Bank of England governor Mark Carney warns fintech’s democratic revolution poses risk to financial system January 25, 2017 The fintech revolution poses significant risks to the stability of the financial services sector, according to Bank of England governor Mark Carney. Fintech’s assault on the business models of traditional banks could increase liquidity risks for the broader financial system, Carney warned in a speech delivered at a G20 conference in Wiesbaden, Germany. “The opening [...]
Is blockchain a “new operating system for the planet”? Barclays vice chairman Jeremy Wilson thinks so January 25, 2017 Blockchain has the potential to become “a new operating system for the planet” in a generation’s time, while mainstream commercial use is likely to happen within the next decade, one of Barclays’ top executives believes. “I don’t think I’ve heard it mentioned as anything other than a significant opportunity,” said its corporate banking vice-chairman Jeremy Wilson. [...]
Oil production is set to outpace demand while overall global energy demand increases into 2035 January 25, 2017 Global energy demand is set to rise by 2035, but oil prices are likely to remain low while production increases faster than demand. In the next 20 years, energy demand will increase around 30 per cent across the globe, although it will be offset by rapid gains in energy efficiency, according to an analysis of long-term energy trends. BP's annual Energy [...]
City of London grants planning permission for new City skyscraper, 1 Leadenhall January 25, 2017 Another skyscraper has moved one step closer to becoming part of the capital's skyline, after the City of London's planning and transport committee granted planning permission this morning. The committee approved a resolution to grant permission for 1 Leadenhall, which is set to tower over Leadenhall Market. The resolution was approved following a consultation with the [...]
This is how much disposable income the UK had in December January 25, 2017 UK households celebrated a rise in disposable incomes in December last year – but it is thought spending on non-essentials will slow in 2017 as inflation starts to bite. Families had an average £202 of disposable income in December 2016, a rise of 4.4 per cent (or £8.57) on the same month a year before, [...]
Novartis launches $5bn share buyback and mulls spin-off of eyecare business Alcon January 25, 2017 Novartis may spin off its struggling Alcon eye care business as it looks at ways to boost growth The Swiss drugmaker also plans to buy back up to $5bn (£4bn) of shares over the next year in a bid to return to growth by 2018. Alcon has slumped to a $120m loss as fourth-quarter sales dipped. Novartis could consider floating, [...]
Unilever’s sales expected to unveil sagging European sales tomorrow January 25, 2017 Food manufacturing giant Unilever is forecast to post an increase in global sales and profit when it reports its full-year results tomorrow, but analysts expect the company to reveal sagging growth in Europe. Bernstein analysts expect profit before tax to come in at €7.58bn (£6.46bn), up from €7.22bn last year. They have forecast net sales of €52.98bn, with organic sales growing [...]
Czech it out: Central Eastern European M&A activity is booming January 25, 2017 Mergers and acquisitions (M&A) activity slowed in the UK and across the world last year, but Central Eastern European deals came thick and fast. There Warsaw (were so) many M&A deals in the region that values totalled €86.7bn (£74bn) last year, up 62 per cent on 2015, and its highest result since 2013. The total number of [...]
British Steel is in the black for the first time since splitting with Tata January 25, 2017 British Steel is back in profit for the first time since its acquisition from private equity company Greybull Capital. Tata Steel sold its long products business, including the plants in Scunthorpe and mills on Teesside, to Greybull in June after months of talks. Now, seven months later, British Steel has ended its third quarter of 2016 in profit [...]
German business sees a surprise fall in confidence as political risk looms January 25, 2017 Confidence in businesses in Germany has posted a surprise fall to start 2017, as worries over Europe’s medium-term outlook increased, according to a long-running survey. Sentiment fell from a three-year high in December to its lowest point since September, according to a survey of over 7,000 companies by Germany’s Ifo Institute. Analysts had expected a [...]