Saudi Arabian stock exchange to open up to foreign investments June 14, 2015 The Kingdom of Saudi Arabia is today opening its $500bn-plus Tadawul stock exchange to direct foreign investments, with the move to be closely watched by investors seeking opportunities in the Middle East. Under the new rules, qualified foreign investors with a minimum $5bn in assets under management and at least five years’ experience in the [...]
Apprenticeships will be treated same as degrees under new law June 14, 2015 Apprenticeships will be given protected legal status under a new law to be introduced later this year, the government announced yesterday. The business department said that the forthcoming enterprise bill will make the term “apprenticeship” protected in law, in the same way as a university degree. “If university graduates have their moment in the sun [...]
City firms in rush to hire contract workers to deal with regulation June 14, 2015 Demand for contract workers within London’s financial services sector is soaring, new figures show. The number of contract vacancies, which are short-term, jumped 45 per cent between April and May, according to data released today by recruiters Venn Group. Demand is still high for compliance positions, with financial services firms adjusting to the new regulatory [...]
Shoppers abandon trips to the high street at faster pace in May June 14, 2015 UK high streets and shopping centres faced mounting pressure in May as shoppers made fewer visits to their stores. Footfall dropped by one per cent in May compared with the same time last year, according to new figures from the British Retail Consortium (BRC) and Springboard. This was greater than the 0.8 per cent fall [...]
HMRC pays out its highest ever amount to tax whistleblowers June 14, 2015 HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today. The state tax collector paid out £605,000, up 50 per cent on the previous year. Experts suggest it is because of increased awareness of the rewards available for information. “HMRC does not widely publicise the [...]
Management consultants make the case for UK staying in the EU June 14, 2015 A group of management consultants will say this morning that its industry is thriving on the back of the UK’s economic growth. Fee income for members of the Management Consultancies Association (MCA) jumped 8.4 per cent to £5.2bn last year, the organisation will reveal. It estimates that for the whole UK consulting industry, fee income [...]
Germany warns of Grexit with EU patience “running out” June 14, 2015 Germany's economy minister and vice-chancellor Sigmar Gabriel has warned Greece that its exit from the euro is becoming increasingly likely. In a Bild magazine column, Gabriel argued that EU countries were losing patience with slow-moving talks between Greece and its creditors. Gabriel wrote: Everywhere in Europe, the sentiment is growing that enough is enough. The [...]
EU officials hold first talks on Greek default June 13, 2015 Senior Eurozone officials have met to discuss the possibility of a Greek default for the first time, according to media reports. Sources told Reuters that they had talked about a number of scenarios in Bratislava, Slovakia yesterday, including a potential default on the €1.6bn (£1.2bn) payment the cash-strapped country must make to the International Monetary Fund (IMF) at [...]
UK outlook slashed to negative by Standard & Poor’s over EU referendum risk June 12, 2015 Standard and Poor's has revised the UK's credit rating from "stable" to "negative" due to the government's promises of an EU referendum in 2017. S&P said the decision to hold an EU referendum represents a risk to the UK's economic growth – particularly to its financial services and exports sectors – and "raises questions" about [...]
Britain likely to exit deflation next week June 12, 2015 Economists have said that official data due to be released next week will likely show Britain escaped from a brief period of technical deflation last month. They think that prices could have risen slightly in May due to higher fuel prices, alongside increases in the cost of air/sea transport, and holiday prices. Inflation turned fell by [...]