Before the bell: What you need to know before the US market open September 13, 2016 The chances of the Fed raising rates for the second time since the financial crisis next week are fading but it hasn't entirely put the brakes on the global stock sell off. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing down despite getting a [...]
House prices grow at slower pace in August September 13, 2016 Talk of a house price bubble bursting came to naught in August as house prices continued to grow – although the rate slowed. Average house prices now stand at £292,921 meaning the average homeowner is sitting on £12,101 more equity than this time last year according to Your Move and Reeds Rains’ monthly house price [...]
Hammond highlights growing importance of non-EU trade September 12, 2016 Discussions between chancellor Philip Hammond and some of the UK’s biggest exporters focused yesterday on the growing importance of trade with non-EU countries. Hammond hosted representatives from Honda, GlaxoSmithKline, Airbus, and Scotch Whisky Association at Downing Street. UK exports have more than doubled over the last 17 years, with over half of total, making up [...]
Tata Europe posts an operating profit as group losses mount September 12, 2016 Indian steel giant Tata has slumped to a net loss of 31.8bn rupees (£358m) for its latest quarter due to continued uncertainty over its UK operations. However, the European division, which includes the Port Talbot steelworks, eked out an operating profit of £90m during the quarter. Sterling weakness and an extensive cost cutting programme were [...]
Canada firm to buy Dell-EMC unit for $1.62bn September 12, 2016 Opentext Corp, a Canadian business software maker, is buying Dell-EMC’s enterprise content division for $1.62bn (£1.21bn). The move is one of the last remaining non-core asset disposals Dell needs to make following its deal to acquire data storage company EMC for $63bn last year, the largest tech deal in history. Opentext is looking to expand its [...]
Gin and wine sales sparkle as boozy Brits prop up the bar September 12, 2016 The gin and sparkling wine craze is providing a much needed boost to British pubs according to new figures released by the Wine and Spirit Trade Association. The latest WSTA Market Report reveals that in the last 12 months more than £1bn worth of gin has been sold, while sparkling wine sales in pubs, bars and [...]
Insolvency Service quizzed Chappell consultants over £1 BHS purchase September 11, 2016 The Insolvency Service has questioned two consultants who advised former bankrupt racing driver Dominic Chappell over the purchase of BHS. Stephen Bourne and Mark Tasker worked with Chappell ahead of him buying the loss-making chain for £1 from retail tycoon Philip Green. Bourne and Tasker were paid £387,500 each for advising Chappell’s Retail Acquisitions according to [...]
Raspberry Pi maker shareholders set to vote on Avnet takeover offer September 11, 2016 Shareholders in the electronics maker behind the Raspberry Pi computer Premier Farnell will vote on the 185p-per-share offer for the company today. Investors are expected to back the £868m deal, which is seen as a sign the UK’s tech industry is still attractive to overseas investors. The deal requires 75 per cent of shareholders – [...]
Investors eye strong earnings at Morrisons September 11, 2016 Supermarket chain Morrisons is expected to deliver its best half yearly performance in four years this week. The chain, which is in the middle of a back-to-basics turnaround, has been slashing prices and doing deals with competitors to try and tempt customers through its doors. Analysts are expecting like-for-like sales growth of 0.7 per cent [...]
Alternate lender goes mainstream with banking group membership September 6, 2016 The alternative loans market has become a little more mainstream after one lender was made a member of the British Bankers’ Association (BBA) for the first time. Just Loans Group – founded in 2012 – has become the first alternative commercial lender to become an associate member of the trade body. The BBA is the [...]
