Booming mid-sized firms hit hard by UK tax system June 23, 2014 THE UK’S mid-sized businesses will grow at a faster pace than German companies of the same size this year, according to a new report released today, with firms in the capital leading the way. Mid-market companies are expected to see sales growth of 6.1 per cent during the next 12 months, faster than any other [...]
HS3 high-speed rail link planned to connect north’s leading cities June 23, 2014 George Osborne will today launch a fervent defence of the proposed £43bn High Speed 2 rail link from London to the north, and suggest that even more cash is spent on new rail links between cities such as Manchester and Leeds. Speaking in Manchester, the chancellor will argue that the UK economy is excessively dominated [...]
France secures stake in Alstom ahead of GE deal June 23, 2014 THE FRENCH government has secured a deal to buy 20 per cent of Alstom from conglomerate Bouygues, economy minister Arnaud Montebourg said yesterday. The state had made its purchase of Bouygues’ 20 per cent stake in Alstom a condition for approving General Electric’s (GE) €12.35bn (£9.9bn) offer for Alstom’s energy business, which expires today. “We [...]
New tech lifts competition to Europe’s banks June 23, 2014 EUROPE’S biggest banks are under increasing threat from new competition thanks to technology and ultra-low interest rates, a report reveals this morning. The report by business advisory firm Deloitte warns that banks burdened with higher regulatory capital requirements will have to cut costs and invest heavily in their IT systems if they are to remain [...]
What the other papers say this morning – 23 June 2014 June 23, 2014 FINANCIAL TIMES FireChat app popular in Iraq A new chat app designed for use on planes and trains is soaring in popularity in Iraq, as users embrace a “private internet” where they can message each other without fear of the government shutting down access to the web. Created on an island in San Francisco Bay, [...]
London house prices: City closing in on West End’s values June 23, 2014 Residential property prices in the City are rapidly rising to match some of London’s most expensive areas, and could catch up with the costliest parts of the West End in just five years’ time. Typical house and flat prices in the City were 60 per cent lower than their equivalents in the ultra-prime areas of [...]
Mark Carney to decide on property market limits June 23, 2014 The Bank of England’s latest report on the country’s financial stability is released this week, with the potential for fresh action to cool London’s frothy housing market. The Bank’s financial policy committee (FPC), which is chaired by governor Mark Carney, releases its twice-yearly outlook in systemic stability on Thursday. The governor and other policymakers have [...]
Asos suspends website after warehouse fire June 23, 2014 ASOS will this morning attempt to reassure investors after a fire at its main warehouse in Yorkshire forced the online fashion giant to suspend trading on its website. More than 50 firefighters and 10 fire engines were sent late on Friday night to put out the blaze at Asos’ 530,000 square feet distribution centre in [...]
Morrisons ramps up assault on rival supermarkets after slashing more prices June 23, 2014 Morrisons has launched a fresh round of price cuts today as the troubled supermarket group steps up its efforts to win back shoppers defecting to cheaper rivals. Britain’s fourth-largest grocer will cut the price of a further 135 grocery and household products today by an average 14 per cent. “These are permanent price cuts, not [...]
Weak inflation helps to boost family finances June 23, 2014 Households have more spending power than at any time in the past four and a half years, with less pressure on essential spending and especially energy bills. Lloyds Bank’s latest barometer of consumer confidence reached 146 in May, according to research released this morning, well above the 100 level set in January 2010. The index [...]