Pension lifeboat deficits reach new highs in July August 9, 2016 Not wanting to be outdone on reporting record deficit numbers the Pension Protection Fund (PPF) today released its funding position that revealed deficits had reached £408bn. Growing by £24bn during July, the PPF deficits were at their highest ever level. But the aggregate proportion of assets to liabilities was not as low as in May 2012. The explanation from the PPF [...]
Pensions deficits have grown at a rate of £2bn a day since rate cut August 9, 2016 The Bank of England's interest rate cut last week has already cost Britain's largest companies a further £10bn in order to manage their pension deficits. According to data prepared by pension specialist Mercer, the aggregate deficit of the largest 350 listed companies has increased from £139bn go £149bn in the five days since Mark Carney's announcement to adjust Britain's [...]
Amec Foster Wheeler rises as record North Sea revenue helps it beat estimates August 9, 2016 Amec Foster Wheeler closed up 11.71 per cent to 521p per share today, after the embattled oil and gas engineer's first half profit beat expectations. The figures Amec's revenue from continuing operations swelled seven per cent to £2.8bn in the six months ended 30 June, ahead of a company-supplied forecast for £2.5bn. The London-listed firm's trading profit stood at £177m during [...]
One of AstraZeneca’s big pipeline drugs just failed a late-stage trial August 9, 2016 Cambridge-based pharma firm AstraZeneca has suffered a set back after a new cancer drug failed at the trial stage. Experimental drug selumetinib failed to meet its goals – helping patients live longer or prevent the disease from worsening when combined with chemotherapy – in a late-stage trial for lung cancer. Shares in the company closed down by 0.3 per [...]
Soft Chinese inflation raise spectre of rate cuts August 9, 2016 The prospect of more monetary stimulus in China edged closer today with a soft inflation reading from the world's second largest economy. Price rises, as measured on the consumer price index (CPI), slipped back from 1.9 to 1.8 per cent in July – significantly off the People's Bank of China's (PBOC) three per cent target. Factory [...]
Anger erupts as North Sea decommissioning contract goes to non-UK firm August 9, 2016 Anger erupted today after UK companies lost out to a Norwegian firm in a tendering process to decommission an oil platform in the UK North Sea. Unions urged policymakers in Holyrood and Westminster to ensure that the UK North Sea oil and gas industry benefits from an estimated £47bn which will be spent on decommissioning by 2040. It comes [...]
The Apple Watch 2 might be coming this year August 9, 2016 An updated version of Apple's first ever wearable and its newest device, the Apple Watch, could be coming as soon as this year, one analyst predicts. The Apple Watch 2 is expected to hit wrists by the end of the year, said Ming-Chi Kuo, an analysts at KGI and known as one of the most well informed [...]
Central London shops crowned “safe haven” investments – but prime residential prices continue to fall August 9, 2016 Central London shops have been a "safe haven" for investment after the Brexit vote – but prices for high-end homes in central London have been falling. Investors bought up £1bn worth of prime retail property in central London during the first half of the year, according to CBRE – and total investment is set to [...]
UK steel industry under pressure as global trade war heats up August 9, 2016 Analysts have warned that the UK steel industry will come under increasing pressure as a global trade war picks up pace. It came after reports suggested South Korean steel giant Posco is mulling legal action against the US government for imposing duties of 57.04 per cent on some of its steel products. Read more: China iron ore imports [...]
TfL offers weekend of free Santander Cycles access to celebrate sixth anniversary August 9, 2016 It is the "Boris Bike's" birthday this weekend, and to celebrate Londoners will be able to access the bicycles free of charge. Transport for London (TfL) and Santander are making the bikes free for use for this coming weekend for journeys up to 30 minutes. Read more: Santander and Blaze team up to make cycling on [...]