Hopes grow for Grangemouth deal as Unite changes tack October 24, 2013 Unite's Len MCluskey has told Grangemouth owner Ineos that the union will embrace the rescue plan. Following emergency talks with Ineos management this morning, McCluskey said that Unite "was not going to allow this plant to close down". On BBC News 24 he said that they will not let 800 jobs go and see Grangemouth [...]
Regulator slaps prudential requirements on crowdfunding platforms October 24, 2013 The Financial Conduct Authority (FCA) has set out today how it will regulate crowdfunding, enforcing prudential requirements for platforms. Loan-based crowdfunding platforms, which allow businesses, organisations and individuals to raise money through people pooling money, will now be required to immediately present clear information as standard and have in place resolution plans that ensure loan [...]
Lego minifigures set to outnumber people by 2019 October 24, 2013 The little figures created by Danish toy company Lego are a rapidly exploding population – and according to XKCD will outnumber humans by 2019. Luckily they're only around 1/40th of the size of an adult human. (XKCD) Lego began producing their iconic interlocking bricks in 1949, but the minfigures wouldn't appear until 1978. XKCD's Randall [...]
Just one per cent of UK businesses are foreign-owned but account for a quarter of output October 24, 2013 Only one per cent of registered businesses in the UK business economy in 2011 were foreign-owned but these businesses contributed 28 per cent of gross value added, says a report from the Office for National Statistics (ONS). One reason for this is that foreign-owned businesses are more likely to be bigger in terms of employment [...]
UK and US growth pushes WPP profit October 24, 2013 WPP has said this morning that it saw third quarter revenues up 7.4 per cent at £2.680bn, with like-for-like revenue growth accelerating to 5.0 per cent. Shares leapt on the news. (Release) The global advertiser saw strong growth in the UK, North America and Latin America was complemented by growth in advertising and media investment [...]
Eurozone output set to rise for fourth month running October 24, 2013 Eurozone growth is slowing, according to the latest purchasing managers' index (PMI) data from Markit. These flash estimates suggest that the area's exit from recession may nonetheless be more than temporary – they signal growth for a fourth consecutive month. All sector growth has dropped to a two month low, down from 52.2 to 51.5, [...]
Mercedes-Benz swells Daimler profit October 24, 2013 Daimler has reported another improved quarter, as the Mercedez-Benz maker sees profit up 53 per cent, unit sales increase 13 per cent to 595,000 vehicles and revenue at €30.1bn in the third quarter. Shares jumped on the results this morning. (Release) Net profit for the period was €1,897m (£1615.17m) (€1,238m (£1054.08m) like-for-like). Chairman Dr Dieter Zetsche said [...]
Emerging markets prop up Unilever’s modest growth October 24, 2013 Unilever has announced steady progress in its third quarter results, despite slower markets. (Release) During the quarter, underlying sales grew 3.2 per cent, with emerging markets up 5.9 per cent. Chief executive officer Paul Polman commented that emerging markets continue to be the company's main growth driver, despite the current slowdown. He said that the [...]
What you need to know before the open – 24/10 October 24, 2013 European markets were down for the first day in two weeks yesterday, slowed by the prospect of the ECB's stress test plans for Eurozone banks, due to start next month. But this morning, markets are expected to return to good health after Chinese HSBC manufacturing PMI came in at a seven month high – 50.9. [...]
The Immigration Bill risks harming liberty and Britain’s economy October 24, 2013 THE PHRASE “papers, please” once conjured up the image of a totalitarian dystopia, where anyone might rat out their neighbour to the government. Britons have always been allergic to this informant culture – a hallmark of the unlimited state. But “papers, please” could soon become government policy. Whatever your perspective on migration, the Immigration Bill [...]