Ben Broadbent: Pound fall has been a “shock absorber” October 17, 2016 The decline in sterling after the UK voted to leave the European Union has acted as a shock absorber for the economy, according to Bank of England deputy governor Ben Broadbent. "Having a flexible currency is an extremely important thing, especially in an environment when your economy faces shocks that are different from your trading [...]
SSE selling stake in gas distribution business SGN to Abu Dhabi wealth fund October 17, 2016 Energy firm SSE has agreed the sale of a stake in its gas distribution business, Scotia Gas Networks (SGN), to the Abu Dhabi Investment Authority (ADIA) for £621m. The sale follows a review announced by SSE in May – the energy group said at the time that if a sale was completed, the proceeds would be [...]
Ladbrokes and Gala Coral sell 359 shops as deal nears completion October 17, 2016 Ladbrokes and Gala Coral are selling 359 betting shops between them, in order to satisfy conditions set by the Competition and Markets Authority (CMA) ahead of their merger. The CMA ordered the bookmakers to sell up shops earlier this year, in order to maintain competition in the market when the two groups combine, in a [...]
Profits dip at Wells Fargo as it deals with departure of boss John Stumpf October 14, 2016 Wells Fargo has revealed profits dipped during the three months to the end of September, in a week that's seen its chief exec John Stumpf make a dramatic departure. The figures Net income was down to $5.64bn (£4.6bn) from $5.8bn last year, and earnings per share dropped to $1.03 from $1.05. Revenues rose to $22.3bn [...]
London travel disruption: Delays and cancellations on trains in and out of Paddington due to person hit by train October 14, 2016 Travellers journeying through Paddington could be affected by severe disruptions at the station this afternoon, after a person was hit by a train this morning between Ealing Broadway and Southall. National Rail said the line between the stations is blocked while emergency services deal with the incident. Some services will be cancelled, while others are delayed, [...]
Hillary Clinton set for landslide victory in US Presidential Election, spread betters say October 14, 2016 Hillary Clinton is set for a landslide victory in the upcoming US Presidential Election, according to political spread betting firm Sporting Index. The former First Lady and secretary of state is running against controversial Republican nominee Donald Trump, however, Sporting Index predicts Clinton will be elected President on 8 November with 327 electoral college votes. [...]
European car sales grew in September October 14, 2016 European car sales grew by 7.3 per cent last month with both volume and luxury car makers reporting strong performances. Registrations of new passenger cars in the European Union and the European Free Trade Association rose to 1.5m vehicles in September, a seasonally strong month, from 1.4m a year earlier, the Brussels-based Association of European Carmakers [...]
Man Group grows funds under management and buys Aalto to launch new Global Private Markets business October 14, 2016 Man Group has had a busy morning – the investment firm reported increased funds under management and announced that it has bought property manager Aalto and launched a new business, Man Global Private Markets (GPM). Shares in the company are up 14 per cent this morning. Man Group said Aalto will form the real assets platform of [...]
Former Prime Minister of Portugal Antonio Guterres elected by UN general assembly as new secretary-general October 13, 2016 Former Portuguese Prime Minister Antonio Guterres has been elected as the new United Nations secretary-general by the UN General Assembly. The decision was widely expected, after none of the five UN Security Council veto powers — China, France, Russia, the UK, and the US — voted against him in a secret ballot last week. Guterres, a former [...]
Nicola Sturgeon confirms legislation for second Scottish independence referendum will be published next week October 13, 2016 Scotland's First Minister Nicola Sturgeon confirmed this morning that legislation for a second independence referendum will be published for consultation next week. "I am determined that Scotland will have the ability to reconsider the question of independence – and to do so before the UK leaves the EU – if that is necessary to protect [...]
