Union leaders are their own worst enemy December 19, 2016 As the country prepares to power down for Christmas, a number of trades unions are flexing their muscles and powering up their strike activity. As PWC’s Tom Kerr Williams notes, for unionised labour “a good time to react is at Christmas when most employers will be under pressure to keep customers happy”. One can't deny the [...]
Blame discredited elites for the decline and fall of the West in 2016 December 19, 2016 “The more I practice the luckier I get.” – Golfing great Gary Player In essence, political risk analysis is like nothing so much as American baseball: there is an undoubted element of chance to the game and even the best player strikes out with soul-destroying regularity. Saying this, it is not dumb luck that the legendary [...]
City firms are preparing for the worst from Brexit – but hoping for the best December 19, 2016 Well, what a year 2016 has proven to be. The UK is preparing to leave the European Union; the US – one of the world’s largest importers – is preparing to welcome a protectionist President; while impending elections in France and Germany could potentially deliver political earthquakes. It will certainly go down in the history [...]
Why rising longevity threatens to kill off the traditional City of London pay pyramid December 19, 2016 Many professional service and financial firms operate a pay pyramid – those at the top earn large multiples of those lower down the organisation. Average partner salaries in the Big Four accounting firms, for instance, are around £750,000 but around £40,000 for those starting out. Similar structures are found in law and finance. While undoubtedly [...]
Will allegations of Russian interference in the US election tarnish Donald Trump’s presidency? December 19, 2016 Brian Klaas, fellow in comparative politics at the London School of Economics, and author of The Despot’s Accomplice, says Yes. Republicans and Democrats agree that Russian hacking was used to help Donald Trump win the presidential election in November. While both Republicans and Democrats were hacked, only e-mails that would embarrass Hillary Clinton were released. [...]
Surge in days lost to strike action in 2016 December 19, 2016 Talks aimed at averting strikes by British Airways cabin crew over Christmas will be held at conciliation service Acas today as figures obtained by City A.M. show that the number of days lost to industrial action in the first ten months of 2016 has already dwarfed last year’s total. According to the Office of National [...]
UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]
London to be cloaked in fog tomorrow says Met Office and a London White Christmas doesn’t look likely December 18, 2016 Dense fog will descend on London tomorrow, hampering efforts to either get into the capital for work or get away from it for the Christmas holidays. Today, fog stubbornly held its ground leading to the capital's airports warning of flight delays and cancellations – it was the second day those looking to make an early [...]
Russell & Bromley quaking in its boots as profits take a beating December 18, 2016 Shoe shop Russell & Bromley has taken an axe to its dividend after profits fell by more than 12 per cent last year. Accounts recently filed at Companies House show the Kent-based footwear purveyor plans to give its dividend a £3m haircut to £11m after profits and revenue took a hit. Last year Russell & [...]
BP scoops up stake in Abu Dhabi oilfields in a deal worth $2.2bn December 18, 2016 Oil giant BP has picked up a stake in Abu Dhabi’s largest oil fields in exchange for a two per cent share in the company in a deal worth $2.2bn (£1.9bn). BP will control 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels a [...]