Panama Papers Prime Minister David Cameron and his family will not benefit “in future” from any offshore funds or trusts, No 10 says April 6, 2016 David Cameron and his family will not derive any benefit in future from any offshore funds or trusts, a government spokesperson said today, after the Prime Minster's late father was named in the documents leaked from law firm Mossack Fonseca. The data leak details how the Panamanian company helped thousands of people hide their riches [...]
Oil price yo-yos back up as the latest US stockpiles show a surprise fall April 6, 2016 The oil price has bounced today after stockpiles in the US showed a shock decline, despite investors expecting a new record high. The oil price is up today by around five per cent, with international benchmark Brent crude trading at $39.77, while US oil hit $37.96. The US Energy Information Administration (EIA) reported that stocks of [...]
Panama Papers scandal: Law firm admits it thinks it was the target of hackers as experts warn companies are misguided in their cyber security efforts April 6, 2016 Businesses are failing to identify weak spots in their cyber security systems, as the law firm embroiled in the Panama Papers breach admits that it believes it was targeted by hackers. A report seen exclusively by City A.M. by FTI Consulting has discovered that just less than half (43 per cent) of global institutional investors [...]
A drop in footfall means RBS, HSBC, and Barclays could all be about to close more branches around the country April 6, 2016 A continuing slide in the number of people using bank branches means three of Britain's biggest banks could be considering closing the doors on hundreds between them this year. RBS, HSBC, and Barclays have all said they are reviewing the number of branches they operate but were unable to comment on specific numbers. It was earlier reported by [...]
Startups founded during the recession could be the reason why Britain lags on productivity April 6, 2016 Britain’s startups could be the missing piece of the “productivity puzzle” which has had economists and policymakers scratching their heads in recent years, according to new research by the innovation body Nesta. Working with number crunchers at the National Institute of Economic and Social Research (NIESR), Nesta found that new firms – those founded since the recession [...]
Blockchain just had two major firsts with new social payment app Circle, Barclays and Britain’s financial regulator April 6, 2016 London may be the centre of fintech innovation, but there’s one huge trend we’ve failed to jump on board with yet – social payment apps. Messaging your mate with that fiver you owe for last night’s round at the pub and a big smiley face emoji is pretty common in the US and China, especially [...]
North sea oil companies profitability languishing near 20-year lows April 6, 2016 The profitability of the North Sea oil sector has fallen to its lowest level since 1997, as low oil prices continue to bite. UK Continental Shelf firms rate of return on their investments fell from 1.9 per cent in the third quarter of last year to 0.6 per cent in the last quarter of 2015, according to [...]
IMF says lower taxes, more training and welfare cuts can kick-start global economic growth April 6, 2016 Countries around the world should slash taxes on employment and reform welfare to boost their economies, according to the International Monetary Fund (IMF). Ahead of its half-yearly and closely-watched world economic outlook, the IMF raised concerns about “the current environment of persistent weak economic activity in many advanced economies”, outlining its suggestions for increasing economic output and employment. Key [...]
US seeks to block Halliburton-Baker Hughes deal April 6, 2016 The US Department of Justice today filed a lawsuit to stop what would be the largest oil field services acquistiion ever. The DOJ said Halliburton's acquisition of its smaller rival Baker Hughes would hamper competition, raise prices, and reduce innovation across the industry. "The proposed deal between Halliburton and Baker Hughes would eliminate vital competition, skew energy markets [...]
Easyjet traffic hit by air traffic controller strikes and terrorism April 6, 2016 Easyjet is expected to return to the red for the first half of the year after French air traffic controller strikes and the terrorist attacks in Belgium hurt traffic volumes in March. The Luton-based budget airline said 611 flights were cancelled last month, blaming the majority on strike action in France. Load factors (the proportion [...]