National living wage fears grow ahead of Autumn Statement as two-thirds of affected firms will hike prices September 30, 2016 Employers have warned they will be forced to raise prices, freeze hiring or cut hours if the government pushes ahead with plans for a £9 an hour national living wage (NLW) by 2020. A new survey from the British Chambers of Commerce (BCC) found one-third of business had been affected by the new £7.20 minimum [...]
Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
Consumer confidence hits pre-referendum levels, but could inflation knock the UK economy off course? September 29, 2016 Brits are feeling just as optimistic about the state of the UK economy as they were before the referendum, a leading indicator has revealed. GfK’s consumer confidence barometer, out today, has bounced back to levels last seen in May and June, before the UK’s historic vote to leave the EU sent the index crashing at [...]
US economy set to feast out on super-size food exports September 29, 2016 The US economy is set to come roaring back to life in the second half of the year on the back of a bumper summer food harvest. Figures out this afternoon showed the world's largest economy grew by 1.4 per cent on an annualised basis in the second quarter of the year – a slight upwards [...]
Oil prices waver as doubts circulate over Opec production cut September 29, 2016 The brief oil price rally stalled this afternoon as doubts mounted over Opec's provisional agreement to cut oil output for the first time since 2008. Ranko Berich, head of market analysis at Monex Europe, said: "It appears that market participants remain sceptical of Opec’s mettle, and if the cuts announced will be sufficient to clear [...]
London startup Lystable lands another Paypal mafia investor September 29, 2016 London startup Lystable, fresh from raising millions from Paypal founder Peter Thiel's venture firm, has raised new cash from another member of the so-called Paypal mafia. Max Levchin's HVF, a data focused lab which is also the umbrella for two of his companies, has jumped on board adding to the $11m series A funding first revealed in [...]
Genel Energy boss – and former BP chief exec – Tony Hayward to step down next year September 29, 2016 Genel Energy chairman Tony Hayward, who previously led BP, is rumoured to be stepping down next year. According to Reuters, Hayward has said in closed discussions in recent weeks that he plans to quit his post in the second half of next year. However, a spokesman for the company said today: "Genel Energy is committed to having [...]
Before the bell: What you need to know before the US market open September 29, 2016 Oil has given up some of its gains after the first Opec deal to curb supply in eight years sent it higher last night and it's not just Deutsche Bank that's in trouble as Commerzbank announces nearly 10,000 jobs are set to go. Here's what you need to know before the US market open at 2:30pm [...]
Liam Fox has hinted at the end of EU customs union membership, promising the UK will lead the charge for free trade September 29, 2016 One of Theresa May's "Three Brexiteers" has today suggested the UK is set to exit the EU's customs union, vowing the country would lead the charge for free trade. International trade secretary Liam Fox, alongside foreign secretary Boris Johnson and Brexit secretary David Davis, is one of the most Eurosceptics in government, and he made the case for [...]
Bank of England announces latest details of landlord crackdown September 29, 2016 The Bank of England's crackdown on landlords kicked up a notch this morning, with a set of tough new lending restrictions for buy to let mortgages. Threadneedle Street's banking supervision arm, the Prudential Regulation Authority (PRA), has long been concerned with the risks the UK's buy-to-let sector poses to financial stability and has again tightened [...]