Manufacturing increase fails to lift US industrial production in zero-growth October November 16, 2016 US industrial production stayed flat in October as output of consumer goods declined by 0.2 per cent, despite a manufacturing output increase of 0.2 per cent. The pace of production has fluctuated over the last six months, posting small declines in August and September, according to Federal Reserve figures. October’s figures undershot economists’ estimates of [...]
Stop dithering over RBS share sale, MPs tell UKFI November 16, 2016 UK Financial Investments (UKFI) has today faced criticism that it is stalling on ditching the government's stake in Royal Bank of Scotland. In a hearing with the Treasury Committee, James Leigh-Pemberton, chairman for UKFI, and Oliver Holbourn, chief executive for UKFI, were grilled on why they were yet to make a call on what to do [...]
Aggreko share price falls three per cent after oil and shipping downturns weigh on revenues for sixth consecutive quarter November 16, 2016 Weakness in the US oil and gas industry has dragged down revenues at temporary power provider Aggreko, in its sixth consecutive quarter of declines Underlying revenue fell seven per cent in the third quarter, the FTSE 250-listed group said in a trading update today, though full-year results are expected to be "broadly in line" with [...]
An open letter to the chancellor: What the accountancy profession want from the Autumn Statement November 16, 2016 Dear chancellor, I am writing to outline ACCA (the Association of Chartered Certified Accountants)’s priorities for the Autumn Statement and Spending Review. ACCA has recently concluded a wide-ranging consultation with our members operating at senior levels across all parts of the public sector. Our consultation focused on the priorities of public sector decision-makers ahead of [...]
London investment firm buys Paris’ largest hotel November 16, 2016 A London-based property group has bought the largest hotel in Paris. Henderson Park, an investment firm set up by former Goldman Sachs executive Nick Weber, purchased Le Meridien Etoile for €365m (£314m). It was the first purchase for the firm, which was launched in September 2016 and is investing in real estate across Europe. The group bought the hotel [...]
90 per cent of Brexit backers want to retain the UK’s current Single Market access, according to a new poll November 16, 2016 A huge majority of voters want the UK to retain Single Market membership according to polling figures released today. Across both Leave and Remain supporters, there is widespread support for the UK staying in the Single Market, pollsters say. But there is a yawning divide between the two groups over immigration, with the Brexiteers – [...]
Gett has quietly switched up its leadership in Europe November 16, 2016 On-demand taxi service Gett has quietly switched up its leadership in Europe following a huge investment from car maker Volkswagen. Remo Gerber, managing director for Europe, has left his role at the Uber-rival and Gett's recently appointed chief operating officer of western Europe, Matteo de Renzi, has been promoted to chief executive of western Europe. It comes as [...]
What Brexit vote? The number of foreign workers in the UK is still going up, despite the EU referendum and sterling’s drop November 16, 2016 The number of foreign nationals working in the United Kingdom has increased by 241,000 to 3.49m in the past year, despite the Brexit vote in June which was seen by many as a referendum on migration controls. This increase was 28,000 higher than the number of UK nationals with UK jobs, which grew by 213,000 [...]
Greg Clark writes that Pubs Code Adjudicator appointment process should not be reopened November 16, 2016 Business Secretary Greg Clark has written a response to Iain Wright, Chair of the Business, Energy and Industrial Strategy Committee, saying he disagrees with the committee’s view that the appointment process for the Pubs Code Adjudicator should be reopened. Wright's letter from 21 July argued that Clark should reopen the appointment process, stating that current adjudicator Paul [...]
Wage increases under threat as slowdown in UK manufacturing weighs on productivity growth November 16, 2016 UK productivity growth fell two-thirds between July and October, despite better than expected GDP growth, new figures have shown. Data from the Office for National Statistics (ONS) showed the main measure of productivity, growth in average output per hour worked, declined to 0.2 per cent from July to September, down from 0.6 per cent in [...]