Pound falls after shock drop in service sector growth points to a loss of momentum in the UK economy October 6, 2015 The UK’s services sector, which makes up 80 per cent of the economy, may have seen its weakest growth for over two years in September, a survey of firms reveals. Sterling dipped by nearly half a cent against the dollar after Markit’s purchasing managers’ index, published this morning, posted a score of 53.3. While the [...]
UK companies scaling back investments over emerging market slowdown fears October 6, 2015 The UK’S biggest companies are scaling back investment plans as a slowdown in emerging markets and swings in financial markets temper their appetite to take on risk, according to survey figures published this morning. The research, conducted by Deloitte, showed that 73 per cent of chief financial officers (CFOs) said the current level of [...]
Tesco boss Dave Lewis pledges to simplify relationship with suppliers October 6, 2015 Tesco boss Dave Lewis has pledged to simplify the way the supermarket does business with suppliers as part of his efforts to change the behaviour at the group in the wake of its accounting scandal last year. Speaking at the IGD conference in Westminster this afternoon, Lewis announced plans to speed up payments so its [...]
IMF: The world is close to recession – but UK and US to lead the way on growth as emerging markets struggle October 6, 2015 The world is perilously close to entering a recession again this year and the next, according to the new forecasts from the International Monetary Fund (IMF). The IMF has cut its forecast for global growth by 0.2 percentage points for 2015 and 2016, to 3.1 per cent and 3.6 per cent respectively, with most of [...]
Institute of Directors: Politicians are looking at the UK’s productivity problems in the wrong way October 6, 2015 The government is looking at the so-called “productivity puzzle” in the wrong way, the Institute of Directors (IoD) argues in a new report out today. The business group says that ministers should have a bigger focus on promoting business “agility”, allowing firms to respond quickly and efficiently to various demands. IoD chief economist James Sproule, [...]
Easyjet passenger numbers rise in September, keeping profit guidance in line with expectations October 6, 2015 EasyJet is forecasting full year profits of between £675m and £700m, on the back of continued strength in passenger numbers. Last month, the number of seats occupied on EasyJet flights hit 6.6m – a 7.6 per cent increase from 6.1m during September 2014. A similar increase took place in full-year flight numbers, with [...]
SABMiller hit by exchange rates despite fizzing sales October 6, 2015 Craft beer giant SABMiller, currently the target of a takeover by rival Anheuser-Busch InBev (AB InBev to its friends) which will create a $275bn (£177bn) megabrewer, saw a nine per cent fall in reported revenues in the three months to the end of September, due to currency changes. The exchange rate movements took the positive edge off the [...]
Halifax: UK house prices show biggest monthly fall in a year in September October 6, 2015 UK house prices fell by their most in a year in September, figures published today showed, with the average house price falling 0.9 per cent from £204,722 to £202,859 between August and September. That's a huge fall from the 2.7 per cent rise between July and August. The figures, by Halifax, showed prices in the [...]
Ted Baker share price dips on warning over washout August October 6, 2015 Shares in Ted Baker were decidedly passé with investors this morning after a warning over softer trading in August overshadowed a 15 per cent leap in first half pre-tax profits. The fashion retailer, which has 416 stores, concessions and outlets across the world, said sales in August were hit by a number of “external factors”, including [...]
UK businesses slam Tory tax hikes ahead of Conservative party conference 2015 October 6, 2015 Britain's biggest business groups are putting pressure on the government to row back on its latest tax proposals ahead of the Conservative party conference in Manchester this weekend. In formal submissions sent to the government today, the Confederation of British Industry (CBI), EEF, British Chambers of Commerce (BCC) and Institute of Directors (IoD) have all [...]