Global blues dragging down UK blue chips: Domestic strength has not been enough to buoy UK stocks August 23, 2015 Any drop of 10 per cent or more in the stock market over a short space of time is known as a “correction”. The FTSE 100 is well into correction territory. The index of the 100 biggest London-listed firms ended 2014 just above 6,500. It then surged past 7,000 to hit a peak of 7,104 [...]
Business group CBI ramps up forecast for British GDP as wages get a lift August 23, 2015 Improving worker productivity and household spending is set to boost the UK economy for the rest the year. The Confederation of British Industry (CBI), which represents 190,000 businesses, said this morning that it raised its estimate for UK growth this year to 2.6 per cent from a 2.4 percent pace forecast in June. “We’re encouraged [...]
Professional staff see better pay growth even as hiring eases off August 23, 2015 PROFESSIONAL hiring rose at a slower pace in July, but pay increases picked up. Recruiters had nine per cent more vacancies on their books in July than a year ago, according to data published today by the Association of Professional Staffing Companies (Apsco). That’s down from 12 per cent growth in June. Median salaries across [...]
BHP Billiton expected to cut costs as profits tumble on low prices August 23, 2015 MINING giant BHP Billiton is set to slash its capital expenditure for the next year as volatility in the commodities sector continues to drag global markets, analysts have warned. The company will announce its results for the 2015 financial year tomorrow, and analysts expect the firm’s income to have tumbled over the 12 months. Meanwhile, [...]
Tory MP Zahawi bags role at Gulf Keystone August 23, 2015 KURDISTAN-focused oil company Gulf Keystone has appointed Conservative MP Nadhim Zahawi as its chief strategy officer. Zahawi will be working on a part-time basis for the company, which has operations in the autonomous Kurdish region of Iraq, and will be responsible for evaluating the FTSE-listed oil company’s strategic options. The co-founder of polling company YouGov, [...]
New BHS owners Retail Acquisitions seek £70m refinancing to revive troubled chain bought from Sir Philip Green for just £1 August 23, 2015 The new owners of BHS are in talks to secure a refinancing package to help turn around the loss-making chain bought from Sir Philip Green earlier this year. Retail Acquisitions, a consortium comprising an eclectic mix of investors including former racing driver Dominic Chappell, is understood to be seeking a £70m loan by the end [...]
Oil firm Soma commissions report into UN group after accusations spark probe August 23, 2015 SOMALIA-based oil and gas exploration firm Soma, which is under investigation by the Serious Fraud Office (SFO), has commissioned a report into the United Nations monitoring group which sparked the probe. Following a leaked UN report into allegations of corrupt payments in Somalia, the firm, chaired by former Conservative leader Michael Howard, was placed under [...]
King of Soho Paul Raymond’s London property empire rises in value to £565m August 23, 2015 Soho Estates, the West End property empire of the late porn baron Paul Raymond, saw the value of its assets rise eight per cent to £565.6m last year. Raymond left the bulk of his estate to his granddaughters Fawn James, a director, and India James when he died in 2008, aged 82. The [...]
UK landlords hold onto property for longer: Average time to sell a rental home rises to 17 years August 23, 2015 Landlords are holding on to properties for longer than they were before the last recession, with the average time between a landlord buying and selling a property rising by five years since 2007, according to lettings giant Countrywide. The company, which runs 1,300 branches under 48 brands including Hamptons International, said that as well [...]
Worst traffic jams in Europe: London beats Brussels and Cologne to top of table for most congested city August 23, 2015 London is the most-congested city in Europe, while the UK is Europe’s fifth most congested country, according to a survey commissioned by traffic data company Inrix. Drivers in the capital spent an average of 96 hours stuck in their cars in 2014 – the equivalent of four days a year – up 14 hours [...]
