Londoners pay £3,000 more in tax than they receive back: However you slice it, everybody’s getting a raw deal from Britain’s tax code August 14, 2015 “Those with the broadest shoulders must bear the biggest burden”… “We’re doing our utmost to lift the poorest out of tax altogether.” The phrases slip off politicians’ tongues with the regularity of clockwork, as much a part of our political environment as Prime Minister’s Questions. Yet it’s clear from even the most cursory look [...]
Universities must work more closely with employers if today’s school leavers are going to flourish August 14, 2015 As another generation of young people receive their A level results, record numbers are expected to head to university next month. This is undoubtedly good news as it’s estimated that people with degrees earn around £200,000 more over their lifetime than those who did not attend university. However, it’s important that people embarking upon [...]
HSBC, Barclays and RBS among nine banks signing up to $2bn US foreign exchange settlement August 14, 2015 Nine banks including HSBC, Barclays and Royal Bank of Scotland (RBS) have agreed a $2bn (£1.3bn) settlement with US investors over currency rigging-accusations. Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS also signed up to the deal, according to lawyers negotiating on behalf of the investors. A statement by law firm [...]
BP could face fine of up to $48m for natural gas market manipulation after Hurricane Ike in Texas August 14, 2015 UK oil giant BP could face a $48m fine for manipulating markets in Texas in 2008, after a US judge ruled that it had natural gas prices after a hurricane in the Gulf of Mexico sent prices tumbling. The US Federal Energy Regulatory Commission (FERC) accused BP of manipulating the market to squeeze profits illegally, [...]
US giants get UK makeover: More Britons in top roles at US companies as Coca-Cola names James Quincey president and COO August 13, 2015 Britons are taking the helm at US companies, with Coca-Cola the latest to follow in this trend. The soda giant promoted London-based James Quincey to president and chief operating officer of the company, a promotion that comes hot on the heels of Watford-born Steve Easterbrook taking over at McDonald’s. A Coke veteran of 19 years, [...]
World’s longest non-stop flight: Emirates airline announces Dubai-Panama flight, taking 17 hours August 13, 2015 If you can’t get enough of flying, you’re in for a real treat: the world’s longest non-stop flight is about to take off. Starting next spring, Emirates airline will fly non-stop between Dubai and Panama City, covering a cool 8,252 miles. You’d better hope there’s decent in-flight entertainment on board, though, because the trip will [...]
Smartphone maker HTC to cut 15 per cent of workforce after disappointing sales August 13, 2015 HTC announced today it would be axing 2,250 jobs, or 15 per cent of its workforce, after disappointing investors with yet another batch of sub-par results. The struggling Taiwanese smartphone maker’s sales missed expectations in the second quarter, and are forecast to drop further still in the months to come. Last week's earnings report reported [...]
Greek GDP growth smashes expectations in the second quarter August 13, 2015 Analysts were incredulous this morning after the Greek economy appeared to shrug off uncertainty surrounding its debt crisis during the second quarter. Figures released today by Greece’s official statistics agency Elstat showed the country's gross domestic product (GDP) grew 0.8 per cent in the three months to June, completely smashing economists' expectations for a 0.5 [...]
Bond buying, risks to growth and Grexit threat: Seven key takes from the European Central Bank’s July minutes August 13, 2015 The European Central Bank (ECB) has released the minutes from the meeting of its governing council which took place on Wednesday and Thursday this week. Here are seven key extracts: Read more: ECB "on track" to complete €1 trillion QE programme 1. Bond buying is becoming more difficult Portfolio managers had reported that purchases of eligible [...]
How low can yuan go: China lets the renminbi fall for third consecutive day August 13, 2015 China sought to allay fears that the renminbi could enter into free-fall, as it devalued the currency for the third consecutive day. During a press conference in the early hours of this morning, the People's Bank of China (PBoC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the [...]