Coming to a ring road near you February 10, 2015 DEVELOPERS of driverless car technology have been given the green light to test vehicles on the UK’s roads, the Department for Transport (DFT) said today. The DFT will publish a code of practice in spring to clarify guidelines for testing.
Manufacturers lose steam after a stronger year February 10, 2015 UK FACTORY output was 2.7 per cent higher in 2014 compared to 2013, but manufacturers are struggling to get back to pre-recession levels of output, official figures show. The recent recovery in manufacturing appears to have fizzled out – output was only 0.2 per cent higher in the three months to December than in the [...]
City watchdog FCA accused of letting down small businesses mistreated by banks February 10, 2015 Small businesses who were mis-sold complex products by banks have been let down a second time by regulators, MPs claimed yesterday. The bosses of the Financial Conduct Authority told MPs on the Treasury Select Committee (TSC) that the victims are receiving fair compensation. “There have been complaints, some SMEs felt the process was unbalanced against them. [...]
UK expected to grow faster on lower oil prices February 10, 2015 THE UK’S economic growth is speeding up this year, an economic forecaster has said. The National Institute of Economic and Social Research estimates the economy grew by 0.7 per cent in the three months ending in January. Official estimates place growth in the three months to December at 0.5 per cent. Niesr attribute the acceleration in growth [...]
Lloyds chief Antonio Horta Osorio warns breaking up banks will hurt small businesses February 10, 2015 Splitting off new high street banks from Lloyds and RBS has not helped boost competition for small businesses, Lloyds’ chief claimed yesterday. In a carefully worded warning to Ed Miliband – who wants to break up the big banks – Antonio Horta Osorio said other solutions are needed to help SMEs shop around. “Many things [...]
Politicians slam HMRC and FCA for HSBC tax evasion failure February 10, 2015 Senior MPs criticised the Financial Conduct Authority (FCA) and Revenue and Customs (HMRC) yesterday, after it was revealed the FCA was unaware of the wrongdoing at HSBC, and that HMRC had failed to pass on its concerns to the City watchdog. The chairman of the FCA, Martin Wheatley, made a pre-arranged appearance in front of [...]
KKR profits slump by nearly half after oil rout shrinks valuations February 10, 2015 CHAOS in energy markets has sparked a steep decline in private equity giant KKR’s quarterly profits, figures showed yesterday. The buyout firm, based in New York, said fourth quarter income fell 89 per cent, causing a 6.5 per cent tumble in its share price. A slump in the oil price has hit firms like KKR, [...]
Rebel London council rejects Airbnb laws February 10, 2015 A GOVERNMENT plan to allow Londoners to legally rent out their homes through websites such as Airbnb for up to 90 days has been rejected by a rebel council, claiming short-term lets can be a nightmare for neighbours. Westminster Council has come out against the plans after housing minister Brandon Lewis outlined reform details.
PM tells firms: Labour sees you as their enemy February 10, 2015 DAVID Cameron launched a strongly-worded attack on Labour yesterday, telling businesses that “in their vision, you are the enemy.” Ed Miliband is trying to dispel Labour’s image as an anti-business party, and the Prime Minister weighed in with a series of attacks on the opposition leader. He argued Labour would hike corporation tax, which the PM [...]
UBS is braced for a beating from strong Swiss franc and low rates February 10, 2015 UBS’ PROFITS jumped at the end of 2014 as its investment banking arm returned to health, the Swiss giant reported yesterday. But the lender’s shares fell as bosses warned the strong Swiss franc, combined with rock-bottom interest rates, will hit profits. Group profits came in at 963m Swiss francs (£681m) for the fourth quarter, up [...]
