EU beats UK in bonus cap legal battle November 20, 2014 Britain’s standing in the EU is lower than ever, and the UK yesterday admitted defeat in the latest spat. Should Britain ever have challenged the bonus cap? The Bank of England thinks the bank bonus cap does more harm than good. British institutions such as Barclays took a pummeling in the US when they cut bonuses, losing [...]
Bank of England tells banks’ directors to be more ambitious November 20, 2014 Banks’ directors are too focused on complaining about the risk of going to jail, and not doing enough to work on the big objectives of their companies, the Bank of England’s Martin Taylor said yesterday. To run a bank properly, non-executives should work together on the big strategic direction of the bank. Currently, they often [...]
Ineos boosts UK shale with $1bn investment vow November 20, 2014 SHALE gas could rejuvenate the UK’s manufacturing industry, Ineos boss Jim Ratcliffe told a press conference yesterday. The chemicals firm chairman made the comments after revealing that his firm planned to invest $1bn (£637m) in UK shale gas exploration and appraisal, with “substantial further investment” to follow if the company moved into development and production. [...]
Euro recovery hopes receive another blow November 20, 2014 HOPES that the Eurozone might stage an end-of-year recovery have been dashed by a flurry of poor data released yesterday. The composite purchasing managers’ index – a survey of private sector firms across services and manufacturing – compiled by Markit fell to 51.4 in November from October’s 52.1. Any figure above 50 signifies growth, but [...]
Retail rebounds as shops shrug off growth fears November 20, 2014 SALES on the high street saw a rebound in October after a sharp September dip. Retail sales volumes were 0.8 per cent higher in October than in September, according to figures published yesterday by the Office for National Statistics. “Given recent concerns that the UK economy has been losing momentum and the importance of consumer [...]
Piers Linney’s Outsourcery sees share price reach the clouds after Microsoft tie-up November 20, 2014 Cloud computing company Outsourcery yesterday saw its share price rocket almost 50 per cent following an announcement that it had been named as a Microsoft Cloud Solution Provider. The company, co-led by Piers Linney, of BBC2’s Dragon’s Den, has been named as one of a handful of firms in the UK which will be able to [...]
Dyson commits £1.5bn in global invention quest November 20, 2014 Inventor James Dyson has today announced that his eponymous company, known for its revolutionary versions of household objects from electric fans to vacuum cleaners, is making a £1.5bn investment in future technology, at home and abroad. Dyson aims to launch 100 new products worldwide in the next four years. The financial commitment includes a £1bn [...]
Goldman Sachs lifts lid on top UK stock picks to rally next year November 20, 2014 GOLDMAN Sachs yesterday laid out its closely watched forecasts for 2015, with FTSE giants Crest Nicholson, BT and Arm among stocks it believes would soar in the next 12 months. The influential bank, which publishes stock research for large City clients giving investment ideas, published its conviction buys yesterday, written by a team of analysts [...]
Record results for Gatwick as it seeks to grow November 20, 2014 GATWICK airport revealed record passenger numbers and a strong set of results yesterday, as the debate over whether to expand it or its rival Heathrow hots up. Despite a drop in pre-tax profit, owing to accounting adjustments, the group posted an 8.6 per cent increase in turnover to £391.6m and profit before tax of £122.4m. [...]
Investec bank profits surge as legacy of financial crisis fades November 20, 2014 Anglo-South African bank Investec reported strong profits for the six months to September yesterday, overcoming a fall in the rand. Impairments fell by more than 20 per cent on the year, and are down to one-fifth of their £320m level seen three years ago, as the bank moves on from the financial crisis. Pre-tax operating profits [...]