Retail sales bounce back as consumer spending continues to support the economy February 23, 2017 Retail sales rebounded in February after a dip to start the year, a new survey shows, as consumer spending continues to hold up despite inflation increases. Two in five retailers reported increased volumes in February to give a positive balance of nine per cent, according to the Confederation of British Industry’s (CBI) survey of distributive [...]
Incentive awards at Barclays inched down in 2016 despite bumper profits February 23, 2017 Barclays revealed today that its incentive pay pool shrank in 2016, despite revealing its pre-tax profits had almost trebled. The banking giant shelled out £1.5bn in incentive payments for the year, down one per cent on 2015. However, the lender's headcount also plummeted during the year, as part of its large-scale restructuring scheme. While the [...]
Baffling people into buying works – but drop the jargon, say it like it is February 23, 2017 According to a recent study conducted by Britain Thinks, women are wary of investing their cash in financial products, because they are turned off by the jargon the industry employs in its ads. Not just women, I’ll wager. Last year the Financial Conduct Authority warned banks against their persistent use of jargon. “All too often [...]
Briton arrested in connection with a Deutsche Telekom cyber attack that hit 900,000 customers February 23, 2017 The UK's National Crime Agency (NCA) has arrested a suspect at one of London's airports in connection with November's cyber attack on Deutsche Telekom. The 29-year-old Briton was arrested on Wednesday in response to a European arrest warrant. The cyber attack targeted the routers of 900,000 Deutsche Telekom customers leading to internet outages for around 4.5 per [...]
British American Tobacco’s profit heats up as it looks to the vaping market February 23, 2017 Lucky Strike and Dunhill cigarette maker British American Tobacco (BAT)'s profits and revenue grew over 2016 as it strives to pump up its next generation product offerings. The figures The tobacco giant reported revenue increased 12.6 per cent to £14.75bn, helped by the weak pound, while organic revenue increased 6.9 per cent, driven by good pricing. Adjusted [...]
Mortgage lenders have just had their best January since 2008 February 23, 2017 Mortgage lending hit £18.9bn in January, new figures have shown – two per cent up on the same month last year, and the best January since 2008. The Council of Mortgage Lenders (CML) said the figure was down six per cent on December's £20bn – but added that the number of first-time buyers had continued [...]
Brexit was the result of fake news narratives says the European Central Bank’s chief economist February 23, 2017 The UK’s vote to leave the EU was swayed by “negative popular narratives”, according to the chief economist of the European Central Bank (ECB). Speaking in London, Peter Praet noted “fake news can flourish nowadays” owing to new technologies. He then added: “The outcome of the UK referendum can be partly attributed to the decades-long [...]
This is how City analysts reacted to Barclays’ results February 23, 2017 Another day, another big bank reports its numbers – this time, it's Barclays' turn. Shares in the the lender went up by more than three per cent after it reported pre-tax profits almost tripled last year, growing by a massive 182 per cent to hit £3.2bn – but the bank still missed expectations. Here's how [...]
PSA nearly doubles profits as it announces first dividend in six years ahead of Opel takeover February 23, 2017 As PSA's proposed takeover of General Motors' European business looms, the French maker of Peugeot and Citroen announced net profit nearly doubled last year. Read more: Unite plans to meet PSA on Friday for clarity over growing job concerns The figures The company posted better-than-expected full-year results and also announced it will pay shareholders the [...]
The best (and funniest) tweets about Storm Doris February 23, 2017 Storm Doris is bearing down on the UK, with winds of up to 60mph expected across the capital – and as much as a foot of snow due to fall in parts of the North. It's the first time this year a so-called weather bomb (area of extreme low pressure) has hit the UK. The good [...]