BP share price rises after it reaches $18.7bn settlement with US over Gulf of Mexico oil spill July 2, 2015 Shares in BP pushed higher this afternoon after it agreed to pay $18.7bn (£12bn) in damage claims over 18 years to the US government and five states over the 2010 Gulf of Mexico oil spill. The explosion and spill over five years ago killed 11 workers and spewed oil into the Gulf of Mexico for nearly three [...]
Fracking could cut house prices by up to seven per cent July 2, 2015 Fracking could cut nearby house prices by up to seven per cent and increase the cost of insuring a home, according to previously redacted sections of a government report released yesterday. The Shale Gas Rural Economy Impacts by the Department for Environment, Food and Rural Affairs (Defra) looked at the impact of fracking operations on [...]
Cider loses its a-peel as Bulmers and Magners maker C&C says cold spring put off drinkers July 2, 2015 It never rains but it pours. The unseasonably cold weather in May has put pub-goers off ice-filled pints of cider, the maker of Magners and Bulmers said today. C&C Group, which also makes Tennent's Lager, said revenues between March and the end of June were lower than expected – paving the way for flat [...]
Swedish Riksbank cuts interest rates again to -0.35pc to stop krona strengthening July 2, 2015 Sweden has cut its interest rates again, from -0.25 per cent to -0.35 per cent. The Riksbank acted to weaken the Swedish krona, citing worries about the situation in Greece as well as economic uncertainty as explanations. The Eurozone economy is strengthening, but the past days’ events in Greece have created a good deal of uncertainty. [...]
We’re spending billions shopping online while commuting July 2, 2015 The daily commute can be almost unbearable, but it seems we've found a way of occupying our travel time that's also good for the economy. More than a fifth of online sales are taking place on a commuter journey, with spending totalling £9.3bn every year. Spending by London commuters accounts for more than half of that [...]
UK construction sector confidence hits an 11-year high July 2, 2015 Confidence across the UK construction sector hit an 11-year high in June, while growth continued to rebound, according a widely-watched industry survey released today. The Markit/CIPS UK Construction Purchasing Managers’ index smashed economists' expectations rising to 58.1 in June, up from 55.9 a month earlier, the fastest increase in four months. "The extent of the recent rise [...]
Lloyds share price dips as government sells off more shares July 2, 2015 Shares in Lloyds were trading flat this morning after the government announced it had hived off another load of shares in the state-backed bank. The Treasury sold off around 691m shares, shrinking the government's stake by one per cent to 15.9 per cent. The government has been whittling down its stake in the bailed-out bank since [...]
UK house prices: Surprise drop in house price growth sends annual rate to two-year low, according to Nationwide house price index July 2, 2015 House price growth has dropped to a two-year low on the back of declines in June, according to Nationwide's latest report. Prices have dropped a surprise 0.2 per cent in June – halting increases in both May and April – causing the annual rate of increase to drop to just 3.3 per cent. One [...]
Dixons Carphone share price rises after announcing US expansion with Sprint Corporation July 2, 2015 Dixons Carphone is heading across the pond. The group's Connected World Services division has teamed up with American telecoms company Sprint with plans to open up to 500 stores across the States. Read more: Dixons Carphone ups full-year profit forecast Chief executive Sebastian James has already been named the most powerful person in British retailing, and [...]
George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]