Pound climbs on General Election news but traders foresee rocky ride October 29, 2019 The pound jumped today after it became clear the Labour party would back a December General Election, but it has since settled back down as traders steeled themselves for a volatile six weeks. Read more: Labour to back PM’s call for December General Election Sterling has had an extremely rocky few months. It hit a [...]
Number in low-paid jobs hits record low but wages suffer October 29, 2019 The proportion of people in low-paid jobs fell to its lowest level on record last year, official figures showed today, thanks in large part to a rising minimum wage. Read more: UK women earn £263,000 less than men over working lives Nonetheless, when adjusted for inflation median pay was almost three per cent lower than [...]
Spending watchdog to publish forecasts despite scrapping of Budget October 29, 2019 The UK’s tax and spending watchdog has said it will publish an updated version of its March fiscal forecasts next month, despite chancellor Sajid Javid cancelling his Budget due to the Brexit extension. Read more: Chancellor Sajid Javid admits 31 October Brexit deadline ‘can’t be met’ The Office for Budget Responsibility (OBR) also said that [...]
Four things you need to know about BP’s results October 29, 2019 BP released its third quarter update this morning and with the oil giant announcing a $749m (£581.3m) loss, it was not pretty reading for investors. Fuelled by weaker oil prices and a hit from hurricanes, BP’s share price dropped nearly four per cent to 493p. However, the company still beat analyst expectations despite its poor [...]
Tiktok owner Bytedance denies having immediate plans for Hong Kong listing October 29, 2019 Bytedance, the $75bn Chinese firm behind short-form video app Tiktok, has denied reports it is considering an initial public offering (IPO) in Hong Kong as soon as next year. The Financial Times has reported that the seven-year-old startup could list in the territory as soon as the first quarter of next year, but Bytedance denied [...]
Ofgem issues Gnergy with final payment warning October 29, 2019 Ofgem has issued Gnergy with a final order for their unpaid Renewables Obligations bill, raising the possibility that the supplier could have its license revoked if they did not comply by the payment deadline. The watchdog said that the company, which was one of four suppliers who missed the original deadline for payments, had not [...]
Investors butcher Beyond Meat despite first profitable results October 29, 2019 Shares in Beyond Meat plunged 20 per cent as the lockup period for early investors ended, despite the plant-based food company reporting its first quarterly profit. Beyond Meat shares dropped over 20 per cent in trading before the bell on Tuesday as around three quarters of its stock became eligible for trading, giving early backers [...]
Gender pay gap: UK women earn £263,000 less than men over working life October 29, 2019 British women will earn £263,000 less than their male counterparts over their life, according to new data from the Office for National Statistics (ONS). The ONS study shows that the average working woman can expect to take home 59 per cent of what the average man takes home. Read more: UK inflation stays at Bank [...]
Weak oil prices and hurricanes push BP to $750m loss October 29, 2019 Lower oil prices and hurricanes knocked BP to a $749m loss in the third quarter, the energy giant revealed today as chief executive Bob Dudley prepared to bow out. Read more: Saudi Aramco insiders say the kingdom has set a date for the IPO The figures BP fell to a $749m loss in the three [...]
Saudi Aramco insiders say the kingdom has set a date for its IPO October 29, 2019 Saudi Aramco is set to begin its long-planned initial public offering (IPO) on 3 November, according to a report. The Saudi Arabian oil giant will start the process of its stock market debut on that date after delaying the deal to give itself time to win over cornerstone investors, Reuters said today, citing three sources. [...]