UK wages grow at fastest rate since September 2015, while unemployment rate retains 11-year low January 18, 2017 Wages grew faster than expected at the end of 2016, while unemployment stayed steady at 4.8 per cent, as the UK labour market showed little sign of any short-term Brexit effect. Weekly pay grew by an annual rate of 2.8 per cent including bonuses from September to November, according to the Office for National Statistics. [...]
Fitbug shares have been halted January 18, 2017 Shares in Fitbug have been halted temporarily after earlier being energised by the British tech firm announcing a new deal to sell its wearables to a company workforce. The stock rocketed more than 130 per cent in early trading after announcing a deal with an unnamed global financial services firm based in Asia to use its devices to [...]
The French Touch Abounds in Tech January 18, 2017 The French tech scene has the most active sovereign wealth funds in the world, according to research firm, CB Insights. Two French funds make the top half of the top-ten, which also includes state funds from Singapore, Malaysia, Kuwait, Qatar, Saudi Arabia and China. France’s Banque Publique d’Investissement (Bpifrance) sits atop the list as the [...]
Now it’s Credit Suisse’s turn to sign off on its Department of Justice fine for $5.3bn January 18, 2017 Credit Suisse has finalised its agreement to settle for $5.3bn (£4.3bn) with the US Department of Justice (DoJ) for mis-selling mortgage-backed securities in the lead-up to the financial crisis. The bank agreed to the settlement in principle last month, but the deal was effectively rubber-stamped today. The Swiss bank's payment is divided between a $2.5bn cash penalty and [...]
Elon Musk’s insane Hyperloop transport system is coming soon to a difficult-to-pronounce European city near you January 18, 2017 Hyperloop, the so-crazy-it-might-just-work ultra-speedy transportation system invented by Tesla founder and general mad professor Elon Musk, took another step forward today, after three European cities signed a deal to start exploring the technology. By Musk's reckoning, the system, which is essentially a giant vacuum tube, will suck pods through its tunnels at 760mph, cutting the three-hour [...]
Tata Steel: Infrastructure investment is the key to solving the pension problem, says City heavy-hitter January 18, 2017 Hopes British Steel pension scheme members could be paid in full were raised today after a City heavy-hitter proposed a radical deal to spin-off the mammoth £15bn fund. Tata Steel is currently in talks with German industrials firm Thyssenkrupp to buy its European operations – a deal understood to only go ahead if the pension scheme, which serves 130,000 members, can [...]
Stock exchange bosses seek to reassure German politicians over London legal HQ January 18, 2017 London Stock Exchange and Deutsche Boerse bosses this week began a push to convince German politicians of the merits of their merger and soothe concerns around the legal headquarters being based in the UK. Politicians in the State of Hesse, where the German exchange is based, have been made aware that no alterations will be [...]
Going by past trends, Trump’s inauguration could mean bad things for markets January 18, 2017 It's just two days until Donald Trump is inaugurated as 45th President of the United States – but the bad news is, his arrival might not be great for markets. Research by AJ Bell has found markets tend to fall in the first year of Republican Presidencies, while Democrats send the market higher. According to [...]
London cab drivers bring roads around Westminster to a standstill with demo January 18, 2017 London black cab drivers have brought the roads around Westminster to a standstill with a demonstration against plans to cut their access to Bank junction. City of London Corporation wants to close the roads around Bank to all traffic apart from buses, and cabbies have already staged a number of demos in protest against the [...]
John McDonnell will join striking British Airways cabin crew at Heathrow January 18, 2017 Shadow chancellor John McDonnell is joining members of British Airways' cabin crew who are starting a three-day walkout tomorrow. Unite the union said its general secretary Len McCluskey and the shadow chancellor will be joining the picket lines at Heathrow tomorrow in a dispute over pay. McDonnell, whose Hayes & Harlington constituency covers Heathrow Airport, said: [...]