Glencore increases cost savings forecast on stronger coal prices October 31, 2018 Mining giant Glencore expects to achieve 50 per cent more cost savings after being boosted by strong coal prices. As part of a two-year cost-cutting drive the Anglo-Swiss firm had expected to save around $300m (£235m) by the end of the year but could now make savings of more than $450m, it said on Wednesday. [...]
Santander net profit soars on strong performance in Brazil and Spain October 31, 2018 Santander saw its net profit soar in the third quarter due to a strong performance in Brazil and in its domestic Spanish market. The figures The Eurozone's biggest bank by market value reported net profit of €1.99bn in the third quarter, above forecasts and a 17 per cent rise on the previous quarter. For the [...]
IFS dismisses Budget ‘bonanza’, accusing Hammond of gambling the public finances October 30, 2018 Chancellor Philip Hammond gambled the public finances in yesterday's Budget, the Institute for Fiscal Studies (IFS) said today, claiming public services will still feel the squeeze despite Philip Hammond’s end of austerity claims. The IFS said Hammond had chosen to spend his fiscal windfall rather than save it, increasing NHS spending by around £20bn until 2023-24. [...]
Eurozone growth falls to slowest pace in four years as Italy’s economy stalls October 30, 2018 Eurozone growth rose by just 0.2 per cent in the third quarter – its slowest pace in more than four years hampered by Italy's economy stalling. Italy's GDP growth fell to zero and the bloc rose by 0.2 per cent compared with the previous quarter despite forecasts it would jump 0.4 per cent. The slow growth [...]
Volkswagen profits hurt by ‘painful’ new anti-pollution rules and China downturn October 30, 2018 Volkswagen profits dropped by 18.6 per cent in the third quarter as the German car manufacturer struggled with new emissions testing rules and slower vehicle sales. The figures The German carmaker's underlying profit for the third quarter was €3.5bn (£3.1bn), down from €4.3bn in the same period in 2017. Vehicle sales also dropped 3.6 per [...]
BP more than doubles profits on stronger oil prices as it aims to close $10.5bn BHP deal October 30, 2018 BP has more than doubled its profits for its latest quarter, telling investors it could complete its $10.5bn (£8.2bn) purchase of BHP assets in cash as early as tomorrow. The oil and gas giant said its underlying profit for the quarter was $3.8bn, more than double its profit for the same period in 2017 – [...]
UK government to sell remaining shares in RBS by 2024 October 29, 2018 The UK Government has revealed plans to sell its remaining stake in RBS by 2024 following its bailout of the bank a decade ago. The Government, which rescued Britain's fourth biggest bank with a £45.5bn bailout in 2008, expects to raise £20.6bn from the sale, the Office for Budget Responsibility (OBR) said. The OBR said [...]
Universal Credit given £1bn boost to help “ease the transition” October 29, 2018 Universal Credit will receive a £1bn boost over the next five years to “ease the transition” following the rollout of the new benefit system. The Chancellor Philip Hammond also increased the Work Allowance – the amount claimants can earn before the Universal Credit (UC) awards begins to be withdrawn – by £1,000 from April 2019. [...]
Beer and cider duty frozen for the next year to support pubs and patrons October 29, 2018 Beer and cider duty has been frozen for the next year to support British pubs. The Chancellor Philip Hammond announced the move during the his Budget speech and confirmed spirits duty would also frozen. He said it was “for the patrons of the great British pub”. But the duty on wine will increase with inflation [...]
Hammond heralds ‘end of austerity’ as debt and deficit forecasts improve October 29, 2018 Chancellor Philip Hammond heralded the “end of austerity” in his Budget speech today as the Office for Budget Responsibility (OBR) improved its outlook and said debt and the deficit would continue to fall. The OBR has improved its GDP growth forecast to 1.6 per cent for 2019 – increased from the 1.3 per cent forecasted at [...]
