New York Report: Upbeat data helps to drive Wall St higher March 20, 2014 US stocks rose yesterday, after a batch of economic data pointed to an improving economy and investors reassessed Fed Chair Janet Yellen’s comments that had fueled speculation of an earlier-than-expected rate hike by the central bank. After several weeks of soft economic data attributed by many investors to harsh winter weather conditions, labor market data [...]
BG Group plans redundancies to slash costs March 20, 2014 OIL AND gas explorer BG Group confirmed on Thursday night that it has invited its 1,100 employees at its head office in Reading to apply for voluntary redundancy, as it looks to slash costs and streamline the business. It is understood that the FTSE 100-quoted firm started the process earlier this month and is looking [...]
Gulf of Mexico: BP’s small spend with big significance March 20, 2014 Mere days after the US lifted a ban on BP bidding for new drilling licences, the oil giant has won 24 out of 31 bids in the Gulf of Mexico. The Environmental Protection Agency had forbidden BP from bidding for new federal contracts after the infamous 2010 Gulf of Mexico oil spill, which was the [...]
3 worrying signs the 3D printing industry is hitting the buffers March 20, 2014 3D printing has been hailed as the catalyst for a new industrial revolution, but so far it’s failing to impress investors with its long term corporate potential – which could have catastrophic implications for its long term future. Here’s three things causing concern: 1. Short selling interest in the world’s five listed 3D printing companies [...]
Aberdeen Asset Management gets the go-ahead for SWIP deal March 20, 2014 Europe's largest fund manager Aberdeen Asset Management has been given the go-ahead by regulators for the acquisition of Scottish Widows Investment Partnership (SWIP). The Financial Conduct Authority (FCA) confirmed its consent for the deal on Thursday and the acquisition is now expected to be completed following the close of business on 31 March. Martin Gilbert, [...]
Labour: Osborne’s undermining savings March 20, 2014 Allowing pensioners to spend their savings as they wish, rather than automatically buying an annuity, will lead to more splurges in spending in early retirement rather than more saving, senior Labour figures warned today. Lord McFall pointed to forecasts showing higher tax receipts as a result of the changes, boosting the government finances but indicating [...]
George Osborne has been picking up bad habits March 20, 2014 The Institute for Fiscal Studies (IFS) has given its assessment on the chancellor's Budget. The think tank says that George Osborne has become increasingly reliant on short-term revenue raising wheezes to pay for permanent tax cuts and spending commitments. For example, the changes announced yesterday on the abolition of taxing pension pot withdrawals, and accelerated [...]
Airbnb plans funding round at $10bn valuation March 20, 2014 Airbnb is in advanced talks to raise funds that’d value it at more than $10bn, reports the Wall Street Journal. The round would see the online property-rental marketplace valued above some of the largest hotel operators with whom it competes. Private equity firm TPG is in the running to lead it, said two people who [...]
Meet the hamster that wants part of the City of London to join an independent Scotland March 20, 2014 This is William Wallace, he’s a hamster and he’s currently running for Lord Mayor of Portsoken. The ballots are being counted today and the result is expected to be announced this evening. “Hamster candidate, Sir William Wallace, pledges that if elected, he would declare Portsoken part of an Independent Scotland,” says Muhammad Al-Hussaini, the [...]
Why you should move to a National Park March 20, 2014 It’s crossed every commuter’s mind at least once, usually during rush hour on the Northern Line, to pack it all in and move to a cottage in a quiet bit of the countryside. The Office for National Statistics has today offered some decidedly mixed news for those hoping to escape to the remotest parts of [...]