Official IT systems too slow to cope with major economic data November 25, 2013 OFFICIAL data releases may be too big for the Office for National Statistics’ computer systems to handle, watchdog the UK Statistics Authority has warned. That means market participants using alternative data sources like news wires may have quicker access to the figures, like GDP estimates, than users going through the ONS website. Such problems with [...]
Barclays to pay monthly top up to account for EU’s bonus cap November 25, 2013 HUNDREDS of Barclays’ highest paid staff are in line for extra payments to top up their salaries and replace the income lost by the EU’s incoming bonus cap, the bank has told workers. The level of the monthly payment, known as Role Based Pay according to an email to staff seen by City A.M., will [...]
Big six energy firms hit back at Ofgem report November 25, 2013 THE BIG six energy companies defended themselves yesterday against allegations of hefty profits, after a report from regulator Ofgem showed that the generation parts of their businesses had an average profit margin of 20 per cent last year. Energy UK, which represents the interests of the big six firms, lambasted the report’s findings and asked [...]
Power giant RWE pulls plug on Atlantic wind farm development November 25, 2013 FINANCING problems have hit RWE Innogy’s 240-turbine wind farm plan off the Devon cost, it was reported last night, which could force the group to scrap the project. The energy firm has been planning the project since at least 2008, and hoped to generate up to 1,200 megawatts of electricity on the site. It had [...]
Train with no seats may ease congestion November 25, 2013 BRITAIN’S railways could carry more commuters without spending billions on upgrades if trains offered third-class carriages with almost no seats, a report out yesterday claimed. Passengers could pay a fifth less to travel in a “high-density” section that would be modelled on the London Overground carriages, the paper by transport expert David Starkie for the [...]
Zero hour work backed by poll of contract staff November 25, 2013 ZERO hours contracts are being attacked on unreasonable grounds and their excessive regulation should be avoided, according to a report published today. The Chartered Institute of Personnel and Development (CIPD) reveals a survey of employees finding that workers on zero-hours contracts are equally satisfied with their jobs as other employees. People employed without a specified [...]
Brokers told to make fees clearer November 25, 2013 INVESTMENT managers often spend their commission on data and services which are not allowed under the rules and in conflict with the interests of the clients that pay those fees, the Financial Conduct Authority warned yesterday. It wants to force brokerages to give clients more information on where their money is spent and more closely [...]
UK’s services firms still building confidence as growth returns November 25, 2013 UK SERVICES are still building strength as the year comes to a close, with the quickest increase in optimism for 15 years recorded in the three months to November. The Confederation of British Industry (CBI) reports buoyant conditions for the UK’s largest sector today, boding well for the fourth quarter’s GDP figures – employment and business [...]
Big firms hold largest share of UK jobs market November 25, 2013 BIG BUSINESS dominates the UK workforce more than in any other country in the EU, according to figures released yesterday by the European Commission. Companies with 250 or more staff employ almost half (46.4 per cent) of the 17.7m UK workers in the non-financial private sector – well above the EU average of 32.8 per [...]
Global business flocking to UK after reforms November 25, 2013 AS MANY as 60 multinational companies are predicted to shift their headquarters to the UK over the next 18 months, according to new research from accountancy firm EY. EY says it is now working with 60 companies that wish to relocate global and regional head offices to the UK by the middle of 2015. That number [...]