Top US business bosses abandon shareholder-first principle August 19, 2019 The age-old principle that shareholders come first has been ditched by an influential lobbying group representing some of the world’s most senior business bosses. Maximising profits for investors should no longer be the main priority for firms, an organisation called The Business Roundtable concluded today, as it signalled a major corporate shift towards achieving wider [...]
Eurozone inflation falls to well below ECB target in July August 19, 2019 Prices in the Eurozone rose by just one per cent in July, official figures showed today, far below the European Central Bank’s (ECB) inflation target, making it increasingly likely the Bank will relaunch its giant bond-buying programme next month. Read more: US and European stocks buoyed by ECB rate cut expectations The one per cent [...]
German central bank warns economy could already be in recession August 19, 2019 Germany’s central bank has warned that the country’s economy could already be in recession as the malaise in its industrial sector continues. Read more: German economy shrinks in second quarter as exports slump The German economy, Europe’s biggest, contracted in the second quarter due to falling exports and industrial production induced by trade tensions, a [...]
Mark Carney says negative interest rates ‘not an option’ for BoE August 19, 2019 Bank of England governor Mark Carney has said his institution will not pursue negative interest rates, a monetary policy device employed by the European Central Bank (ECB) and Bank of Japan, among others. Read more: BoE boss Mark Carney pulls out of UK-China dinner “At this stage we do not see negative rates as an [...]
Abellio takes over East Midlands franchise from Stagecoach August 19, 2019 Dutch train firm Abellio has officially taken over the East Midlands franchise from Stagecoach. Abellio will operate the franchise, which connects London St Pancras to the East Midlands, for the next eight years from today. Read more: Government signs controversial East Midlands contract with Abellio It said it was bringing £600m worth of investment to [...]
Caution over major purchases as uncertainty dents UK economy August 19, 2019 Consumer appetite for major purchases fell at the second-fastest rate in almost two years during August, as Brexit uncertainty and fears of an economic slowdown held back spending. IHS Markit’s monthly household finance index dipped to a three-month low after reporting the second-sharpest drop in demand for major purchases since September 2017. Read more: Retailers [...]
Wealth manager Tilney confirms Smith & Williamson merger talks August 19, 2019 Tilney has confirmed that it is in merger talks with rival Smith & Williamson, following reports of a potential tie-up between the two private wealth managers. Tilney confirmed it is in talks with Smith & Williamson “about a potential combination of our businesses” in a statement this morning. A merger would create a firm with [...]
Italy’s League floats tax cut paid for by deficit August 19, 2019 Italy’s ruling League party has set up another clash with the European Union over budget rules, saying it wants to cut taxes by raising its deficit. Read more: Italy’s political crisis triggers bond sell-off The statement of intent comes with Italy in political crisis after the League said its coalition government with the anti-establishment Five [...]
Sajid Javid quashes stamp duty speculation August 19, 2019 Chancellor Sajid Javid has moved to quash speculation he may be about to shift stamp duty from buyers to sellers. During an interview with The Times, Javid had appeared to float the idea ahead of his first Budget. When asked about changing who pays stamp duty to save first-time buyers paying any tax, he said: [...]
Stock markets rise after Germany hints at stimulus August 19, 2019 European stock markets have risen sharply after opening and bond yields have fallen as investors react to the news that Germany could inject some stimulus into its stalling economy. Read more: US stock markets jump after China hints at stimulus Germany’s Dax was the biggest riser, climbing 1.2 per cent in early trading. Meanwhile the [...]