Blackrock fund Global Ascent to be wound down November 19, 2015 Blackrock, the world’s largest asset manager, is shuttering another of its macro funds, citing headwinds facing the industry. The Global Ascent Fund, which makes bets on stock, bond and currency markets, will return money to investors. The fund’s assets under management had reportedly fallen to under $1bn (£660bn), having previously numbered multiple billions. In a [...]
UK entrepreneurs have put in over £240bn in after hours economy November 19, 2015 The UK’s entrepreneurs are a hard working bunch, and it shows in their contribution to the global after-hours economy. Combined, they have added at least £240bn in hours worked beyond the norm, with 38 per cent routinely working more than a 40-hour week, according to research by Sage. The main drivers of hard work were [...]
SMMT: UK car manufacturing hits 10-year-high as car makers keep the pedal to the metal November 19, 2015 Car manufacturing in the UK has hit highs not see for a decade, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). From the beginning of the year through to the end of October, production volumes were recorded to be at their highest levels since 2005, with 36,000 more units made this [...]
London Mayoral Election 2016: Property giants reveal wishlist for next mayor, including protecting commercial property space in the city’s centre November 19, 2015 Two of London’s major property groups have today revealed their ‘Mayoral Manifesto’, calling on the next Mayor of London to tackle issues stemming from a rising population and increased demand for housing and jobs. The Westminster Property Association (WPA) and City Property Association (CPA), who represent more than 400 owners, developers and investors between them, want [...]
Recruitment industry now worth £31.5bn, up nearly 10pc from the year before, but skills shortages could create problems November 19, 2015 Recruitment is now a £31.5bn industry, up 9.7 per cent compared to last year. According to a report released today by the Recruitment and Employment Confederation (REC), recruiters placed 634,000 people in a permanent post over the last year, and have helped 4m workers find a permanent role since the recession. Also, 1.2m people were [...]
Oil prices: Massive cost-cutting isn’t enough and the oilfield sector could shrink by a third as EY predicts prices will stay low beyond 2020 November 19, 2015 The oil sector could reduce by a third, as cost-cutting won’t be enough for many companies to survive low oil prices, according to a report out today from EY. “Consolidation is inevitable,” as companies need more than the 20-30 per cent cost-cutting already delivered for the long-term, according to EY, which predicts that oil prices [...]
Despite emerging market turbulence UK assets under management are set to reach a record £7.4 trillion in 2015 November 19, 2015 UK assets under management are set to reach a record £7.44 trillion by the end of 2015, well above the pre-recession peak. Funds managed in the UK are predicted to increase by nine per cent this year, the seventh successive year of growth, according to data from TheCityUK, which represents a slight slow-down from the [...]
Danone aims for five per cent sales rise by 2020 November 19, 2015 French food giant Danone unveiled yesterday new sales growth targets as it vowed to bolster the profitability of its struggling dairy division. The world’s largest yoghurt maker is aiming for organic sales growth – which excludes acquisitions and currency moves – of more than five per cent by 2020, and an increase of at least [...]
Banking Standards Board chair Dame Colette Bowe signals a tougher stance on UK banks November 19, 2015 The Banking Standards Board (BSB), a City body tasked with restoring faith in the UK banking sector, gave its first indication that it will push for more banking regulation ahead of a major report due next year. BSB chairwoman Dame Colette Bowe, who took up the role in April, said in a speech at the Cass [...]
Wall Street up as Fed signals December interest rates hike – New York Report November 18, 2015 Indications from the Federal Reserve’s October policy meeting yesterday that there is solid core of officials backing a possible December rate hike pushed US stocks up by more than one per cent. The Dow Jones industrial average rose 247.66 points, or 1.42 per cent, to 17,737.16, the S&P 500 gained 33.14 points, or 1.62 per [...]