Austerity has failed and Labour shadow chancellor John McDonnell is right that the Bank of England needs a new mandate September 29, 2015 Labour’s shadow chancellor John McDonnell set out his ideas for the first time yesterday. Central to this is a new kind of economics; one that worries about the well-being of the man on the street, and not just the haves. That is a welcome development. He is right to say that the Labour Party needs [...]
Morrisons follows Lidl and pledges to pay above National Living Wage September 29, 2015 Morrisons has followed in the steps of German discounter Lidl after announcing a 20 per cent pay hike for its staff in line with the new Living Wage. The supermarket, which is striving to turn itself around after years of declining sales, said more than 90,000 staff across all age brackets would benefit from a [...]
City confidence in Glencore evaporates as share price plunges amid China woes and commodity troubles September 29, 2015 The last week of trading in September has been particularly harsh for Glencore as the company has seen its price crash through the £1 level and officially turn into a “penny share”. As confidence in the Chinese economy’s ability to halt the slide in growth continues to wane, optimism for mining sector stocks has been [...]
Global debt growth returns to pre-crisis levels September 29, 2015 Global debt burden is returning to pre-crisis levels as the Global Wealth Report released today shows debt growing at its fastest pace since 2007. The report published by Allianz showed global debt growing by over four per cent last year – still not close to the soaring growth rate from before the financial crisis hit, [...]
Spanish inflation takes a dive as it falls to -1.2 per cent September 29, 2015 In a world where deflation is becoming the norm, it was hardly expected that today's Spanish inflation figure would do much to shore up locals' optimism – but the figure has managed to surprise even the most pessimistic of analysts. The country's figure for EU harmonised consumer price inflation dipped to -1.2 per cent in [...]
Findel share price soars as Sports Direct takes 19pc chunk of Kitbag parent September 29, 2015 Sports Direct has taken an 18.9 per cent stake in Kitbag parent company Findel, almost a year after Mike Ashley first started eyeing up the football strip retailer. The move comes as Findel confirmed it had received an approach for the sports retail business from an unnamed third party and had “agreed terms, subject [...]
Reserve Bank of India cuts interest rates more than expected September 29, 2015 India’s central bank has surprised investors and economists alike by cutting its interest rate more than expected. This is the fourth time the Reserve Bank of India has slashed interest rates this year, bringing them down from 7.25 per cent to 6.75 per cent. The cut goes further than the quarter-point most economists were forecasting [...]
Quindell’s share price falls as it receives a pre-action legal letter and the claimants want £9m in damages September 29, 2015 As if things couldn't get any worse for Quindell, the business this morning says it has received "notice of intended claim" from a group suggesting it is planning to bring a lawsuit against the troubled insurance outsourcer, with damages of £9m. The law firm is not named and the claims are not detailed, other than [...]
Boohoo’s share price rises as revenue and profits jump September 29, 2015 Boohoo’s share price climbed this morning, as the UK online retailer reported a jump in both revenue and profits. The figures The fashion etailer's revenue soared by 35 per cent in the first half of 2015, to land at £90.8m. Pre-tax profit was up to £6.3m, a rise of 39 per cent. The FTSE 250-listed [...]
Euromoney takes 10 per cent stake in Zanbato September 29, 2015 Euromoney has taken a 10 per cent stake in private capital placements platform Zabato for $5.5m (£3.6m). The California-based business, founded by Silicon Valley entrepreneur Joe Lonsdale, is designed to "address inefficiencies in private capital markets". It operates a number of different divisions including a private label platform and a marketplace. Today's investment follows a [...]