US second quarter GDP was weaker than expected – and first quarter growth has been revised down July 29, 2016 US GDP has missed expectations in the second quarter coming in at 1.2 per cent – far below the forecast 2.5 per cent. To make things worse, GDP growth in the first quarter was also revised downwards from 1.1 per cent to 0.8 per cent. Consumer spending – which makes up most of US GDP – grew [...]
After winning shareholder support, London Stock Exchange and Deutsche Boerse prepare for the real challenge July 29, 2016 The London Stock Exchange and Deutsche Boerse are preparing for a regulatory battle to force through their £21bn merger after winning shareholder support. Analysts covering the deal remain doubtful that the tie-up will pass the necessary hurdles, with particular scrutiny expected from the European Commission and the State of Hesse, where Deutsche Boerse is based. [...]
Power 100: Close Brothers’ Nancy Curtin explains why she supports Donald Trump July 29, 2016 Nancy Curtin is the chief investment officer and head of investment at Close Brothers Asset Management, making her one of the highest-ranking women in London’s asset management sector. Earlier this year she was included in City A.M.’s Power 100 list. Here, she talks about what inspired her – and explains why she backs Donald Trump. [...]
Megabrew: SABMiller share prices fizzes up as AB InBev’s takeover cleared by Chinese authorities, but deal’s outcome still unclear July 29, 2016 China's ministry of commerce has given conditional approval to Anhueser-Busch InBev's takeover of SABMiller, but the deal is still on the rocks after the British drinks giant paused integration activities earlier this week. The competition authority's decision is the final milestone for the deal, dubbed "megabrew", which has been cleared in the three other key markets of the [...]
Business shows its bounceback-ability as confidence jumps after Brexit fall July 29, 2016 Confidence among UK firms has bounced back in July after plummeting in the immediate aftermath of the EU referendum, a leading indicator has found. The Lloyds business barometer jumped 23 points over the past four weeks to stand at 29 on an index where positive scores indicate overall optimism. In the days after the vote [...]
BIS committee chair Iain Wright declares Pubs Code Adjudicator Paul Newby should be replaced July 29, 2016 The Pubs Code Adjudicator should be replaced due to conflict of interest concerns, the Business, Innovation and Skills (BIS) Committee has said today. Chair of the BIS committee, Iain Wright, has called on secretary of state Greg Clark to reopen the appointment process after concluding the current adjudicator, Paul Newby, will not be able to command the trust [...]
Petition to block M&S’ pay cut plans draws over 20,000 signatures in three days July 29, 2016 Pressure is mounting on M&S' chief executive Steve Rowe to cancel a pay cut for his staff as an online petition to block the plan has received nearly 20,000 signatures in three days. The company is consulting its staff over cutting premium pay on Sundays, and cuts to pay for bank holidays and employees working at anti-social hours, which could [...]
Here’s why Barclays’ share price is up while its profits are down July 29, 2016 Barclays' share price right now is a little bit confusing. Despite reporting a 21 per cent slump in its pre-tax profits for the first half of 2016, the banking giant's shares are up 6.9 per cent – outpacing the rest of the FTSE 100 by a long shot. Digging deeper into the figure, it's easy [...]
Never mind GDP – euro edges up as eurozone inflation hits eight-month high July 29, 2016 The euro rose 0.2 per cent against the dollar to $1.1100 this morning after a slew of figures from the eurozone suggested things are getting better, albeit slowly. Eurozone inflation rose to the lofty heights of 0.2 per cent in July, its highest since the end of last year, better than analysts' expectations of 0.1 per cent. [...]
Mortgage approvals in the UK fell to a year low in June July 29, 2016 Mortgage approvals in the UK fell to their lowest point since May 2015 in the period leading up to the country's referendum on EU membership. According to the Bank of England, 64,766 mortgages were approved in June – down from the 66,722 approved in May. Read more: Everything you need to know about the UK's housing [...]