US cloud firm snaps up UK startup for European expansion August 17, 2016 US cloud computing company Datapipe has snapped up a UK startup to kickstart its expansion into Europe. It has acquired Adapt, a five-year-old startup majority owned by private equity investor Lyceum Capital and which manages cloud computing services for companies such as Made.com and the National Trust for an undisclosed sum. The firm has not been put [...]
Japanese officials hit the brakes on yen rally August 17, 2016 The Japanese yen has eased back today after a top government official threatened direct intervention if the currency continued to strengthen. The yen broke below ¥100 against the US dollar yesterday as investors continued to flock to the currency, seen as a safe haven because of Japan's low inflation. The dramatic rally over the last [...]
The Office for National Statistics has put together an economists supergroup to avoid dodgy data August 17, 2016 The Office for National Statistics (ONS) has beefed up its research team with the appointment of a new expert panel of economists – a supergroup, if you will – as it seeks to respond to a string of criticism. Former Bank of England rate-setter Martin Weale, who has just left the monetary policy committee (MPC) after a [...]
Treasury committee chair Andrew Tyrie calls for prompt review on RBS share sale August 17, 2016 The chair of the Treasury Select Committee has today written to the National Audit Office (NAO), seeking a swift review on previous advice given on the government's sale of RBS shares. Andrew Tyrie has sent a letter to Sir Amyas Morse, comptroller and auditor general at the NAO, asking for the Morse's department to take a closer [...]
Carlsberg falls flat as profits miss expectations and it struggles in Western European beer market August 17, 2016 Danish brewer Carlsberg fell flat today after its second quarter results missed analyst estimates and the group struggled to stay afloat in the UK and Western Europe. The figures Revenues grew by four per cent to 31.2bn Danish krone (£364m), though this was short of estimates of 31.4bn krone, in the six months to 30 June. [...]
Deutsche Boerse wins 89 per cent shareholder acceptance for London Stock Exchange deal August 17, 2016 The final acceptance ratio from Deutsche Boerse shareholders for its merger with the London Stock Exchange (LSE) was 89.04 per cent, the company has revealed. The German exchange was forced to lower the acceptance ratio to 60 per cent and extend the deadline for investors wishing to tender their shares in support of the deal [...]
North Korean deputy ambassador to the UK defects with his family to South Korea August 17, 2016 North Korea's deputy ambassador to the UK, Thae Yong Ho, has defected with his family, South Korean officials have confirmed. Yong Ho was a counsellor at the North Korean embassy, which is based in a suburban house in Ealing, and was deputy to the ambassador. The veteran diplomat is thought to be one of the [...]
Household income surpasses pre-crisis levels – but not for those in work August 17, 2016 Disposable incomes have finally reached their pre-crisis high after a seven-year battle to recover from the recession. UK households had an average of £26,400 to spend in the last financial year, according to the Office for National Statistics (ONS), up 2.7 per cent on the year before and back above the £26,000 level reached in 2007/08. The [...]
Labour leadership contender Owen Smith has said the UK should enter peace talks with Isis to resolve the ongoing Middle East crisis August 17, 2016 Labour leadership contender Owen Smith has said the UK should enter talks with fundamentalist terror group Isis as it seeks peace in the Middle East. Speaking on the BBC earlier today, Smith – who was a special adviser to Northern Ireland secretary Paul Murphy during the peace process – said that there was a need to get the so-called Islamic [...]
Labour leader Jeremy Corbyn has again failed to explain the maths behind his plans for a huge national spending splurge August 17, 2016 Labour leader Jeremy Corbyn has again failed to lay out the maths behind a huge spending splurge that will include a million new homes and £500bn in infrastructure investment. Speaking on the BBC as part of the leadership debate alongside Owen Smith, Corbyn said that a combination of tax increases and growth would support the [...]