector is [...]
Mothercare share price surges 12pc after Destination Maternity takeover bid rejection July 2, 2014 Shares in baby goods retailer Mothercare have jumped by 11.8 per cent on the news that it rejected two takeover proposals from Destination Maternity. The US firm's latest offer was worth 300p per share, a 29 per cent premium on the company's closing price of 232.5p on 1 July. Destination Maternity first approached Mothercare in [...]
Facebook faces regulator probe into user experiment July 2, 2014 Regulators in the UK are investigating Facebook to assess if any data protection laws were broken when it conducted a controversial psychological experiment on users without their knowledge. The Information Commissioners Office (ICO), the government body which oversees data and privacy regulation in the UK, said it would question Facebook about the experiment although it [...]
Average London house price is now 30pc higher than 2007 peak July 2, 2014 London's house prices are 30 per cent above their pre-crisis peak, according to new data from Nationwide, which also puts the average house price in the capital at around £400,000. According to Nationwide's House Price Index for June, London house prices have risen over 25 per cent in the last 12 months, as prices nationwide have [...]