House price growth falls to its lowest since October 2015 as stamp duty changes take their toll June 1, 2016 Have George Osborne's changes to house prices had their desired effect? House price growth fell in May, to its lowest since October last year – suggesting things could be about to look up for those struggling to move up the property ladder. Nationwide's House Price Index showed prices rose 1.3 per cent to £204,368 in the [...]
EU referendum: Vote Leave sets out alternative immigration plan on points-based system June 1, 2016 Brexit campaigners have warned on immigration again today, with Vote Leave's top brass announcing that the UK should adopt a points-based immigration system if it leaves the EU. Messrs Johnson and Gove, as well as Priti Patel, unveiled a joint statement that said "such a system can be much less bureaucratic and much simpler than the existing system for [...]
The supermarket squeeze: Big four supermarkets outperformed by discounters and premium competitors June 1, 2016 The big four food retailers – Tesco, Sainsbury's, Asda and Morrisons – are suffering in the supermarket squeeze today as both discount and premium challengers boasted the strongest sales growth. Tesco had the smallest drop in sales of the big four, at 0.1 per cent, and Asda the biggest, with a 5.1 per cent decline in sales. Discounters Aldi and [...]
Halfords reports rise in revenue and profit for 2016 June 1, 2016 Motoring and cycling retailer Halfords has unveiled a new tie-up with an Olympic cyclist, as it reports an increase in revenue and profit in its preliminary results for the 2016 financial year. The figures Sales were up 1.5 per cent like-for-like, to £1.022bn from £1bn, with £869m coming from the group's retail operations, and £153m made through [...]
UK steel: Tata Steel sells European business to Greybull Capital June 1, 2016 Tata Steel has sold part of its European steel business to Greybull Capital, a private equity company. Greybull, which specialises in taking on struggling companies, has become the owner of Tata Steel's long products business, including the plants in Scunthorpe and mills on Teesside. Bimlendra Jha, executive chairman of the Long Products Europe business and [...]
Toyota is in talks to buy two robotics businesses from Google June 1, 2016 Motor company Toyota is in talks to buy two robotics divisions from Google's parent company, Alphabet. The Japanese firm is interested in buying Boston Dynamics – the firm behind Cheetah, said to be the fastest-legged robot in the world – and Schaft, according to a report from Nikkei. Alphabet is reported to be interested in [...]
Brexit vote too important to be left up to politicians June 1, 2016 Moan all you like about the EU referendum but it's got people talking. From Cornwall to the City and from the Western Isles to Westminster, people are engaged and discussing the issues. People are debating in restaurants and outside pubs and, as is always the case in political campaigns, they're doing so with more nuance and [...]
City Moves for 1 June 2016 | Who’s switching jobs June 1, 2016 Together Helga Wright has joined specialist lender Together, taking on the role of commercial finance director, as the business continues with its growth strategy. Helga joins from the Co-operative Bank, where she was financial director of the retail, commercial and business banking businesses, and brings a wealth of financial services experience, spanning nearly 20 years. [...]
The IMF’s strawman critique of “neoliberalism” puts successful liberal reform in jeopardy June 1, 2016 The International Monetary Fund published a paper last week which was widely reported as a repudiation of “neoliberalism”. According to the Fund, the opening up of countries to free capital flows and a desire for fiscal consolidation over the past three decades have not delivered obvious economic benefits. In fact, these policies were said to [...]
As France’s dispute over labour market reform intensifies, has the country become ungovernable? June 1, 2016 Dr Dylan Kissane, who works at DOZ in Lyon, France, says Yes. France is in the midst of a fuel shortage, widespread transport shutdowns, and a wave of increasingly violent anti-reform protests culminating recently in the firebombing of an occupied police vehicle. Clashes between riot police, masked demonstrators, and burning cars are now commonplace on the [...]