Relax! New report predicts UK will avoid severe recession and house pricing crash post-Brexit vote July 19, 2016 The UK can breathe a collective sigh of relief today, as a report revealed the country should avoid a drastic downturn following the Brexit vote. Although the figures from PwC forecast a slowdown in GDP growth for the next few years, they did not project very negative growth. The accountancy giant predicted GDP growth of 1.6 [...]
Ex-Tory peer Lord Hanningfield cleared of false expenses charges, after judge deems it a matter for parliament July 18, 2016 Former Tory peer Lord Hanningfield was acquitted of false accounting charges today, after a judge decided it was a matter for parliament. The 75-year-old Hanningfield, whose given name is Paul White, had been accused of falsely submitting expense claims for his daily allowance from the House of Lords. Hanningfield had been due to stand trial at [...]
Commuter chaos: Sinkhole disrupts rush hour timetable from London Bridge July 18, 2016 If you travel home via London Bridge, you might want to look away now – or, at the very least, don't look down. Network Rail has discovered a sinkhole underneath the tracks at Forest Hill and it's causing major delays between London Bridge and East Croydon. ⚠ Service to/from London Bridge are being altered or diverted [...]
Companies increasingly turning to unsustainable sources of cash to keep on top of their defined benefit schemes July 18, 2016 Final salary scheme liabilities are now so out of control that firms are forced to fund them using unsustainable sources, new research has found. The study by Barnett Waddingham, seen exclusively by City A.M., discovered just less than a third (30 per cent) of the listed companies it examined either used external sources of finance or drew on their cash reserves [...]
Bank of America beats expectations despite taking a sharp blow to profits and revenues July 18, 2016 Bank of America beat analysts' expectations today, despite reporting a drastic drop in both profits and revenues. The figures The bank reported revenue net of interest expense of $20.4bn (£15.4bn) for its second quarter of 2016, down from $22bn in the same period the year before. Revenue on a fully taxable-equivalent basis, meanwhile, came in at $20.6bn. [...]
NatWest launches a not-so-small fund for small businesses July 18, 2016 NatWest will say this morning that it has faith in small businesses, while launching a £1bn fund. The bank is launching a new lending fund, which is designed to support the growth of businesses across England and Wales which have not yet broken the £2m mark for turnover. "Small businesses make up more than 99 per [...]
These are the roles most likely to get the chop following a merger July 18, 2016 If your company is going through a merger, research out today suggests you might want to polish off your CV if you have a boardroom position in charge of cash or computers. The study by DHR International discovered 43 per cent of director-level jobs are dropped from companies a year after they merge, with technology and [...]
Italian banks now likely to get hybrid solution, as EU rules still stand in the way of original plan July 17, 2016 Italy's embattled banks are likely to benefit from a hybrid solution rather than a full-blown government bailout, it has been suggested. It was widely understood the Italian government had been in discussion with the EU regarding plans to inject €40bn (£33.5bn) into the country's banking industry, which is currently struggling with hundred of billions of euros of [...]
Finance chiefs go on the defensive following Brexit vote July 17, 2016 Finance heads across the UK's biggest businesses are preparing themselves for a post-EU vote storm, research out today has found. The study by Deloitte, which surveyed 132 finance chiefs of FTSE 350 and other large private companies between 28 June and 11 July, discovered appetite for risk had dropped sharply following the vote to Leave, while feelings of uncertainty [...]
