Why Lloyds Banking Group pleased its City fan club February 22, 2019 | City Talk Our head of markets explains why the City reacted positively to these results despite a profits miss. Despite missing expectations at a pre-tax profit level, Lloyds Banking Group (LSE:LLOY) is not only in rude health but also has a clear vision on where next to take the business. The bank describes its own model as [...]
Finally, the Tories have tackled the UK’s deficit February 22, 2019 Credit where it’s due, Philip Hammond has finally conquered the deficit – albeit several years after his predecessor George Osborne originally promised to have done so. While the government is still spending more money than it generates, the UK’s rate of borrowing is considerably below pre-crisis levels. In its analysis of yesterday’s borrowing figures the [...]
The rubbish revolution: How to profit from plastic policy changes February 21, 2019 It is estimated that eight million tonnes of plastic packaging end up in the world’s oceans every year. The plastic problem has jettisoned into social consciousness over recent years, helped by TV programmes like Blue Planet and Plastic Ocean. Now our lives are littered with concerns about the impact of this material on the environment. [...]
Foreign affairs select committee calls for overseas territories to publish ownership registers February 20, 2019 The Foreign Affairs select committee has called today for British Overseas territories to publish registers of the ultimate owners of assets on national security grounds. The Sanctions and Anti-Money Laundering Act which became law in May 2018 requires British overseas territories such as Anguilla and Bermuda to establish publicly-accessible registers of beneficial ownership by 31 [...]
Shareholder reaches deal with Tanzania over Acacia Mining tax spat February 20, 2019 Acacia Mining saw the light today as its largest shareholder Barrick Gold said it had reached a proposal with the Tanzanian government over a longstanding spat. The deal would see Acacia sharing half the economic benefits of their operations in the country with the regime. Read more: Acacia boss: 'No winners' from spat with Tanzanian [...]
Tory MPs Heidi Allen, Anna Soubry and Sarah Wollaston quit Conservative party February 20, 2019 The Conservatives were reeling this lunchtime as three MPs announced they have quit the party to join a group of ex-Labour MPs. South Cambridgeshire’s Heidi Allen MP, Anna Soubry MP and Sarah Wollaston MP revealed they are leaving the party in protest at Theresa May’s Brexit stance, and will sit with the eight MPs who resigned [...]
DEBATE: Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? February 20, 2019 Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? Mary Creagh, MP and chair of the Environmental Audit Committee, says YES. Fashion shouldn’t cost the earth. But our desire for fast fashion means that carbon emissions, water use, and chemical and plastic pollution are destroying our [...]
EU-wide digital services tax could make system worse, warns pan-European think-tanks February 19, 2019 An EU-wide digital services levy would distort the bloc’s tax system and introduce extra bureaucracy, a pan-European group of think-tanks has warned. A report by the European Policy Information Center [CORR] – made up of organisations from nine European countries including the UK’s Institute of Economic Affairs – raised concerns that in the drive to [...]
HSBC boss John Flint needs to deliver short term rigour to the bank as well as a long term vision February 19, 2019 Imagine making nearly $20bn in profit during your first year in a job, only to be met with profound disappointment. Such is the lot of John Flint, the latest chief executive tasked with bringing the best out of Europe's biggest bank. HSBC's pre-tax profit for 2018 dragged the FTSE into the red on Tuesday, disappointing traders [...]
MPs urge government to slap penny tax on new clothes in bid to cut fashion industry waste February 19, 2019 An influential group of MPs has called for a 1p tax on new clothes in a bid to tackle consumer waste within the fashion industry. The penny tax, which would be levied on every new item of clothing sold by Britain’s retailers, has been proposed this morning by the cross-party Environmental Audit Committee to raise [...]