Labour’s faces electoral “Armageddon” if it splits in the aftermath of its leadership election, the party’s largest individual donor has warned August 2, 2016 Labour faces “Armageddon” if it divides the aftermath of this summer's leadership challenge, according to the party's largest individual donor. The party is set to choose a new leader on September 24, but millionaire businessman John Mills said failure to unite afterward the contest would be a disaster for its electoral prospects. “I really hope [...]
Engineer Rotork tumbles as it warns on impact of low oil prices August 2, 2016 Rotork fell to the bottom of the FTSE today as its clients deferred spending due to the oil price downturn. The figures Rotork's group revenue fell 3.7 per cent to £263.9m in the first six months of 2016, driven by weak order growth last year, and was down from £274.2m a year earlier. The company's pre-tax profit fell 32 per [...]
Before the bell: What you need to know before the US market open August 2, 2016 Japan has launched a £34bn stimulus package, the Reserve Bank of Australia has chopped its its benchmark interest rate to a record low 1.5 per cent and Europe's banks are getting sold off. Here's what you need to know before the US market open at 2:30pm. The US pre-market is pointing down ahead of the open. The S&P is [...]
Japan underwhelms markets with ¥28 trillion stimulus package August 2, 2016 Markets have given a lukewarm reaction to the long-awaited details of Japanese Prime Minister Shinzo Abe's latest economic salvo. The Japanese government today signed off a stimulus package worth a headline ¥28 trillion (£207bn), though critics said this figure betrayed the fact much of the spending comes in the form of cheap loans rather than direct [...]
These experts say the Bank of England should throw the kitchen sink at the UK economy – including a rate cut and QE August 2, 2016 Banking analysts have urged the Bank of England (BoE) to do everything it can to boost the UK economy and said the case for stimulus is clear. Analysts at Bank of America Merrill Lynch (BoAML) said in a note today that UK soft data "looks bad… the economy has taken a big hit and may be [...]
Former MPC member and Labour adviser David Blanchflower has launched a searing attack on Labour under Jeremy Corbyn August 2, 2016 Former Monetary Policy Committee member David Blanchflower has launched a searing attack on Labour and party leader Jeremy Corbyn after backing his rival Owen Smith. Blanchflower served on Labour's economic advisory committee, but quit in June over the party's failure to effectively campaign against Brexit. And he has now hit Corbyn with another scathing blast, [...]
Just Eat bins Benelux business for millions August 2, 2016 Just Eat has conceded defeat to a rival takeaway business in two European markets – but netting itself millions in the process. The food delivery company, which last week upgraded its earnings guidance for the second time this year, has sold off its business in Belgium and the Netherlands to rival Takeaway.com for €22.5m (£19m). Read more: Just Eat [...]
Thomson Reuters is the latest to join this major blockchain consortium August 2, 2016 Thomson Reuters is the latest financial institution to join one of the major consortiums working on blockchain technology, joining several of the world's biggest banks. The global firm is joining R3, the group which is spearheading efforts to standardise blockchain technology and now counts more than 40 members, including Barclays, HSBC and Goldman Sachs. Read more: The UK [...]
Brexit boost for UK-based interdealer broker Tullett Prebon August 2, 2016 London-listed interdealer broker Tullett Prebon has reported a boost from the UK’s Brexit vote. The figures In the first half of the year, before exceptional items and acquisition-related items, Tullett reported revenue of £430.3m, a four per cent year-on-year increase. Pre-tax profit, meanwhile, was up from £52.9m to £60.3m, and operating profit was up 11 [...]
Ed Balls. Former Labour MP priced as 100/1 outsider as Strictly rumours mount August 2, 2016 Former shadow chancellor Ed Balls is rumoured to be joining Strictly Come Dancing this year, but the Labour man has already been priced as a 100/1 outsider. Rumours are growing that the former Morley & Outwood MP will join the show, although the BBC says any suggestions are speculation. The BBC will begin releasing the names of [...]