Business group says that employment tribunal fees will encourage businesses to hire July 29, 2013 As changes to the legal system come in today, business group the Institute of Directors argues that the introduction of user fees for employment tribunals will help businesses to hire. Alexander Ehmann, head of regulatory policy at the Institute of Directors, said: The introduction of fees for employment tribunals will have a direct effect on [...]
EU commissioner says there’s space for further trade agreements with China July 29, 2013 Following the agreement between the European Commission and China on a minimum price for solar panels over the weekend, EU trade commissioner Karel de Gucht has said there is a “window for discussions” over the next few months to resolve further trade disputes over wine and silicon. European solar panel manufacturers previously accused Chinese companies [...]
Feel-good factor drives up retail sales for first time since February as heatwave hits Britain July 29, 2013 Retail sales have risen for the first time in five months, according to the CBI's latest monthly distributive trades survey (release). Reported sales grew to 17 in July from 1 previous, beating analyst estimates of a rise to 10. The survey of 60 retailers saw year-on-year high street sales this month grow at a stronger [...]
Barclays shares slump as it confirms regulator talks to fix balance sheet July 29, 2013 Shares in Barclays have dropped by more than 3.5 per cent today as it confirms that it is in discussions with the Prudential Regulatory Authority (PRA) "regarding its financial and capital management plans" (release). The 9.46 announcement appears to have had little impact on the bank's shares, which dropped on the open. The statement has [...]
UK lending misses expectations July 29, 2013 The Bank of England released three key pieces of data this morning, and it's not looking good. First, consumer credit was £489m in June, the smallest rise since January, and down from an upwardly revised £781m in May. Economists had expected to see net growth of £700m. Meanwhile, mortgage approvals fell unexpectedly to 57,667, after [...]
Italian business confidence beats estimates in July July 29, 2013 Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8. The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased [...]
Apple supplier in China accused of 86 labour rights violations July 29, 2013 A New York-based rights group has reported three factories making Apple products in Shanghai and Suzhou enforce unpaid overtime and employ minors among other violations of Chinese regulations (release). China Labor Watch says Pegatron, which assembles iPads and iPhones at factories in China, were found to be “violating a great number of international and Chinese [...]
US drugmaker Perrigo agrees deal to buy Elan for $8.6bn ($16.50 per share) July 29, 2013 US drugmaker Perrigo has agreed to buy Elan for $8.6bn (£5.5bn) ending a long battle in which Elan rejected three hostile bids by US investment firm Royalty Pharma before putting itself up for sale last month. The deal will give Perrigo significant tax savings from being domiciled in Ireland, which has a 12.5 per cent [...]
Ryanair profits fall by over 20 per cent in first quarter but still expects to hit targets July 29, 2013 The low-cost airline Ryanair has announced that its post-tax profits fell by 21 per cent in the first quarter to €78m (£67m) (release). Passenger numbers grew by three per cent to 23.2m in the same period with revenue up five per cent to €1,342m (£1158m). Ryanair's CEO, Michael O'Leary, said: As ever, our outlook remains [...]
Clients pull billions of pounds more than expected from Aberdeen Asset Management funds in third quarter July 29, 2013 Aberdeen Asset Management has reported net outflows of £3.4bn in the three months to 30 June 2013, down from net inflows of £300m in 2012 and lower than analyst expectations of a £1.3bn outflow. The company attributed £300m of its new business outflows to assets under management acquired from Artio. Net new business inflows were [...]