S&P takes rating actions on 14 oil companies – and Shell’s Ben van Beurden warns of oil prices “spiking” October 6, 2015 Standard & Poor’s said today it had taken rating actions on 14 European oil and gas companies, after revising its oil price forecast down. Oil producers are braced for a long slump in prices, after the ratings agency recently revised its forecast to predict that prices will stay low through the end of 2016. We [...]
Battersea Power Station dismantling work to restart in coming weeks October 6, 2015 Work to dismantle the remaining three of Battersea Power Station’s iconic chimneys will kick off in the coming weeks after the first of the chimneys to be rebuilt successfully reached half of its full height. The huge concrete towers were badly damaged by the coal smoke they emitted during the building’s working life and [...]
London business confidence dips amid rising wage costs, interest rates and Eurozone uncertainty October 6, 2015 London's businesses have reported a dip in confidence from the last quarter as they factor in rising employment costs, interest rate uncertainty and the political fall-out from Eurozone debates. The London Chamber of Commerce will release figures today showing the balance of companies that think the capital’s economic outlook will improve over the next [...]
Robert Walters share price jumps: UK financial services helps to lift recruitment firm’s profit October 6, 2015 Professional recruiter Robert Walters saw its UK profit climb sharply in the three months to September as it was buoyed by a strong labour market. Recruiters offer a timely barometer of the health of the economy in advance of the release of official statistics, and this time round profit from the UK jumped 15 per cent [...]
Eurozone in sweet spot of recovery boosted by low oil prices and good exchange rate – EY October 6, 2015 The Eurozone is still in a “sweet spot” as it benefits from lower energy prices, a more competitive exchange rate and solid demand in the UK and US, according to forecasts from EY. In its EY Eurozone Forecast (EEF) for October, the financial services firm predicts that investment spending will pick up in 2016, which [...]
Economic expansion slowed in September but CBI says growth is still strong October 6, 2015 The rate of economic expansion dipped slightly in the three months to September following a near record-breaking previous month – but growth is still strong, according to the latest Confederation of British Industry (CBI) growth indicator. Its survey of 775 respondents across the manufacturing, retail and service sectors showed the pace of growth slowed down [...]
Pound falls after shock drop in service sector growth points to a loss of momentum in the UK economy October 6, 2015 The UK’s services sector, which makes up 80 per cent of the economy, may have seen its weakest growth for over two years in September, a survey of firms reveals. Sterling dipped by nearly half a cent against the dollar after Markit’s purchasing managers’ index, published this morning, posted a score of 53.3. While the [...]
IMF: The world is close to recession – but UK and US to lead the way on growth as emerging markets struggle October 6, 2015 The world is perilously close to entering a recession again this year and the next, according to the new forecasts from the International Monetary Fund (IMF). The IMF has cut its forecast for global growth by 0.2 percentage points for 2015 and 2016, to 3.1 per cent and 3.6 per cent respectively, with most of [...]
Institute of Directors: Politicians are looking at the UK’s productivity problems in the wrong way October 6, 2015 The government is looking at the so-called “productivity puzzle” in the wrong way, the Institute of Directors (IoD) argues in a new report out today. The business group says that ministers should have a bigger focus on promoting business “agility”, allowing firms to respond quickly and efficiently to various demands. IoD chief economist James Sproule, [...]
SABMiller hit by exchange rates despite fizzing sales October 6, 2015 Craft beer giant SABMiller, currently the target of a takeover by rival Anheuser-Busch InBev (AB InBev to its friends) which will create a $275bn (£177bn) megabrewer, saw a nine per cent fall in reported revenues in the three months to the end of September, due to currency changes. The exchange rate movements took the positive edge off the [...]