UK economic growth lost momentum in September – Lloyds Bank October 12, 2015 The UK saw a nationwide loss of momentum in its economic growth in September, according to survey figures from a major bank released this morning. Lloyds Bank’s purchasing managers’ index – a survey of firms – dropped to a score 53.8 in September from August’s 55.7. While it is above 50 and so implies business [...]
First-time home buyers are being priced out of UK cities – Countrywide October 12, 2015 Renters are looking further afield for their first property as housing affordability in cities begins to bite, research from the UK’s largest estate agency group reveals this morning. To get on the first rung of the housing ladder, 36 per cent of London renters end up buying outside the M25, up from 21 per cent [...]
Oil firm Ineos goes on a shopping spree for DEA’s North Sea assets October 11, 2015 Ineos has agreed to purchase all of the UK North Sea gas fields owned by Russian billionaire Mikhail Fridman’s DEA Group. The deal comes only weeks ahead of a deadline set by the government in April for DEA owner investment firm LetterOne to dispose of the oil and gas fields it bought from German utility [...]
Volkswagen emissions scandal latest: VW’s UK managing director Paul Willis will be grilled by MPs on Monday about the impact to the UK car industry October 11, 2015 Volkswagen UK's managing director Paul Willis is due to face MPs on the Transport Select Committee on Monday to answer questions on how the company’s external investigation is going and how it intends to rectify the damage the emissions scandal has caused. The Society of Motor Manufacturers and Traders' chief executive Mike Hawes will also be questioned [...]
IMF’s Christine Lagarde hails TPP as economic upgrade October 9, 2015 The Trans-Pacific Partnership (TPP) is an economic "upgrade" with the potential to kick start world markets, International Monetary Fund (IMF) managing director Christine Lagarde said today. Speaking at the annual meeting of the IMF and the World Bank in Lima today, Lagarde stressed the importance of implementing the free trade deal. "I am hopeful that, building on the recent TPP agreement, we can restart the stalling engine of global trade. These upgrades will [...]
Volkswagen emissions scandal: Everything you need to know about what’s happened so far, how to find out if your car will be recalled and which models have been affected October 9, 2015 It's been a tumultuous few weeks for Volkswagen. The emissions cheating scandal which broke in September has wiped billions off the car manufacturer's share price – but the hangover could last much longer. After it first emerged in the US in mid-September that VW had cheated on emissions tests, national governments across continents have launched investigations into the company and [...]
Coca-Cola pumps millions into scientific research disproving link between sugary drinks and obesity October 9, 2015 Coca-cola has spent millions of pounds on funding research bodies to disprove the link between drinking sugary drinks and obesity, it has been alleged. An investigation by The Times suggested the drinks giant spent £4.68m on setting up the European Hydration Institute, a body that recommends that people drink sports and soft drinks of the type [...]
Standard Chartered share price jumps as leaked memo from Bill Winters shows it will cut 1,000 senior management jobs October 9, 2015 New Standard Chartered boss Bill Winters has wasted no time in getting down to business, after he told staff the company is planning to cut a quarter – around 1,000 – of the bank's senior management roles. The Asia-focused lender has struggled as earnings slid over the past two years years, but since Winter's arrival earlier in the summer, [...]
Glencore share price lifted by plans to slash zinc production by a third October 9, 2015 Glencore announced this morning that it plans to cut zinc production by 500,000 tonnes each year. The reduction, which will knock off around a third of the mining company's current zinc output, is taking place to counteract plummeting prices of the metal. Since May, zinc has lost around 30 per cent of its value. Shares [...]
Worldpay IPO draws near as price range narrows to 235-250p October 9, 2015 Payments processing company Worldpay’s IPO is drawing near, after the company narrowed its IPO price range to 235-250p in what will be the UK’s biggest float in two years. The company, owned by Advent International and Bain Capital, recently confirmed plans to raise £890m through a float on the London Stock Exchange in October. The news [...]