City braced for rate cut as construction data and banking woes unsettle markets August 3, 2016 The FTSE 100 fell to a two-week low of 6,645.40 yesterday, spooked by a double whammy of gloomy UK construction data and faltering bank stocks. Official data shows that UK construction has shrunk at its fastest pace in seven years. Markets are now bracing themselves for tomorrow’s Bank of England policy meeting, at which governor Mark [...]
Financial sector’s problems put front and centre by Brexit vote August 3, 2016 The UK's decision to split from the EU has brought problems lurking in the City to the foreground, research out today warns. The report by TheCityUK highlighted five key areas – strengthening global connections, driving national growth, expanding service areas, increasing innovation and developing talent – where the financial and professional services sector now needs the ante [...]
Bank of England stress tests “worse than useless” according to free market think tank August 3, 2016 The Bank of England's stress-testing regime is “worse than useless” according to a new report from free market think tank the Adam Smith Institute. The tests gave the UK's banking system a clean bill of health in 2015, but the think tank argues that the regime is riven with fundamental flaws. And days after alarm bells were [...]
Labour leadership challenger Owen Smith has proposed new limits on private sector pay for government contractors August 3, 2016 Labour leadership candidate Owen Smith is facing questions over his proposals for a new “high pay commission” to explore new pay ceilings for the private sector. In a speech today, Smith will promise to explore whether to install maximum pay ratios between top and average earners for private firms doing public sector work. While he has yet [...]
Vitol boss Ian Taylor says he doesn’t want to be on David Cameron’s “cronies” honours list August 2, 2016 The boss of energy giant Vitol Ian Taylor has tonight written to Theresa May and former prime minister David Cameron to request his name be withdrawn from consideration for an honour on Cameron's resignation list. The Conservative party donor had been tipped to receive an honour from Cameron, along with others who have been thrust into the spotlight as [...]
Fenchurch Street Station evacuated following reports of man with knife on c2c Rail train August 2, 2016 Fenchurch Street Station was evacuated during rush hour this evening, disrupting hundreds of commuters' journeys from the central London terminus. British Transport Police officers were called to the station at 6.37pm "following reports of a robbery on board a train". Armed police then evacuated the station and carried out a full search of the train, which had [...]
Regulator urges trustees to exercise caution amid spiralling pension deficits August 2, 2016 British companies are facing the prospect of significant cash top-ups on defined benefit pensions schemes after more evidence was released today that deficits are at record highs. Pension deficits for Britain's 350 largest listed companies increased from £119bn to £139bn during the month of July alone according to data prepared by pension specialist Mercer. The survey also [...]
SodaStream’s sales fizz after brand overhaul August 2, 2016 Sodastream – an Israeli company which makes home carbonating devices – is sparkling after working to reposition its brand. The company has shifted away from sugary drinks and into sparkling water as consumers turn towards healthier food and drinks. Sodastream’s net income bubbled up to $7.8m, or 37 cents a share, from $3.5m in the second [...]
Hyatt Hotels’ income hits suite spot as revenue per available room up August 2, 2016 Hyatt Hotels has beaten expectations with second-quarter net income of $67m (£50m). It reported earnings of 64 cents per share, surpassing analysts’ expectations of 47 cents per share. The US-based hotel operator posted revenue of $1.17bn in the period, meeting Wall Street forecasts. Its revenue per available room (RevPAR), a key performance metric for the [...]
CVS Health falls short and pares back forecasts August 2, 2016 CVS Health – a US pharmacy chain and healthcare business – has missed expectations and been forced to lower its full-year guidance. CVS reported a profit of $924m (£636m), or 86 cents a share for its second quarter, down from $1.27bn in the year before. Revenue rose 18 per cent to $43.7bn, below analysts’ expectations of [...]