Bank of England governor Mark Carney claims stimulus package in August saved 250,000 jobs from being lost January 16, 2017 Mark Carney has been slammed by leading Brexiteers after claiming that 250,000 jobs could have been lost if the Bank of England had not taken action in the aftermath of last year's EU referendum. Bank governor Carney slashed rates to 0.25 per cent in August last year, while expanding the UK's quantitative easing programme and providing [...]
Popcorn group Propercorn snaffles up £7m investment to help with UK and overseas expansion January 16, 2017 Gourmet popcorn company Propercorn has snaffled a £7m investment from JamJar Investments and Piper Private Equity. The fast-growing popcorn brand, founded in 2011 by Cassandra Stavrou and Ryan Kohn, will use the cash injection to support its plans for growth in the UK and overseas. Propercorn was advised on the investment by London law firm [...]
Vedanta Resource’s share price lifts on news India merger due to complete this quarter but group tarnished by low production results January 16, 2017 It's been swings and roundabouts for the commodities giant Vedanta Resources. The group is gearing up to close a merger with its Indian branch this quarter, but was beset by falling production volumes in the first nine months of the year. Vedanta has already received approval from all sets of shareholders to merge oil and gas exploration company [...]
British Airways assures customers it will operate all long-haul flights during the 72-hour walkout from Thursday January 16, 2017 British Airways has assured passengers it will operate all of its long-haul services to and from Heathrow during a three-day cabin crew strike that will start this Thursday. It will cancel one per cent of short haul flights, merging these services, but has said customers affected "will be able to fly slightly earlier or slightly [...]
UK’s export credit agency pumps in $400m of funding to help GE Oil & Gas secure Ghana gas contract January 16, 2017 The UK's export credit agency has agreed its first direct loan to a British exporter in Africa, pumping up an oil and gas firm's contract to the tune of $400m (£328m). UK Export Finance (UKEF) will provide $400m to help GE Oil & Gas secure an $850m contract with the Offshore Cape Three Points Project [...]
The International Monetary Fund has hiked its economic forecast for the UK this year and in 2018 January 16, 2017 The International Monetary Fund (IMF) has revised up its UK growth forecasts for this year. The IMF's previous guidance, released in October last year, estimated the economy would grow by 1.1 per cent in 2017. But now the tables have turned – after higher-than-expected growth in the second half of last year, the IMF is [...]
A third of London firms to spend more on raised business rates than rent next year January 16, 2017 A third of London businesses have said they will be paying more towards new business rates than rent next year, according to the London Chamber of Commerce and Industry (LCCI). More than 40 per cent of London firms were concerned about the new rate valuation, which will come into effect on 1 April, according to an [...]
Time to move: Prime rents fell in the Home Counties last year as property owners get spooked from selling and turn to rental market January 16, 2017 Prime rents in the Home Counties fell 0.8 per cent last year, as a higher amount of housing available at the top end of the market drove down prices, according to the latest Knight Frank rental index. The increase in stock levels in higher price brackets has been fuelled by greater uncertainty in the sales [...]
All hands on deck: Aim-listed oil firm u-turns with new strategy to become subsea oilfield services specialist January 16, 2017 Aim-listed petroleum exploration firm Global Energy Development is today expected to announce a turnaround strategy that will refocus the group on the subsea oilfield services sector. The Colombia-focused energy group will also announce a multi-million dollar conditional agreement to purchase more than 10 offshore subsea service vessels and other related equipment, City A.M. understands. Read [...]
Loan write-offs have plummeted in the commercial property sector as banks have tightened their criteria January 16, 2017 The number of commercial property loans being written off has plummeted 63 per cent, falling to its lowest level since the credit crunch, according to Bank of England data. There were £846m worth of write-offs in the sector, down from £2.27bn the previous year, between October 2015 and the end of the third quarter of 2016. [...]
