China’s foreign currency reserves have just grown for the first time in six months April 7, 2016 China has recorded a surprise jump in its foreign currency reserves in March, potentially ending a slide which has seen its stash of overseas cash fall by 20 per cent since 2014. Official data – out today – confirmed that China amassed an extra $100bn last month, taking its total reserves to $3.21 trillion (£2.28bn), in [...]
Not your average kitchen: John Lewis launches smart home concept at Oxford Street flagship April 7, 2016 John Lewis has prepared for the day when homes will be crammed with Wallace and Gromit-style gadgets by launching an area dedicated to smart home technology in its Oxford Street flagship. The department store chain has today opened a 1,000 square feet space showcasing its most cutting edge range of futuristic inventions – from ovens that can controlled from your phone to smart [...]
Productivity even more puzzling: UK productivity disappoints – workers are doing less with more April 7, 2016 Britain’s productivity plunged 1.2 per cent in the final quarter of 2015, according to fresh data released by the Office for National Statistics (ONS) this morning, adding to concerns about the UK’s so-called “productivity puzzle”. Productivity is a measure of how much economic output is generated for each hour of work and is believed to [...]
US Federal Reserve looks abroad as it finds reasons to hold back on interest rate rises April 6, 2016 A weak global economy and volatility on the financial markets stopped the US Federal Reserve from raising interesting rates for only the second time since the financial crisis last month. Minutes from March’s meeting of the rate-setting Federal Open Market Committee (FOMC), released this evening, showed that even though the US jobs market continued to perform [...]
Empiric Student Property strikes deal with University of Bath April 6, 2016 Empiric Student Property has reached an agreement with the University of Bath to provide its students with housing at three different sites. The listed student digs provider said 354 beds across five properties – including two still under construction – will be let to students at the university from September this year. The buildings comprise of [...]
Proptech: Accelerator Pi Labs moves out of Tech City to partner with housing start-up The Collective April 6, 2016 So much for the benefits of being based in Tech City. Pi Labs, property-focused tech accelerator aimed at helping start-ups become the next big thing, has decided to ditch east London altogether after announcing a deal with property firm The Collective that will take it to Bloomsbury instead. Pi Labs, set up two years ago by Cushman & Wakefield [...]
Oil price yo-yos back up as the latest US stockpiles show a surprise fall April 6, 2016 The oil price has bounced today after stockpiles in the US showed a shock decline, despite investors expecting a new record high. The oil price is up today by around five per cent, with international benchmark Brent crude trading at $39.77, while US oil hit $37.96. The US Energy Information Administration (EIA) reported that stocks of [...]
Drug makers pop after Pfizer deal sinks, taking FTSE 100 up for the day April 6, 2016 A last-hour surge saved the FTSE 100 from another unspectacular day, as the afternoon rally helped the blue chip index climb up 1.2 per cent to close the day on 6,161, and a surprise fall in US oil stocks put some energy into oil prices which also gained handsomely. It wasn’t quite a green sweep [...]
Startups founded during the recession could be the reason why Britain lags on productivity April 6, 2016 Britain’s startups could be the missing piece of the “productivity puzzle” which has had economists and policymakers scratching their heads in recent years, according to new research by the innovation body Nesta. Working with number crunchers at the National Institute of Economic and Social Research (NIESR), Nesta found that new firms – those founded since the recession [...]
Premier Foods to meet with shareholders after holding “constructive talks” McCormick April 6, 2016 Premier Foods said it is to meet with shareholders this week after holding "constructive talks" with McCormick, as the Mr Kipling cakes owner seeks to convince its American suitor to sweeten its offer. The company, which has so far rebuffed three bid approaches from McCormick, has released a presentation ahead of its meeting with institutional [...]