Bring on ride-sharing: Uber’s about to launch UberPool in London – making journeys 25 per cent cheaper November 30, 2015 Uber will launch its ride-sharing service in London this Friday, the company said today – although it may be short-lived. The ride-hailing app, which has been heavily criticised by London's black cabbies, said its new service, UberPool, will give Londoners the option of sharing their journey with another passenger heading in the same direction at the same [...]
India’s economic growth rate accelerates to 7.4 per cent November 30, 2015 India's economy grew 7.4 per cent between July and September compared with the same three months in 2014, according to official figures released today. Economic growth in the country is picking up after growing seven per cent year-on-year between April and June. Manufacturing growth accelerated to 9.3 per cent, faster than the 7.9 per cent registered last year.The [...]
Pound falls below $1.50 for the first time since April 2015 as euro falls to seven-month low against the dollar November 30, 2015 The value of the pound fell below $1.50 today for the first time since April, thanks to the ever-strengthening dollar – just as the euro dropped to $1.0577, its lowest since March this year and the second lowest since 2003. The pound fell as low as $1.4999 this morning as the dollar continued its rapid ascent. The dollar has gained [...]
FTSE 100 demotions and promotions: G4S and Meggitt face fall and Worldpay, Provident Financial and DCC eye upwards move in December quarterly review November 30, 2015 Outsourcing giant G4S faces relegation from the FTSE 100 along with engineering firm Meggitt. The pair face the chop from the prestigious index of the leading companies listed in the UK when it comes up for renewal this week. On the other foot, it's newly listed Worldpay which could take their place with a promotion, as could [...]
Fortnum & Mason gets a pre-Christmas boost with record sales November 30, 2015 Londoners' enthusiasm for posh food continues apace, after luxury food retailer Fortnum & Mason's posted record sales. In the 12 months to July, total sales amounting to £88m for the period – 19 per cent higher than 2014 and 70 per cent higher than five years ago. In addition, profit before tax was 31 per cent [...]
Aberdeen Asset Management’s share price falls on news of higher emerging market outflows November 30, 2015 Aberdeen Asset Management has suffered a decline in total assets for the year, as a result of weaker investor sentiment in emerging markets. The investment giant, which specialises in Asian markets, experienced net outflows of £12.7bn during the three months from July to September. Total assets at the end of the period were valued at [...]
Cranswick results sizzle as Asia goes mad for British pork November 30, 2015 Pork producer Cranswick put in far from its wurst performance in the six months to the end of September, after it posted a 9.9 per cent rise in revenues. The figures It's been a sizzling summer for Cranswick, which said revenues jumped to £529.1m during the period, up from £481.5m during the same period last year. Adjusted profits before tax [...]
Auditors as you’ve never seen them before: EY’s UK financial services leader Omar Ali explains how the big four firm is shaking up the accountancy world November 30, 2015 Shoreditch: it’s home of hip art galleries, a vibrant nightlife and, following its acquisition of digital design consultancy Seren this summer, some of EY’s most cutting-edge offerings. “We spent a lot of time working out what we wanted to do in digital,” explains Omar Ali, when he meets with City A.M. in the Hackney offices. [...]
Regulatory fines rocket to £2.45bn as watchdogs use new powers to ramp up punishment November 30, 2015 Regulators are flexing their muscles and ramping up punishments for financial misconduct, with fines handed out to companies guilty of wrongdoing rising 271 per cent over the past two years to hit £2.45bn. The size of the average penalty has also increased by 291 per cent, from £10.8m to £42.3m, according to new data from [...]
UK care homes at risk of financial ruin as Living Wage costs bite November 30, 2015 Hundreds of British care homes are facing financial ruin as a result of the Living Wage, with the sector expected to come up against a £500m funding gap next year. According to data from corporate health specialists Company Watch, costs across the sector could rise by as much as £900m with the introduction of the [...]