UK posts mighty trade deficit in month of EU referendum August 9, 2016 The UK trade deficit ballooned to a huge £5.1bn in June, far ahead of expectations and raising more questions about how the UK's exporters and importers will fare after the referendum. The figures, released this morning by the Office for National Statistics (ONS), also showed imports reached their highest ever level in a single month [...]
US jobs site Monster on £330m Dutch date with recruiter Randstad August 9, 2016 Remember Monster.com? It was one of the first companies to harness the power of the internet to help connect jobseekers and potential employers. It paved the way for the likes of LinkedIn and Glassdoor — as well as a new wave of snazzy job search apps, such as the so-called "tinder for jobs" Jobr (which it also acquired [...]
How have bank share prices reacted to the Competition and Markets Authority’s (CMA) retail banking investigation? August 9, 2016 Investors were decidedly nonplussed by the Competition and Market Authority (CMA)'s recommendations for an "open banking" revolution in the UK's retail banking sector this morning. Share prices at London-listed organisations moved in most directions, with the big lenders slightly outperforming the market, but challengers heading both up and down – suggesting traders aren't convinced the CMA's work [...]
Boohoo’s share price reaches an all-time high after it upgrades forecast August 9, 2016 Online fashion retailer Boohoo's share price climbed 5.47 per cent in early morning trading, reaching an all-time high of 78.68p, after the company revised its expectations for the year upwards. The board announced its results for the current year will be "above expectations", with sales growth between 28 per cent and 33 per cent – up from an anticipated [...]
Four things you need to know about today’s CMA retail banking report August 9, 2016 The Competition and Markets Authority (CMA) has published its long-awaited final recommendations for the UK's banking sector. Since the probe first launched in July 2014, the competition watchdog has faced intense scrutiny from all sides, with smaller institutions hoping the CMA will break up the “Big Five” banks – RBS, Lloyds, HSBC, Santander and Barclays [...]
Savills’ share price edges up on dividend hike and strong revenue growth August 9, 2016 Savills' share price benefited from a strong set of results and a divident hike this morning, as the estate agent asserted its "resilience" in the aftermath of the Brexit vote. The company's share price was up 1.02 per cent in morning trading. The figures Revenue at Savills was up 14 per cent, increasing from £547m in 2015 to £627.7m this year. [...]
Sterling slips on more Bank of England stimulus speculation August 9, 2016 Sterling has fallen to a one-month trough against the dollar and bond yields have set a new all-time low this morning as the prospect of ultra-loose monetary policy from the Bank of England continues to drag on the currency. The pound slipped below $1.30 for the first time since mid-July overnight after monetary policy committee (MPC) hawk [...]
CMA puts plans for changes to account switching that could cost up to £10bn on the back burner August 9, 2016 The Competition and Markets Authority (CMA) has today released the final report on its retail banking investigation, with a big focus on making switching bank accounts easier for customers. One of the "more fundamental changes" to the switching process would be the introduction of account number portability (ANP), which would "mean that a customer would effectively take their [...]
How nine challenger banks reacted to the CMA’s report on current accounts August 9, 2016 Nine challenger banks including TSB and Metro Bank have slammed the findings of the UK's competition watchdog in its investigation into the retail banking sector, arguing the review has missed “a golden opportunity”. The Competition and Markets Authority (CMA) report, published this morning, called on banks to implement an “open banking” standard by 2018, allowing customers to monitor and access all [...]
Morrisons gets a discount on new deal with Ocado August 9, 2016 Morrisons and Ocado have struck a new deal that will see the supermarket deliver to more areas in Britain, and also reduces the fees Morrisons has to pay the online grocer. Shares in both grocers rose on the news, with Morrisons up 1.5 per cent at 190.9p in early trading, while Ocado rose 2.6 per [...]