AO World share price falls as investors focus on economic storm clouds on horizon despite increase in revenue January 12, 2017 AO World has reported increased sales in the UK as its European revenue grew strongly, but shares fell sharply as it warned of bumpy economic conditions to come. The figures UK ao.com revenues grew by 10.3 per cent year on year. Overall UK revenue increased by a slightly smaller 8.9 per cent, reflecting legacy logistics and [...]
Tesco share price falls despite sales rise in third trading quarter as investors focus on weaker Christmas trading January 12, 2017 Tesco's share price fell despite the supermarket giant reporting its first quarterly market share growth since 2011, as sales grew for the eighth quarter in a row. The figures Group like-for-like sales grew 1.5 per cent in its third trading quarter, with UK like-for-like sales growing even faster, at 1.8 per cent. The supermarket said it [...]
US intelligence services deny leaking explosive Trump dossier of personal allegations January 12, 2017 The head of the US intelligence services has hit back at US President-elect Donald Trump over claims his department leaked an explosive dossier of claims. James Clapper, director of national intelligence, denied claims that Trump had tweeted that the document had been leaked by one of the organisations under his control. Clapper said: I emphasized [...]
Forget the sugar tax, #DontTaxHealthy wants to incentivise healthy food by cutting VAT to 5 per cent January 12, 2017 A new group wants to decrease the cost of obesity on the UK economy by cutting VAT on healthy options instead of punishing consumers with a "sugar tax". In the UK, 40 per cent of 18-34 year olds and 30 per cent of all ages said they can't afford to purchase healthy food and drink because it's more expensive than other products, YouGov [...]
Chancellor Philip Hammond praises “success story” Funding Circle as it announces $100m investment January 12, 2017 Chancellor Philip Hammond has praised Funding Circle as a “real success story for British fintech” after the peer-to-peer (P2P) platform announced a new $100m (£82.5m) equity capital. The funding round was led by Accel Partners and included participation from existing investors Baillie Gifford, DST Global, Index Ventures, Ribbit Capital, Rocket Internet, Sands Capital Ventures, Temasek and Union Square [...]
The easy sell to the EU that preserves the Single Market for the City January 12, 2017 The UK is about to seriously embark on its programme towards Brexit. We have been promised that the government will exercise the country’s right under Article 50 of the Lisbon Treaty in March 2017, which commences a two-year period of withdrawal negotiations. Those two years will be marked by considerable political activity and, though this [...]
So much could go wrong – but America’s President-elect gives free marketeers plenty to cheer January 12, 2017 Within days, Donald J Trump will be the forty-fifth President of the United States, and his economic team will be charged with the task of translating an economic manifesto into actual policy. As a passionate supporter of free trade, I have problems with The Donald’s America First trade policy. But when I look at the [...]
Why we’re restricting traffic at Bank junction January 12, 2017 Bank junction is one of the City’s most iconic spots. The Bank of England, the Mansion House and Royal Exchange make it an instantly recognisable place. However, those who try and pass through – whether on foot, on bicycle or by vehicle – know that it is incredibly busy, especially at peak travel times. Many [...]
Fashion industry blues: Sector falters as it loses £750m and sales suffer deepest decline since 2009 January 12, 2017 Britain's fashion market struck a feeble pose last year, when it suffered its deepest sales decline since August 2009, according to figures from Kantar Worldpanel. Sales fell by two per cent in the 52 weeks to 18 December compared to the year before, Kantar found, knocking nearly £750m off its total value. In October, Kantar had already [...]
Lobby group calls for clear and upfront transitional plans to see City through lengthy Brexit process January 12, 2017 A leading think tank has today called on the government to secure "clear and upfront" transitional arrangements to smooth the path for the City through Brexit. A new paper, which lays out the financial and professional services sectors priorities for the Brexit negotiations, from lobby group TheCityUK also warns that drawing up the final EU departure deal could [...]