The UK boosted its productivity potential last year, but Brexit could push it back down again January 5, 2017 The UK's comparative potential for productivity grew last year, but a bad Brexit deal could see it slip back down the rankings, research released today has found. The country crept up from 14th to 13th place in KPMG's Variables for Sustained Growth (VSG) Index, which rates the productivity potential in different countries. The final VSG score [...]
Snooping City: Do you live in London’s most spied-on neighbourhood? January 5, 2017 Londoners have been subject to more than 10,000 days of covert surveillance by councils since 2011, new figures have revealed. Some 27 London borough councils have launched almost 500 surveillance operations over the last five years, but which local authorities did the most spying? A raft of Freedom Of Information requests can reveal surveillance operations [...]
Cuadrilla Resources starts work at Lancashire fracking site near Blackpool January 5, 2017 British energy firm Cuadrilla Resources started work at its shale gas exploration site near Blackpool in Lancashire today. Permission to start hydraulic fracturing, or fracking, at the firm's Preston New Road site was granted in October last year by communities secretary Sajid Javid, who overruled an earlier decision from Lancashire County Council. It was one of two [...]
The US services sector ended 2016 on a strong note, confirms the purchasing managers’ index January 5, 2017 The US services sector expanded in December at the same rate as November, continuing healthy growth in the month before Donald Trump becomes US President, according to an important indicator of economic activity. The non-manufacturing purchasing managers’ index (PMI) stayed flat at 57.2, indicating a continued expansion in the sector for the 83rd month in [...]
Babcock International’s French arm scoops €500m defence contract with French Air Force January 5, 2017 The French arm of defence and support services group Babcock International has scooped a €500m (£425m) contract with France's air force. Under the 11-year contract, which begins immediately, Babcock France will provide and maintain a training platform and related services for the French Air Force (l'Armée de l'Air). The FTSE 100-listed firm had been tipped to get [...]
ITV chief exec Adam Crozier appointed as non-exec of Costa and Premier Inn owner January 5, 2017 The owner of Costa coffee has swooped during the January transfer window to sign the former head of the Football Association as a non-executive director. Current ITV chief exec Adam Crozier will join the board of Whitbread from 1 April and will be part of the remuneration committee of the group that also owns Premier Inn hotels. [...]
Bank of England chief economist Andy Haldane says they were wrong on Brexit, but UK must factor in financial services in negotiations January 5, 2017 The Bank of England's top economist has said the financial services sector should be one of the top concerns for the government in the upcoming Brexit negotiations, while acknowledging that the Bank's predictions on the effects of a vote to leave the EU were badly wrong – a "Michael Fish moment". Andy Haldane, chief economist of [...]
The 9 best paying companies in the UK for directors January 5, 2017 Recruitment website Glassdoor has ranked British companies based on how much they pay directors — senior staff who generally take care of a particular area of a company. The site, which lets staff anonymously submit company reviews and salary information, used data compiled over the past three years to produce its list. Perhaps unsurprisingly, the [...]
The most gripping private equity tale of 2017? Japanese tyre firm agrees £215m takeover deal for British counterpart January 5, 2017 A Japanese tyre company has agreed a £215m takeover deal for a UK counterpart. Private equity firm Graphite Capital today announced the sale of Micheldever Tyre Services (MTS) to Sumitomo Rubber Industries (SRI), Japan’s sixth largest tyre manufacturer. Graphite said the sale represents a 3.7 times return on its individual investment. The private equity house originally backed [...]
Non-Ascential items: Events company puts 13 magazines up for sale, including Health Service Journal, Drapers and Construction News January 5, 2017 Publisher and events company Ascential has put 13 of its magazines up for sale. The Health Service Journal, Construction News, Local Government Chronicle, Drapers and other titles have been separated from the rest of the business into a separate operating entity. Ascential said it was seeking new owners for the “heritage brands”, which sit within EMAP, [...]