London firms’ expansion slows amid broader decline in growth June 7, 2015 London businesses are growing steadily despite the rate of growth slipping to a five-month low in May, new survey figures show. A business activity purchasing managers’ index compiled by Lloyds Bank dropped to a score of 57 for London from April’s 60.2, according to data published today. Scores above 50 indicate an expansion [...]
Chinese builder CCECC considering bid for UK’s Balfour Beatty June 7, 2015 British construction group Balfour Beatty is being considered as a potential takeover target by the China Civil Engineering Construction Corporation (CCECC), despite chief executive Leo Quinn’s commitment to keeping Balfour an independent company. The Chinese state-owned firm is reported to be in talks with the aim of making an offer for the company, which is [...]
Commodity and currency desks lead rapid growth in City hiring as job numbers rise June 7, 2015 City job creation is on the climb thanks to a revival in hiring on banks’ fixed income, commodities and currencies trading desks (Ficc). There were 4,100 new City roles created in May, up 52 per cent on the same month last year, according to figures released today by recruiters Astbury Marsden. It also marks a [...]
Air passengers in UK face highest flight taxes across entire world June 7, 2015 Brits flying off on long haul holidays this summer will pay nearly £50 more tax than travellers from other G7 nations, a new ranking of air passenger levies has found. UK travellers will pay £71 each in tax for a long haul economy flight, compared to an average £23 levied in France, Germany, Italy, Japan [...]
Ineos crowned biggest private company in UK June 7, 2015 Chemicals group Ineos has been named as Britain’s biggest private company according to The Sunday Times Top Track 100 report. Ineos was founded in 1998 by Jim Ratcliffe, a Lancastrian industrialist turned billionaire who built the business from scratch via a decade-long acquisition spree, snapping up unwanted operations from the likes of BP, Bayer and [...]
WPP shareholder Guy Jubb set to confront advertiser over boardroom pay practices as Martin Sorrell pockets £43m June 7, 2015 One of WPP’s top shareholders is set to confront the advertising giant at its annual general meeting this week over chief executive Sir Martin Sorrell’s £43m pay package. Standard Life’s head of governance and stewardship Guy Jubb is understood to be travelling from Edinburgh to WPP’s meeting in London tomorrow to address outgoing chairman Phil [...]
Virgin staff on parental leave get year’s pay up to 100 per cent of basic salary June 7, 2015 Sir Richard Branson’s Virgin will offer staff who take shared parental leave after the birth of their child up to a full year’s pay, under new policies announced today by the fitness-to-financial services giant. The government introduced new rights in April allowing parents to share up to 50 weeks of leave and 37 weeks of [...]
UK house prices: Building new properties doesn’t drive down prices, study shows June 7, 2015 Building new properties doesn't drive down house prices, according to a study by the London School of Economics. By looking at the price impacts of a series of Barrat Homes developments in suburbs and villages over the past five years, the researchers found no evidence of a price depreciation. In fact, in some cases [...]
Sainsbury’s, Waitrose and Asda recall “gluten free” products over fears they contain gluten June 7, 2015 Three of the UK's biggest supermarkets are warning customers the “gluten-free” products they bought may contain gluten. Asda, Sainsbury's and Waitrose have all issued statements recalling certain products branded as gluten-free, ranging from pitta breads to pizza bases and pancakes. On its website, Asda said: It has been brought to our attention [...]
Deutsche Bank co-CEOs Anshu Jain and Juergen Fitschen resign, John Cryan to step up as replacement June 7, 2015 The co-chiefs of Deutsche Bank are resigning amid increasing pressure from investors over their management of a series of problems to have beset the bank. The German bank was hit with a £1.7bn fine over Libor manipulation in April, which co-CEO Anshu Jain took ultimate responsibility for, while fellow co-CEO Juergen Fitschen is embroiled in a legal [...]