Fears over German economic growth after sharp drop in business confidence February 23, 2016 German sentiment on the economy has taken a sharp tumble to its lowest value for over a year, data released this morning reveals. The IFO business climate index for German industry and trade dropped to a score of 105.7 in February from January's 107.3. It is the lowest score since December 2013. The index was dragged [...]
UK income inequality 2015: Here’s the average household income in the UK – take this test to find out how your wealth compares February 23, 2016 Feeling flush? Median household disposable income rose to £25,700 in the year to the end of 2015, up £1,500 from the year before, according to official figures released today – which also suggested the rich are getting poorer, while the poor are getting richer. Average income is now a hair above the at £25,400 people had just before the [...]
Over-40s are on a mortgage shopping spree – but age restrictions mean they’re struggling to borrow February 23, 2016 The over-40s are going berserk for mortgages – but banks and building societies are having trouble lending to them because of age restrictions, new research has found. The findings, by Nottingham Building Society, suggested two in five mortgage brokers have reported a rise in mortgage customers over the age of 40 – but 17 per cent [...]
New stamp duty land tax extra three per cent charge could hit parents who want to help their children get onto the property ladder, tax experts warn February 23, 2016 If you're currently saving to give your son or daughter a helping hand onto the property ladder, you might find you need to put aside a little bit more than you bargained for to cover tax charges. The Chartered Institute of Taxation (CIOT) yesterday cautioned that the additional three per cent charge on stamp duty [...]
Standard Chartered share price down as group chief executive dubs 2015 performance “poor”, bank brings in annual loss of $1.5bn and underlying profits plummet 84 per cent February 23, 2016 Share price in Standard Chartered dropped this morning as the company revealed that it had made a loss overall for the year and that its underlying profits before tax had dropped sharply. The bank today announced underlying profits before tax of $0.8bn (£0.6bn) for its year ended December 2015, down 84 per cent from $5.2bn the year [...]
Housebuilding is the new black: Persimmon share price rises as profits leap 34 per cent February 23, 2016 Another day, another bit of good news coming out of the housebuilding sector, after Persimmon reported a 34 per cent jump in pre-tax profits. The figures Underlying pre-tax profits rose to £637.8m in the year to the end of December, up 34 per cent on last year's £475m, while full-year revenues rose 13 per cent to £2.9bn. The company said legal completions jumped eight [...]
North Sea oil on the “edge of a chasm” as plunging oil prices mean half will operate at loss this year, Oil & Gas UK warns February 23, 2016 North Sea oil firms are operating on the brink of collapse, with nearly half of all oil fields on the continental shelf likely to operate at a loss this year, a new report has warned. Oil & Gas UK's annual survey of the sector found that while operating costs have been driven down, it is [...]
Ladbrokes share price jumps as it beats expectations – but new gambling and point-of-consumption taxes take their toll February 23, 2016 Not a great day for Ladbrokes, after it reported a 50 per cent fall in profits for 2015 as increased taxes began to have an impact. The figures Ladbrokes said trading profits fell 50.3 per cent, from £112.2m last year to £55.8m in 2015. That's above analyst expectations – last week Deutsche Bank said it expected profits to fall to £44m. [...]
Swiss Re income boosted by “absence of natural catastrophes” as it appoints Christian Mumenthaler to replace Michel Liès as chief executive February 23, 2016 Swiss Re, the insurance giant after which the Gherkin was once named, said today that has appointed a new chief executive. The company said Christian Mumenthaler, currently head of its reinsurance division, will step up to the plate on 1 July, after current boss Michel Liès said he was planning on retiring. The news came Swiss Re said [...]
Manufacturers call for the government to invest in the sector to escape the productivity puzzle February 23, 2016 Britain’s manufacturers are calling on the government to do more to balance the economy in order to solve the so-called productivity puzzle that has baffled economists since the financial crisis. According a survey from the manufacturers organisation EEF, UK manufacturers have managed to escape the productivity puzzle more quickly than the rest of the economy, [...]