S&P 500 drops below 1900 for the first time since October January 13, 2016 The S&P 500, an index of US companies, has fallen below 1900 points for the first time since September. The index, which entered the new year over 2000, has fallen victim to a global rout in equity prices that has been triggered by volatility in Chinese financial markets. It is currently down 2.31 per cent on [...]
Petrol prices will fall throughout January to catch up with the latest slump in the oil price January 13, 2016 The supermarket petrol price war is set to intensify, as the "lower for much longer" mantra sweeps through global oil markets. Oil has fallen around 15 per cent since all big four supermarkets – Sainsbury's, Tesco, Asda and Morrisons – slashed diesel prices to below £1 earlier this month. "It takes two to three weeks [...]
Parliament to debate quarterly tax updates after online petition receives more than 100,000 signatures January 13, 2016 People's dislike of filling in tax returns will become the topic of parliamentary debate in less than a fortnight after an online petition received more than 100,000 signatures. The petitions committee, which considers petitions submitted to petition.parliament.uk, yesterday scheduled a debate for a petition called "Scrap plans forcing self employed & small business to do 4 [...]
US Federal Reserve’s Eric Rosengren says slowing growth and stock market swings pose threat to rate hike path January 13, 2016 Threats to US economic growth are rising, one of the country’s interest rate-setters has said, and could mean rates will rise a slower pace this year. “Stock markets in much of the world began the year on a decidedly weak note, with declines in the Chinese stock market generating particular attention. These declines have been [...]
Competition and Markets Authority launches market study into the legal services sector to examine concerns about affordability and standard of services January 13, 2016 The Competition and Markets Authority (CMA) today announced that it had launched a market study into the legal services sector. The study will examine concerns relating to affordability and standard of services offered to consumers and small businesses. In particular, the CMA is reviewing how able consumers are to make informed purchasing decisions and whether adequate [...]
Fitch Ratings upbeat on UK housing market for 2016 despite slowdown in growth January 13, 2016 Credit ratings agency Fitch predicts house prices will continue to rise in 17 of the word’s 22 leading markets including the UK this year, buoyed by low mortgage rates, GDP growth and improving employment. However the rate of growth is expected to stay the same or drop in most countries as housing affordability becomes even [...]
New accounting standard will change the way companies treat leases on their balance sheets, but could influence a shift away from sale and leaseback January 13, 2016 A new accounting standard will change the way companies recognise leases on their balance sheets, and could see businesses alter the way they approach property. International Financial Reporting Standard (IFRS) 16 Leases, which was published today by the International Accounting Standards Board (IASB), is due to come into effect from 1 January 2019 and will [...]
Euribor trial: Jury trial date set for six people – two who worked at Deutsche Bank and four who worked at Barclays – accused of manipulating Euribor rate as 4 September 2017 January 13, 2016 The jury trial date for six people alleged of playing a role in the manipulation of the Euro Interbank Offered Rate (Euribor) has today been set to begin on 4 September 2017. Former Deutsche Bank employee Christian Bittar and Achim Kraemer, who is still at that bank, alongside ex-Barclays staff members Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse [...]
Family debt jumped 42 per cent to more than £13,500 in six months January 13, 2016 With growth in the economy looking shaky, it seems the amount people are borrowing has increased: new figures showed family household debt rose a whopping 42 per cent to £13,520 in the final six months of last year. The figure, which excludes mortgages, is up from £9,520 in summer 2015, and £9,050 last winter. It's also [...]
Buying a house? It will only takes you 53 minutes to decide whether to go for it January 13, 2016 It's one of the most important, and expensive, decisions you will make, but most of us only take 53 minutes to decide whether to buy a house according to a new survey. UK house-buyers are more pensive than a year ago, the same survey by eMoov.co.uk in 2014 revealed people only needed 38 minutes to [...]