City Moves for 12 April 2016 | Who’s switching jobs April 12, 2016 Bfinance Bfinance, the independently owned investment consultancy, has appointed Peter Hobbsas managing director of private markets in the London office. He joins from MSCI where he was managing director for real estate research and key global accounts, responsible for benchmarking and portfolio analysis, risk services and method development. Prior to this, Peter held various senior [...]
Consumer spending hit a two year low in March as bad weather put people of clothes shopping – Barclaycard April 12, 2016 Consumer spending growth slowed to just 1.6 per cent in March, its lowest level in two years, as consumers reined in purchases in nearly all categories. The figure marked the third successive month of a spending slump and dragged down overall growth for the first three months of the year to 2.8 per cent – [...]
British advertising exports are set to soar but one ad boss warns over EU referendum April 12, 2016 London’s ad agencies will shake off concerns about global economic turmoil over the next few years, according to the Advertising Association, which is predicting double-digit growth in exports of all things sales-related. Exports of British advertising services, which includes adverts as well as market research and consultancy gigs, brought in £4.2bn to the UK last [...]
Shops failing to cash in on low inflation as British Retail Consortium sales monitor shows no growth in March April 12, 2016 Retail sales flat-lined in March, according to the latest sales monitor from the British Retail Consortium (BRC), in an early sign that a wobble in the consumer-led recovery could be on the cards. Total retail sales were unchanged on March 2015, compared to a 4.7 per cent annual increase registered in this month last year. [...]
Financial services company LV urges government to scrap stamp duty for pensioners looking to downsize April 12, 2016 A well-known financial services company is today urging government to scrap stamp duty for pensioners who are looking to downsize to help further fund their retirement. Research by LV has discovered that retirees are increasingly looking towards bricks and mortar as a way to finance their golden years, but many are unable to unlock the [...]
London mayoral election: Sadiq Khan and Zac Goldsmith trade blows over transport policies and tax hikes April 11, 2016 Mayoral candidates Sadiq Khan and Zac Goldsmith have launched stinging attacks on each other this morning in a fiery exchange that sets the scene for an explosive final few weeks of the campaign to succeed Boris Johnson. Khan’s flagship policy to freeze transport fares for four years was branded “financial illiteracy” by Goldsmith’s team as transport [...]
Russia back on the map with investors after two year hiatus, Credit Suisse banker says April 11, 2016 Investors are starting to look at Russia again after cutting off exposure amid geopolitical tensions two years ago, the head of Credit Suisse's $60m (£42m) Russian Equity Fund said. There are no big inflows yet but a rebound in Russian stock markets in the past few months as the oil price and the rouble have [...]
LVMH revenue inches up for first quarter of 2016, with perfume and cosmetics in hot demand but fashion falling flat April 11, 2016 Luxury goods company LVMH reported that revenues had edged up in its first quarter of 2016, although sales of its fashion and leather goods had failed to budge. The company reported total revenues of €8.6bn (£6.9bn) for its first quarter of 2016, up just four per cent compared with €8.3bn the year before. Sales across all categories grew [...]
Metal manufacturer Alcoa’s revenue gets bent out of shape by low aluminium prices and unfavourable currency changes in first quarter of 2016 April 11, 2016 US earnings season got off to a bumpy start, after Alcoa revealed a dip in revenues for its first quarter of 2016 today. The metal manufacturer announced that revenue had dropped to $4.9bn (£3.4bn) for the three months ended March 2016, down 15 per cent from $5.8bn the year before. The company also reported income for [...]
Standard Chartered is selling off $4.4bn worth of Asian assets, after announcing a $1.5bn loss in February April 11, 2016 Standard Chartered is mulling over the sale of at least $4.4bn (£3.1bn) of assets in Asia, it was revealed earlier today. The bulk of the assets potentially being sold are understood to relate to $1.4bn in stressed loans made to Indian firms, but the bank is also believed to be looking to offload some other [...]