ABN Amro profits leap in fourth quarter, beating analysts’ expectations February 15, 2017 ABN Amro beat expectations today by reporting its fourth quarter profits grew by more than a fifth. The figures The Dutch lender reported profits of €1.8bn (£1.5bn) for its 2016 full year, down six per cent on €1.9bn the year before. However, profits for the fourth quarter alone sprung up to €333m, an increase of 23 per cent [...]
Another Southern rail strike is going ahead: RMT announces 24-hour walkout next week February 15, 2017 The RMT union has announced a fresh 24-hour strike on Southern rail will take place on Wednesday 22 February in the long-running staffing dispute. Conductors will strike for 24 hours between 00:01 and 23:59, after fresh talks broke down yesterday. Read more: Days lost to strike action soared 89 per cent last year Mick Cash, RMT [...]
Pimlico Plumbers boss Charlie Mullins wants to help out with the government’s review of modern employment February 15, 2017 Pimlico Plumbers boss Charlie Mullins wants to get involved with the government's review of modern employment – after losing an appeal against a former worker last week. The plumbing boss has requested an "urgent" meeting with Matthew Taylor, Tony Blair's former adviser and head of the government review, in the wake of the Appeals Court ruling [...]
British steelworkers vote in favour of Tata’s reforms to pensions February 15, 2017 Steelworkers in three unions have voted in favour of proposals that will see their pensions benefits cut. The proposals will see Tata Steel pump £1bn into the sprawling Port Talbot steelworks in exchange for workers accepting changes to their pension schemes. More than 70 per cent of the steelworker members of GMB, Community and Unite [...]
Low interest rates knock Credit Agricole’s quarterly profits, but numbers beat expectations February 15, 2017 Credit Agricole became the latest European bank to report a slump in its profits this morning, as low interest rates continued to put pressure on its bottom line. The figures The French lender reported full-year net income of €3.5bn (£3bn), largely flat on the year before – although the fourth-quarter figure was €291m down 67 per cent from €882m. These [...]
Europe’s big oil breaks even at $50-60 per barrel February 15, 2017 Europe’s big oil companies need oil to stay in a range between US$50 and US$60 a barrel to remain cash flow positive, Fitch Ratings said. The agency added that this represents significant progress from the times when Big Oil in Europe was finding it hard to break even at US$100 per barrel. Still, dangers remain [...]
Five-year high for US inflation in biggest jump in consumer prices since 2013 February 15, 2017 Consumer prices in the US jumped in January by the most since 2013 as higher oil prices continue to make their impact around the world. Prices increased by 0.6 per cent in January to push annual inflation to 2.5 per cent, higher than expected, according to the US Bureau of Labour Statistics (BLS). Rising petrol [...]
Ageas global performance hit as UK operations swing into the red February 15, 2017 Insurance giant Ageas today revealed profits had tumbled over the last year with losses spiralling in the UK while the firm works through a painful restructuring and prepares for regulatory changes. The net result of the Belgium-headquartered group plummeted to €127m (£108m), down from €770m. UK operations swung from black to red, posting a €56m loss in 2016, compared with a €30m [...]
2016 was a record year for used car sales after 8.2m vehicles changed hands February 15, 2017 Britain's used car market hit record highs last year with 8.2m vehicles sold. According to the Society of Motor Manufacturers and Traders (SMMT), that marked an uplift of 7.3 per cent. Some 1.8m used cars changed hands in the fourth quarter, with a 5.5 per cent rise in October. Demand for smaller cars showed no [...]
Euronext shareholders approve clearing deal as company awaits news on London Stock Exchange-Deutsche Boerse merger February 15, 2017 Euronext shareholders today waved through the pan-European exchange’s proposed takeover of the London Stock Exchange’s French clearing arm, LCH SA. The deal, which is dependent on the London Stock Exchange’s merger with Deutsche Boerse completing, was unanimously approved at an extraordinary general meeting. Euronext, reporting its full-year results for 2016 today, indicated that if the [...]