London Stock Exchange chief executive talks up prospect of “industry-defining combination” with Deutsche Boerse March 4, 2016 London Stock Exchange Group's chief executive has talked up the “industry-defining combination” a potential merger with Deutsche Boerse would create. In a conference call this morning following the release of LSEG’s preliminary 2015 results, Xavier Rolet spoke of the company’s “global aspirations”. But he said he was unable to answer questions about a potential offer from New [...]
Dallas Fed warns oil market won’t stabilise this year March 4, 2016 The Dallas Fed chief said the oil market won't rebalance this year, as he warned persistent weakness in the energy sector could send "negative ripples effects" through financial markets. Robert Kaplan, Dallas Fed president, said demand and supply won't balance until mid-2017, however this could change if the Organization of the Petroleum Exporting Countries (Opec) alters its production strategy. "This forecast [...]
Guy Hands is now chairman, chief investment officer and interim chief executive of Terra Firma as it says boss Tim Pryce will step down March 4, 2016 Guy Hands' private equity firm, Terra Firma, has announced its chief executive is planning to step down. In a statement today, Terra Firma, which has stakes in Odeon and Wyevale Garden Centres, said Tim Pryce will relinquish his role as chief executive after seven years – although he will remain as managing director of the firm and [...]
UK housing market: Retirees turning their backs on downsizing in favour of buy-to-let investing, but they’re raiding their pensions to afford it March 4, 2016 Downsizing has fallen out of favour with older homeowners, with more and more purchasing their dream retirement property and then renting it out until they are ready to move in. According to research released today by Prudential, 20 per cent of over-55s would consider making a buy to let investment with the intention of living in it [...]
High Street sales slip back into the red in February as shoppers hold out for bargains March 4, 2016 A resurgence in shoppers flocking to the high street at the start of the year came abruptly to a halt in February after sales slumped back into the red. Accountancy firm BDO's monthly high street track released today shows a 1.7 per cent fall in sales for February – the first negative growth for the month of February since 2012 [...]
UK ports under threat from EU rules overhaul – Centre for Policy Studies March 4, 2016 The UK's thriving ports could be threatened by new EU regulations to be debated next week. The Ports Services Regulation will end the UK ports industry’s long-standing independence that has encouraged competitiveness and investment, a think tank has warned. The Centre for Policy Studies (CPS) said 75 per cent of the UK’s largest ports are privatised, with [...]
National Grid warns government over handing blackout responsibilities to energy regulator Ofgem March 3, 2016 National Grid has warned that handing over its role in preventing blackouts to energy regulator Ofgem would only serve to bring further uncertainty to the market. The department of energy and climate change is looking at options for improving energy security, including greater independence for the system operator – which some believe means giving blackout [...]
Oil producers set time and place for second production freeze meeting – Nigeria’s oil minister March 3, 2016 The second meeting of the Organization of Petroleum Exporting Countries (Opec) and non-Opec producers are planning to meet in Russia on 20 March to continue talks on freezing oil output, according to Nigeria’s oil minister Emmanuel Kachikwu. At the first meeting in February, brokered by de facto Opec leader Saudi Arabia; Russia, Qatar and Venezuela agreed they would cap their [...]
BHS appoints KPMG as it pursues CVA in bid to end deadlock with landlords over unsustainable rents March 3, 2016 Struggling department store chain BHS is set to enter into a company voluntary arrangement (CVA) in an effort to deal with "unsustainable" rents, which could see the group, previously owned by retail mogul Sir Philip Green, disposing of a number of stores. A CVA allows insolvent companies to pay creditors over a fixed period, while continuing [...]
As large multinationals like Google are slammed for taking advantage of the tax system, the Office for Tax Simplification vows to untangle tax burden for smaller companies March 3, 2016 Government has today unveiled a slew of recommendations designed to simplify tax for small businesses, including better sharing of data across departments and rejigging filing dates. The Office for Tax Simplification (OTS), which published the recommendations aimed at companies with less than 10 employees, believes a tax system that applies the same set of rules [...]