Ex-migration chief recruited to crack down on workplace exploitation January 5, 2017 The former chair of one of an independent migration watchdog has been recruited to lead a government crackdown on exploitation of workers. Sir David Metcalf has sat on the Migration Advisory Committee since its creation in 2007, and will now serve as the first director of labour market enforcement. Metcalf, who was also a founding member [...]
No wonder the public doesn’t trust Labour with the economy – shadow chancellor John McDonnell can’t even add up January 5, 2017 Among its extensive list of New Year’s resolutions, the Labour party would have presumably included: “Try to win back an ounce of economic credibility”. Under the hapless leadership of socialist fanatics Jeremy Corbyn and John McDonnell, this once-proud party has plummeted in the polls, with a survey late last year revealing that just 18 per [...]
Increased turnover growth in sights for British companies – but inflation looms January 5, 2017 British business expectations of turnover growth have increased after a post-referendum dip, according to a new survey of more than 7,000 firms – although predictions of price rises have also risen sharply. Confidence in increased earnings increased at the end of the fourth quarter by seven percentage points to hit a net positive rating of [...]
Small business owner with an hour to spare? Why not apply for a loan? January 5, 2017 Small business owners with an hour to spare can now use it to unlock some extra cash, thanks to a new service offered through Barclays' mobile banking app. The lender has been running a trial version of the service, which allows small business owners to apply for loans up to £25,000, since last November. But from today, [...]
Wall Street banks lead bonus charge as European lenders set to row back on mega payouts January 4, 2017 Top dealmakers at Wall Street’s banking titans are expected to take home the lion’s share of this year’s payouts as the split between bonus season winners and losers becomes more pronounced. Next week, the bonus season will kick off in earnest when Wall Street heavyweights JP Morgan and Bank of America report full-year results. “US banks [...]
US interest rates could rise higher than expected this year, minutes from the US Federal Reserve’s December meeting show January 4, 2017 The latest US Federal Reserve minutes have shown officials at the central bank believe interest rates could be forced to rise higher than expected this year, if tax cuts and aggressive fiscal policy are enacted under President-elect Donald Trump's administration. Market reactions to the US presidential election and the expectation of aggressive fiscal policy drove officials to hike interest rates [...]
Mega-deals help boutique investment bank Robey Warshaw nearly double revenue and profits January 4, 2017 Megabrew, the London Stock Exchange-Deutsche Boerse merger and Royal Dutch Shell's takeover of BG Group helped boutique investment bank Robey Warshaw nearly double its profits and revenue last year. In the year to 31 March 2016, the company reported a turnover of £43.3m, up from £23.9m the year before. Profits increased from £19.4m to £36.6m. Read more: [...]
Treasury committee chair calls into question the government’s HS2 figures January 4, 2017 The reliability of the HS2 passenger demand figures have been called into question by the chairman of the treasury select committee. Andrew Tyrie, who has previously questioned the economic justification for HS2, has taken aim at government numbers in letter to transport secretary Chris Grayling. Read more: New franchise will combine HS2 with Inter City [...]
Currency trading firm shelves IPO plans, citing FCA spreadbetting crackdown January 4, 2017 A currency trading broker has shelved plans for a stock market flotation, citing uncertainty caused by a City watchdog probe into spreadbetting. FxPro began lining up an initial public offering (IPO) in 2015, but reportedly put the plans on hold last year. The flotation plans have now been shelved again amid a Financial Conduct Authority [...]
The UK’s former ambassador to Russia has been appointed to replace Sir Ivan Rogers January 4, 2017 Theresa May has found a new ambassador to the EU less than 48 hours after Sir Ivan Rogers resigned from the role. The UK's former ambassador to Russia Sir Tim Barrow will take on the job following Rogers' departure. Barrow served as ambassador to Russia between 2011 and 2015, having previously also served as the UK's [...]