London construction activity slows as Brexit uncertainty and planning delays hit growth April 20, 2016 London's construction market suffered a sharp slowdown over the quarter, despite recent government efforts to encourage more housebuilding and deliver more homes across the capital. The Royal Institution of Chartered Surveyors' construction market survey found that private housing workloads rose at their slowest pace since fourth quarter of 2012, with only 20 per cent more of those working in the [...]
UK retailers hit by drop in Chinese shoppers April 20, 2016 UK retailers are suffering as new European visa rules deter Chinese shoppers. Global Blue, the tax-free shopping services company, said the number of Chinese shoppers in British stores slumped 30 per cent last month, leading to an overall decline of 21 per cent in the first three months of 2016. Read more: Online retail sales growth rate doubles [...]
FTSE fightback: Markets surge to reach fresh 2016 highs as optimism returns to the City April 19, 2016 The FTSE 100 enjoyed a spring rally today as stocks surged on the back of a rebound in the price of oil. The index of bluechip companies closed at its highest level since December 2015, up 0.8 per cent on the day at 6,405. It marks a far cry from the dark days of February, [...]
Yahoo revenue falls after four straight quarters of growth April 19, 2016 Yahoo's revenue fell for the first time after four straight quarters of growth, as the internet pioneer struggles to win back market share from younger rivals such as Facebook and Google. The firm's total revenue fell 11.3 per cent to $1.09bn (£757m) in the three months ended 31 March, slightly beating analysts' expectations for $1.08bn. After deducting [...]
Port Talbot steelworks set to be bought by management according to reports – while unions agree pay cut ahead of sale of Tata’s Scunthorpe steel plant to Greybull Capital April 19, 2016 The troubled Port Talbot steelworks may be saved as management step up with an offer. Stuart Wilkie, managing director of Tata Strip Products UK, is reported to be leading a management buyout of the plant. Tata's decision to sell its UK operations put 4,000 jobs at Port Talbot alone at risk, and some put the total [...]
Sigma Capital profits rise ten-fold as push into private rental sector pays off April 19, 2016 Kuwaiti-backed property developer Sigma Capital has posted a jump in full-year profits after its push into the growing private rental sector (PRS) paid off. The Aim-listed company, which has offices in London, Manchester and Edinburgh, said revenues increased by 74 per cent to £6.72m last year while profit from operations rose 877 per cent from £1.63m to £1.82m. Profit before [...]
Mark Carney dismisses helicopter money as a “compounding ponzi scheme” April 19, 2016 The governor of the Bank of England has written off the idea of the experimental monetary policy idea known as helicopter drops as a "compounding ponzi scheme". Mark Carney told the House of Lords Economic Affairs Committee this afternoon that he was "not a believer" in the concept of helicopter drops saying the policy would erode faith in [...]
Vix volatility index hits 2016 low as markets find their feet April 19, 2016 The Chicago Board Options Exchange (CBOE) Vix index, a measure of implied option volatility cost on the US S&P 500, has sunk to lows for 2016 after wild market swings earlier in the year sent the index soaring. Last night the Vix closed at 13.09, its lowest finish to a session since 17 August after China's 50 per cent stock market crash [...]
Mark Carney comes out fighting over Bank of England’s role in the Brexit referendum April 19, 2016 Mark Carney has told Lords that the Bank of England will continue to talk about how the EU referendum affects the UK economy in the run-up to the vote, that he broadly agrees with the Treasury's analysis of the impact of Brexit and warned that London could lose its status as a "pre-eminent" financial centre. [...]
Fitch: EMEA oil majors’ profits could plummet 22 per cent this year April 19, 2016 Fitch has warned that the earnings of seven oil majors in Europe, the Middle East and Africa could fall by 22 per cent this year, as the firms continue to be pummelled by the commodities rout. It would come after a 34 per cent drop in 2015, which the credit ratings agency described as a severe, although not disastrous [...]