Talk of a US recession in 2020 is a little premature October 16, 2018 Several analysts have come out of the woodwork in the past few weeks predicting not just a US growth slowdown, but the start of a recession in 2020. These calls were amplified after a week of stock market volatility. Bond vigilantes are pointing to rising real yields (that have been adjusted for inflation), while bear [...]
Travel alert: London Overground hit by severe delays October 16, 2018 Rail disruptions have hit London Overground commuters this morning. Severe delays are affecting routes between Clapham Junction and Stratford and Richmond and Stratford. Read more: Earl's Court Station evacuated as person on track airlifted to safety Transport for London (TfL) said tickets will be accepted on the Tube and bus services, though a good service [...]
British American Tobacco warns of earnings hit thanks to currency headwinds October 16, 2018 Full year earnings growth at British American Tobacco (BAT) is set to fall seven per cent due to currency headwinds, the cigarette company said in a trading update today. However, the FTSE 100 firm said its next generation products division, including vaping and heated tobacco products, will grow by double digits to reach £900m in [...]
Paddy Power fined £2.2m for failing to protect customers October 16, 2018 Paddy Power Betfair has been fined £2.2m by the gambling watchdog for failing to protect customers and stop stolen money being gambled. The betting site failed to adequately interact with customers who were displaying signs of problem gambling and to carry out anti-money laundering checks, an investigation by the Gambling Commission found. Read more: Rank [...]
Civil servants are moving to Canary Wharf in a cost-cutting drive October 16, 2018 Today marks an impressive milestone with the opening of our new Canary Wharf Hub. It’s part of our long-term Civil Service transformation to reduce government buildings from 800 to 200 by 2030. We’ve seen 6,000 civil servants leave Whitehall to come and work in London’s financial centre including those from HMRC, OfGem and the Ministry [...]
End of austerity not ‘compatible’ with eliminating deficit says Institute for Fiscal Studies ahead of Budget October 16, 2018 The government faces a stark choice between upholding Theresa May’s promise to “end austerity” or meet its target of eliminating the deficit, according to a detailed analysis by one the UK’s most trusted economic bodies. The Institute for Fiscal Studies (IFS) will today say that chancellor Philip Hammond will have to find an extra £19bn [...]
Over a third of internal auditors say their firm has done no Brexit preparation October 16, 2018 With just months to go into Britain’s exit from the European Union, more than one in three chief internal auditors say their firm has yet to do any Brexit scenario planning. A ‘Brexit preparedness survey’ conducted by the Chartered Institute of Internal Auditors (Chartered IIA) found that of 95 UK chief internal auditors questioned, 37 [...]
Menswear styling tech startup Thread raises $22m October 16, 2018 Fast fashion startup Thread will today announce the close of its series B funding round at $22m (£16.7m), which includes backing from Balderton Capital, Beringea and H&M’s investment arm H&M Co:Lab. The round will also be complemented by a crowdfunding raise on Crowdcube later this year, providing everyday investors access to shares in Thread on [...]
Europe’s banks are right – the EU must act to avoid a Brexit cliff edge disaster October 16, 2018 Retail king Lord Wolfson raised eyebrows at the weekend when he insisted that a no deal outcome to Brexit talks “would not be a disaster”. The Next boss was referring to the overall effect on trade and, politically, he articulated his point well – you have to be prepared for no deal in order to [...]
Finance chiefs desert Saudi business summit as backlash to missing journalist intensifies October 16, 2018 The global boycott of a high-profile Saudi investor conference gathered pace yesterday as the bosses of JP Morgan, Ford, Blackstone and BlackRock led an executive exodus following the disappearance of journalist Jamal Khashoggi. The US resident and critic of the Saudi government has not been seen since entering the Saudi consulate in Istanbul on 2 October. [...]