European central bankers call for eurozone finance ministry February 8, 2016 The eurozone needs a stronger regulatory framework, including its own finance ministry, to deliver sustainable growth and create more jobs, the leaders of the French and German central banks wrote in a German newspaper this morning. In an article for the Sueddeutsche Zeitung, Bundesbank President Jens Weidmann and Bank of France Chief Francois Villeroy de Galhau [...]
Mining sector burning through cash reserves after commodity price crash February 8, 2016 The value of cash held by London Stock Exchange-listed mining companies fell by £1.1bn in the last year, according to research released today by Banc De Binary. The findings show a fall in cash reserves across all LSE-listed mining companies from £24.3bn to £23.2bn over the last 12 months. A drop of £780m was recorded in [...]
Chancellor George Osborne’s stamp duty reforms cost the Treasury £662m in 2015 February 8, 2016 George Osborne’s overhaul of the stamp duty tax regime has cost the taxpayer well over half a billion pounds in lost revenue last year, new research today reveals, as sales of high-end homes slowed and investors switched tactics to avoid paying huge premiums on purchases. In December 2014 the chancellor scrapped the old system, where the [...]
Clothing retailers bounce back in January as consumer spending returns to eight-month high February 8, 2016 Consumer spending returned to an eight month high in January as the freezing temperatures and discounts drove more shoppers to the high street to stock up on winter clothing. Spending rose by 2.7 per cent year-on-year in January from a 2.2 per cent rise in December and was the highest growth rate since May 2014, [...]
Credit Suisse chief executive Tidjane Thiam to waive part of his bonus after Swiss lender reports first set of annual losses since 2008 February 7, 2016 One banking chief has revealed he might not be receiving as hefty a bonus as he might be accustomed to this year. Credit Suisse chief executive Tidjane Thiam has told a Swiss weekly newspaper that he will be forfeiting part of his bonus, after the bank recently reported its first annual loss since 2008. Thiam is quoted [...]
Rolls-Royce could unveil another profit warning and suspend its dividend this week February 7, 2016 Engine maker Rolls-Royce will report its results for 2015 at the end of this week, and shareholders are bracing themselves for a profit warning and cuts to the dividend. Chief exec Warren East may announce the firm’s sixth profit warning in two years. Analysts are expecting profits to fall by around £320m to £1.3bn while profits [...]
BT finance chief Tony Chanmugam to announce retirement February 7, 2016 BT's finance director is expected to announce his retirement within weeks and will step down later this year. Tony Chanmugam, who has been BT's group finance director since December 2008, will also step down from the BT board. Before becoming head of finance at the telecoms major, he held two senior positions at BT Retail, as [...]
Topshop’s Oxford Circus store evacuated after fire breaks out in central London February 6, 2016 Topshop’s flagship store at Oxford Circus in central London has been evacuated after a fire. The London Fire Brigade was called to the scene, where the fire forced throngs of Saturday shoppers to leave the busy shop. https://twitter.com/chattycoley/status/695994590323720193 The fire, which broke out around 3.30pm, is believed to have originated on the bottom floor of [...]
Tesco comes to single shoppers’ rescue this Valentine’s Day with a new way to find The One when Tinder hasn’t worked February 6, 2016 Every multinational retailer’s favourite celebration of love is coming up. But if you’re still on the hunt for that special someone to share Valentine’s Day with, forget Tinder and other dating apps. This year, there’s a new way to find the one: through your shopping basket. Tesco has lent a hand to shoppers looking for [...]
Twitter to launch algorithmic timeline as early as next week February 6, 2016 Jack Dorsey has shown he’s not afraid of making changes. Since he retook the helm at Twitter last October, the firm has axed favs, replacing them with likes, and could be binning its unique 140-character limit. But it looks like Twitter’s biggest change yet is in the works now. Reports in Buzzfeed suggest Twitter is [...]