Bank of England branded “disgraceful” for using animal fat in £5 bank notes November 29, 2016 The Bank of England has been branded "disgraceful" for using a form of animal fat, called tallow, in its new £5 bank notes. The bank admitted using the material on Twitter. Mark "Carnivore" Carney has not yet waded into a debate that is giving a whole new meaning to the term "Capitalist Pigs". Read more: Bank [...]
Oil prices fall as investors see Opec production cut possibility slipping away November 29, 2016 Oil markets recorded heavy falls on Tuesday as a long-mooted supply cut by Opec looks increasingly unlikely. The price of West Texas Intermediate (WTI), the North American benchmark, fell as low as $45.63 per barrel at the time of writing – more than 2.8 per cent in the day. Meanwhile Brent crude, the North Sea benchmark, [...]
Eurozone business confidence falls but Brexit effect seems to have worn off November 29, 2016 Business confidence in the Eurozone fell in November, surprising analysts after a widely followed measure posted healthy gains in the previous two months. However, the indicator represents a relatively stable outlook after Brexit lows and ahead of a year of major political events in Europe. The business climate indicator, which reflects the results of a [...]
UK consumer borrowing continues to rise in October November 29, 2016 Lending to UK households grew in October, as British consumers continued to borrow money in spite of the vote to leave the European Union. Consumer credit grew by an annual rate of 10.5 per cent in October, marginally faster than the 10.4 per cent rate reported for September. This translates to an increase of £1.6bn [...]
UK mortgage approvals enjoyed a steady increase in October as post-referendum growth continues November 29, 2016 Mortgage approvals in the UK rose to their highest point since March 2016 as the market continues last month's growth. Approvals had fallen steadily from May until August this year. According to the Bank of England, 67,518 mortgages were approved in October – up from the 63,594 approved in September. This adds up to £12bn of [...]
Five evidence-based proposals to make sure executive pay benefits society November 29, 2016 Theresa May is absolutely right that executive pay needs reform as part of creating “a country that works for everyone”. Today, her government is expected to release a Green Paper outlining measures to ensure that chief executive contracts benefit society, not just the executives themselves. At The Purposeful Company, we applaud and share this mission. [...]
Two-thirds of oil and gas firms in the UK have had to cut jobs as low prices continue to haunt industry November 29, 2016 Oil and gas workers are still feeling the squeeze from the crash in global oil prices, with two-thirds of the industry cutting staff and the median pay of operators and contractors declining for the first time in at least 22 years, according to a poll. 67 per cent of companies have cut jobs in the [...]
UK SME fund plans main market float November 28, 2016 UK investment fund RM Secured Direct Lending is planning to float on the main market. The fund, which lends to small and medium-sized businesses in the UK, will announce the IPO tomorrow. It is looking to raise up to £100m from the float and is being advised by N + 1 Singer. Read more: The London mayor's ploughed £2.5m [...]
FTSE reshuffle: Three blue-chip relegations are on the cards this week November 28, 2016 A Russian gold producer, a builders’ merchant and a shopping centre owner could face relegation from the FTSE 100 this week. Building materials company Travis Perkins, which issued a profits warning in October, Polymetal International, which has suffered due to a gold price drop since the US election, and shopping centre owner Intu, whose shares have [...]
VC firm Draper Esprit’s IPO at the height of Brexit has paid off with pre-tax profits of £26.5m November 28, 2016 Venture capital firm Draper Esprit, the backer of successful startups Lovefilm, Lyst and Graze, defied the EU referendum jitters to float a week before polling day in June; now that appears to have paid off. It reported pre-tax profits of £26.5m for the six months to the end of September in its maiden interim results as a public company. The [...]