UK manufacturing PMI sinks even lower after EU referendum August 1, 2016 The most up-to-date measure of economic output among UK manufacturers has slumped to its lowest level in more than three years following the EU referendum. The manufacturing purchasing managers' index (PMI), which is closely watched by policymakers at the Bank of England, dropped to 48.2 in July, from 52.4 in June. That was even lower than a [...]
Pension deficits reach a new high before interest rate decision August 1, 2016 The pension deficits of UK private companies reached the record level of £390bn at the end of July, having leapt by £80bn in the last two months alone. Public companies fared no better in the JLT Employee Benefits Index, as FTSE 350 companies’ defined benefit schemes deficits increased from £114bn in May to £156bn in July. “Markets may [...]
Qatar Airways just bumped up its stake in British Airways and Aer Lingus owner IAG August 1, 2016 Qatar Airways said this morning it had bumped its stake in the owner of British Airways up to 20 per cent. The company, which announced last month it had bought a 15.67 per cent stake in the airline, said it now owns 20.01 per cent of International Airlines Group (IAG), which also owns Aer Lingus [...]
Princess Beatrice to launch new career as business consultant with backing from Sandbridge Capital August 1, 2016 Princess Beatrice is reportedly set to launch a startup and begin her new career as a business consultant. Beatrice, 27, is said to have the backing of Sandbridge Capital – where she recently worked as an associate. Investment group Sandbridge focuses on lifestyle and fashion companies, including online retailer Farfetch and iconic British brand Topshop. "(Beatrice) is creating [...]
Burberry puts more emphasis on the Chinese market as it buys up the remaining stake in its retail operation there August 1, 2016 Asia has proved a mixed bag for UK businesses in recent months, with some banks doing everything they can to manoeuvre out of the continent as volatility continued to rock markets. But now Burberry has taken the bold decision to move further into the Chinese market, buying the remaining 15 per cent stake in its Chinese [...]
Fresh delay for US rate hike on weak growth figures August 1, 2016 The prospect of a second US interest rate rise since the recession has slipped back following weak GDP data and some dovish comments from one of the Federal Reserve's key rate-setters. Futures markets now indicate the probability of a rate rise by the end of the year is less than one in three, down from around [...]
UBS rogue trader Kweku Adoboli is sorry but warns it could happen again August 1, 2016 UBS rogue trader Kweku Adoboli has warned banking culture still has a lot to answer for. Adoboli was convicted on two counts of fraud in 2012 after his unauthorised trading lost Swiss banking giant UBS £1.4bn. He was released from prison last summer after serving around half of his seven-year sentence. Now, Adoboli has told [...]
Asian shares climb on weak US and Eurozone growth figures August 1, 2016 Asian shares climbed higher overnight everywhere except China as markets benefitted from Friday’s weak growth figures in both the US and the Eurozone. Japan’s Nikkei 225 added 0.4 per cent to hit 16,635, largely unchanged on its level before the Bank of Japan (BoJ) decided on Friday to hold back on fresh stimulus. In Hong [...]
No Brexit blues for Dave, Del Boy or Rodney: Business as usual for UKTV after referendum August 1, 2016 It’s “business as usual” for UKTV, the owner of TV channels Dave and Gold, after the UK’s Brexit vote. The company has today reported that it is “outpacing the British broadcast market”, with a record share of commercial impacts (SOCI), claiming 9.74 per cent, and “significant growth” of audience share and on-demand viewing in the first half [...]
Barclays is ditching telephone passwords for voice recognition August 1, 2016 Barclays is making passwords for telephone banking obsolete by rolling out voice recognition technology to all its customers. The use of biometric technology is being explored by several banks, but Barclays is the first UK bank to make the technology – which works in the same way as a fingerprint – widely available. Read more: Passwords are [...]