The chairman of the OBR doesn’t think Hammond’s Autumn Statement stimulus will be a big boost to productivity November 30, 2016 Chancellor Philip Hammond’s planned productivity spending spree won’t have a big effect on the UK’s economy, according to an influential economist. Robert Chote, the chairman of the Office for Budget Responsibility (OBR), has said Hammond’s plans to boost infrastructure spending did not not have an effect on forecasts. “This is not the near-term fiscal stimulus [...]
Two plead guilty to insider dealing in Logica case November 30, 2016 Two men have pleaded guilty today as part of the City watchdog's investigation into insider dealing of Logica shares. Manjeet Mohal, 59, and Reshim Birk, 55, were on the third day of their trial at the Old Bailey when they pleaded guilty. Mohal, an ex-employee in the finance team of IT firm Logica, pleaded guilty to two [...]
The super prime rental market in the Home Counties is booming on the back of stamp duty changes November 30, 2016 London's luxury property market has been suffering after the government increased stamp duty on high-end homes – but the rental market is booming in the Home Counties on the back of the decision. According to research by Knight Frank, the number of tenant viewings for super prime properties – homes worth over £15,000 per month – has doubled year-on-year [...]
AstraZeneca and Abpro join up on cancer research November 30, 2016 AstraZeneca's biological arm MedImmune and US life sciences group Abpro have joined forces on a new research collaboration that will be spunout as a new company. Called AbMed, it will hold the development and commercialization rights while MedImmune gets a minority stake and a slate of unspecified milestones. Pharma firms are rushing to team up on [...]
Biotechs ink gene therapy deal to treat inherited and rare diseases November 30, 2016 Oxford BioMedica has teamed up with fellow UK biotech firm Orchard Therapeutics to develop gene therapies for rare diseases. Orchard will lead the global clinical development and commercialisation of these collaboration programmes in Europe and the US. Oxford BioMedica has picked up a 1.95 per cent equity stake in Orchard in return and also stands [...]
Online sales soared by over 20 per cent on Cyber Monday November 30, 2016 Cyber Monday was bigger than ever this year, with online sales growing 22 per cent. Shoppers' appetite for cheap goods online has not waned. According to Worldpay, there were 133 payments per second, with global online sales peaking at 16.01. Read more: John Lewis just had the biggest week in its trading history Shane Happach, [...]
The City watchdog might be about to relax rules on mortgage lending that are tripping up smaller lenders November 30, 2016 The City watchdog has today launched a consultation to further pick over the rules on how it checks firms are not allowing people to borrow too much on a mortgage compared to their income. The Financial Conduct Authority (FCA) is asking for feedback on proposed amendments to its previous 2014 guidance based on recommendations from the Bank of [...]
Why those with a head for compliance and risk are about to boost their backpocket November 30, 2016 NULL
Oil prices shoot up as Opec agrees its first production cut since 2008 November 30, 2016 Investors piled into oil futures and related stocks yesterday evening after Opec defied expectations and revealed a deal to cut production by 1.2m barrels a day. Brent and West Texas Intermediate (WTI) crude prices soared as the Saudi Arabia-led cartel announced its first agreement since 2008. The Organisation of the Petroleum Exporting Countries will reduce [...]
Ex-Treasury minister Jim O’Neill hits out over “disappointing” Autumn Statement November 30, 2016 Former Treasury minister and Goldman Sachs banker Lord Jim O'Neill has hit out over last week's Autumn Statement, branding chancellor Philip Hammond's performance as “disappointing”. Speaking for the first time as a crossbench peer in the House of Lords, O'Neill yesterday lamented a “lack of new or additional initiatives” from Hammond. O'Neill focused on devolution [...]