Sterling nears three-week high on strong data August 26, 2016 Sterling hovered near a three-week high against the dollar this morning, after receiving a boost from strong economic data which showed investment was moving in the right direction. The pound was on track for its best weekly performance in six weeks against the euro, having hit a two-week high on Wednesday, although at pixel time [...]
The Restaurant Group reports increased revenue but reduced profit as it lays out issues with Frankie & Benny’s August 26, 2016 The Restaurant Group (TRG) has laid out the reasons behind the poor performance of its biggest brand, Frankie and Benny's, as it reported an uptick in revenue but a dip in profit in the first half of 2016 The figures Revenue grew to £358.7m in the 27 weeks to 3 July, up 3.4 per cent from [...]
EU responds to US treasury complaints over commission investigation into tax arrangements August 25, 2016 The EU has brushed off complaints from the US Treasury about its investigations into tax deals between companies like Apple and McDonald's and member states. The US Treasury published a white paper yesterday in which it attacked the EU's tax probes, arguing that they will create an "unfortunate" precedent in international tax policies and leave [...]
The Spanish economy keeps growing as investment and household spending strengthen August 25, 2016 The Spanish economy grew by a faster rate than expected in the second quarter of this year, driven by increased investment and an uptick in household spending. Gross domestic product (GDP) grew by 0.8 per cent, up 0.1 percentage points from initial estimates. This is the same rate of growth Spain has seen in each quarter over [...]
Death toll in Italian earthquake rises to 247, officials say August 25, 2016 The number of people killed in the earthquake that devastated parts of central Italy on Wednesday rose to 247 this morning, officials have said. The Civil Protection department in Rome said a tally by local officials showed that 190 people were killed Rieti province and 57 in the province of Ascoli Piceno. The 6.2 magnitude [...]
Accountant who defrauded UK insurance trade body is jailed for 18 months August 24, 2016 A financial controller who defrauded his employer to the tune of almost £25,000 has been jailed for 18 months. Gurmukh Shehri, 33, from Woolwich, was sentenced at the Old Bailey after pleading guilty to six counts of fraud by abuse of position, which occurred between November 2013 and November 2015. He was given 18 months in [...]
The weather this weekend could have a surprising effect on beer sales August 24, 2016 With two of the summer's biggest events – the Notting Hill Carnival and the Reading Festival – due to take place this weekend, Britons will be keeping a close eye on the weather forecast as they make plans for the Bank Holiday. The Met Office has issued a heatwave alert – which prompted a health warning [...]
City A.M. Unregulated podcast: Millennials to millionaires – how to get started with investing August 24, 2016 This week's podcast takes a look at how even millennials, with their meagre savings, can become millionaires – or at least try. Michelle McGrade, chief investment officer at TD Direct Investing, and Pete Matthew, host of the Meaningful Money podcast, discuss the first steps into investing, and outline the best ways for millennials to make [...]
Paddy Power Betfair posts increase in revenue but loss of £48m in first half-year results since merger completed August 24, 2016 Paddy Power Betfair today revealed a loss of £48m due to merger-related costs in the first half of this year – but reported revenue growth across all divisions. The figures Revenues rose 18 per cent to £759m in the six months to 30 June, up from £642m in the same period of last year. The company [...]
Health alert issued ahead of heatwave in London August 23, 2016 Public Health England (PHE) has issued a health warning as London braces for a heatwave over the next few days. The east of England was hit by a heatwave today, and soaring temperatures are now forecast for the south east and the capital. The Met Office today declared a Level 3 heatwave alert, which means [...]
