Retailers scaling back investment plans as sales expectations hit lowest since 2013 – CBI February 24, 2016 Retailers are scaling back investment plans after weak sales growth as expectations of sales weaken. The sales balance from the Confederation of British Industry's (CBI) distributive trades survey published this morning dropped to 10 points in February from 16 in January. Expectations of sales for the next month are at their lowest since May 2013. Investment intentions for [...]
Brexit brouhaha: Sterling hits new seven-year low against the dollar as EU referendum uncertainty continues to bite February 24, 2016 Thinking of going to the US this summer? Think again. The pound fell as much as 0.9 per cent against the dollar this morning, dropping to a new low of $1.3897 – the first time it has gone below $1.39 since February 2009. It also slid against the Euro, falling 0.58 per cent to €1.2651 – its lowest since November. The [...]
House prices to climb further as mortgage lending hits highest level since 2008 in January February 24, 2016 Mortgage lending spiked in January, raising concerns that UK house prices could rise even faster. Borrowing topped £13.6bn, 38 per cent higher than the same month last year and the highest since mid-2008, figures released this morning by the British Bankers' Association (BBA) show. The number of mortgage approvals was up 38 per cent on the year. [...]
UK companies need to be more productive to support National Living Wage but businesses don’t have a clue how to achieve that, finds new research February 24, 2016 Businesses are painfully aware of the need to pick up productivity to support the National Living Wage (NLW), but it turns out they have no idea where to start, according to research released today. The study, carried out by the Resolution Foundation and the Chartered Institute for Personnel and Development (CIPD), continues on from an [...]
Airbus full year results miss expectations but hikes dividend as chief executive Tom Enders hails a “solid performance” February 24, 2016 Civil aviation and defence company Airbus has reported net profit rose by 15 per cent over the course of 2015 to €2.7bn (£2.1bn), while sales were up by six per cent to €64.5bn. The numbers came in just below analyst expectations but Airbus still managed to eke out at dividend rise of eight per cent [...]
Barratt Developments share price rises as profits jump 40 per cent, boosted by government housebuilding initiatives February 24, 2016 Another day, another stellar performance by a housebuilder: Barratt said revenues rose by a fifth last year, thanks to rocketing house prices. The figures Revenues rose 19 per cent to £1.87bn in the six months to the end of December, up from £1.58bn the year before. That pushed pre-tax profits up 40.3 per cent to £295m. Completions rose 9.4 per cent to 7,626, while average selling price increased 10.9 per cent to £254,200 – [...]
Asian markets drop on weak Singapore growth data and lower oil prices February 24, 2016 Stocks in Asia tumbled overnight, as weak growth data from Singapore combined with lower oil prices to discourage investors. Data released by Singapore's Ministry of Trade overnight showed the city state's economy grew two per cent in 2015, its weakest growth since 2009. The data showed lower oil prices had dented growth alongside a slowdown [...]
Financial Conduct Authority does not know if it is protecting consumers from mis-selling in the financial services sector, says National Audit Office report February 24, 2016 The Financial Conduct Authority (FCA) is unable show that its actions are effective in reducing mis-selling to consumers, according to a report by the National Audit Office (NAO). The report, which was released today, discovered that the information the watchdog holds is not suitable for showing a link between its actions and complaints. For example, from [...]
Wasteful banks are throwing money out the window on inefficient systems, delayed or cancelled projects and over-payment February 24, 2016 Banks have topped the list of companies that are throwing money away on unnecessary costs, wasting up to 10 per cent of their revenue each year according to a survey from the Chartered Institute of Management Accountants (CIMA). Over a third of respondents from the banking industry claimed their companies’ waste between five per cent [...]
EU referendum: London firms say the Single Market is the capital’s biggest economic asset – Confederation of British Industry (CBI) and CBRE Group survey February 24, 2016 Nearly all of London's businesses say that access to the European Union’s Single Market is the capital's "single greatest strength", according to a new survey out today. The Confederation of British Industry (CBI) and CBRE polled 200 of the capital's business leaders, finding that three-quarters of businesses have customers – and almost two-thirds of firms have suppliers – in [...]