UK investment levels expected to stay low says Bank of England February 8, 2017 The Bank of England says it expects investment levels to stay weak in the UK, as it finds four in five publicly owned firms saying pressure to create short-term returns has dented investment levels over the past five years. Sir Jon Cunliffe, a deputy governor and member of the rate-setting Monetary Policy Committee, said in a [...]
When fintechs and banks go speed dating February 8, 2017 While the seemingly age-old debate about whether fintech startups will kill banks still rages on, FinovateEurope demonstrates why that question is now largely redundant – things have moved on. The 80 startups on stage at the two day event in the heart of the City are pitching the banks, insurers and City institutions in attendance more [...]
Malaysian developer spends £10m saving Georgian terraces at One Crown Place February 8, 2017 Malaysian developer AlloyMtd is spending £10m on the refurbishment of a Georgian terrace in the Sun Street conservation area as part of its residential development One Crown Place. Hackney Council insisted on the developer restoring the historic buildings as part of the planning permission for the £500m scheme, which will provide 246 apartments and 140,000 square [...]
MPs add to calls for fairer overdraft charges February 8, 2017 MPs have today added to calls to urgently review overdraft charges, placing a cap on the amount lenders can levy if needs be. Rachel Reeves, the Labour MP who brought this morning's Westminster Hall debate, described some of the current levels of overdraft charges as "disproportionate with the offence you have committed", adding: "I don't [...]
AmazonFresh parks tanks in Waitrose territory with expansion into Home Counties February 8, 2017 Already widely available across London, Amazon’s grocery delivery service is now expanding into the suburbs of Hampshire and Surrey. Launched in June last year, AmazonFresh was initially available within 69 London postcodes, before increasing its remit to 190 postcodes in the city and a total of 260 across the country. Amazon says that “Prime” customers [...]
We built it, they didn’t come: TSB to shut branches as more people bank online February 8, 2017 TSB is closing the doors on 29 of its branches, as people increasingly favour banking online. The challenger bank, which was spun out from Lloyds before being snapped up by Spanish Sabadell in 2015, said today some of its least popular locations are now serving fewer than 200 customers per week, pushing it to make the decision to [...]
It’s time for big oil to embrace the digital age February 8, 2017 The 2014 oil price bust very quickly changed the agenda of the oil industry, prioritising efficiency as a tool of keeping costs down. This emphasis on efficiency was the best outcome of the crisis that pushed the larger part of the industry into survival mode. Now the crisis is over, or at least sector players [...]
Tullow Oil shares tumble after it reports a third year of losses February 8, 2017 Tullow shares plunged after it announced its third straight annual loss caused by big exploration write-offs in its Africa arm. The figures The oil giant's shares fell more than five per cent in morning trading after taking gross exploration write-offs of $723m (£579m). Revenue fell 21 per cent to $1.3bn from $1.6bn in 2015 due to weak oil prices. Tullow posted [...]
Redrow boss calls for government to release green belt land February 8, 2017 Redrow chief executive John Tutte has said the government should have unlocked more greenbelt land for development in the housing white paper. Speaking to City A.M., Tutte said: "Controversially, we would have liked to have seen something more forceful on releasing the green belt. "It isn't all rolling countryside." His comments come after communities secretary Sajid [...]
Sadiq Khan is going on a European tour next month February 8, 2017 London mayor Sadiq Khan is to embark on a European tour to promote the capital as the government approaches the formal launch of Brexit talks. Khan will visit five major capitals over six days to push the “London is Open” campaign, and boost ties with European politicians and business leaders. As well as visiting Paris, Berlin, Madrid [...]