UK aerospace industry goes stratospheric February 1, 2016 The aerospace industry has increased in value by £3bn in 2015, with a new aircraft ordered on average every four hours and delivered every 6.5 hours globally, according to data from aerospace trade body ADS Group. Production of commercial aircraft in the country is up almost 50 per cent since 2009, as the government faces calls [...]
ICAEW: Weak business optimism is a bad sign for chancellor George Osborne February 1, 2016 Business confidence has dropped to a three-year low, signalling lower growth and posing a threat to chancellor George Osborne’s budget targets. The Institute of Chartered Accountants in England and Wales’ (ICAEW) confidence index dipped to a score of 11.4 for the start of 2016 – the lowest since early 2013. Lower economic growth can impact [...]
Late tax return? You have the right to appeal a penalty if you have a reasonable excuse, says industry body, as the deadline for self-assessment tax return draws nearer January 31, 2016 With just one hour to go until the deadline for self-assessment tax returns, an industry body has urged those who have a reasonable excuse for not hitting submit by midnight to appeal any late filing penalty they receive. The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has today warned [...]
Private jet membership set to take off in 2016 January 31, 2016 Private jet usage is set to take off in London, following the roll out of membership schemes that allow people to make use of jets without owning them. A survey carried out by industry magazine Corporate Jet Investor found that nearly one in four (23 per cent) said that the growth of membership schemes and online [...]
Oil industry body pushing for tax cuts for the North Sea ahead of Budget in March January 31, 2016 An oil and gas industry body is ramping up its fight against taxes on the struggling North Sea oil industry ahead of the Treasury’s March Budget. Oil &Gas UK (OGUK) will petition the Treasury to ease taxes on the industry as the North Sea reels from 70 per cent drop in the oil price in [...]
Saudi market rallies despite threat of austerity as oil price ticks up January 31, 2016 A rise in oil prices has seen Saudi Arabia’s stock market rally impressively despite warnings that the country faces growing fiscal difficulties. The Tadawul All Shares Index – Saudi Arabia’s highly secretive stock market – rose for the fourth day in a row on Sunday, its longest winning streak since November 2015. For the week ending 28 January [...]
The UK economy is having a slow start to the year, says the CBI January 31, 2016 The economy has had a sluggish start to the year, a business lobby group has said. The percentage of firms reporting higher growth over the last three months outweighed the percentage reporting more sluggish growth by six percentage points, according to the figures from the Confederation of British Industry (CBI) published today. It was the [...]
Oil prices: Iraq will co-operate to cut production in bid to prop up Brent crude January 30, 2016 Iraq's oil minister has said his country would co-operate if Organization of the Petroleum Exporting Countries (Opec) and non-Opec members agree to cut crude production, in the wake of a supply glut that's sent oil as low as $27 per barrel this year. It comes as one of Opec's poorer member, cash-strapped Venezuela, has called a meeting to [...]
Azerbaijan downgraded to junk status by Standard & Poor’s due to oil price rout January 29, 2016 The oil price rout has taken its latest victim – Azerbaijan, which saw its credit rating downgraded to junk status by Standard & Poor’s. The ratings agency said it expects the oil-dependent country’s economy to contract in 2016 as exports decline, while consumption will fall due to the devaluaton of the manat, its crisis-struck currency. “Oil [...]
Brent crude and WTI: Oil prices fall as hope over production cut fades January 29, 2016 Oil prices wavered today, as soaring oil output coincided with dampened optimism around a possible production cut from some of the world's biggest producers, the Organization of the Petroleum Exporting Countries (Opec) and Russia. Brent crude, the global benchmark, fell 0.35 per cent to $33.77 per barrel, after ending 2.4 per cent higher yesterday. West Texas Intermediate, the US [...]