US economy grows even faster than first thought August 29, 2018 The American economy expanded at a faster rate than previously thought in the second quarter, according to updated figures published today. US GDP rose at an annual rate of 4.2 per cent in the second quarter, the Bureau of Economic Analysis (BEA) said, an upgrade from the first estimate of 4.1 per cent. The US [...]
Shareholder spring? Number of British investor pay revolts falls August 29, 2018 The government’s plans to spur a new era of shareholder pressure on executive pay appear to have fallen flat, as new figures show a fall in the number of rebellions on pay. The number of shareholder pay revolts among Britain’s listed companies fell to 61 during the first half of 2018, down from 68 last [...]
British shop prices rise for first time in five years August 29, 2018 British shop prices have risen for the first time in five years as hot weather and the rising price of oil conspired to add to inflationary pressure. Shop prices increased by 0.1 per cent in August 2018 compared to last year, figures from the British Retail Consortium, prepared by Nielsen, will today show. The rate [...]
Bank of Cyprus sells €2.8bn of bad loans to Apollo August 28, 2018 Bank of Cyprus Group has agreed the sale of €2.8bn (£2.5bn) in bad loans to US private equity giant Apollo in a deal that the bank – laid low by the Eurozone crisis – said will be “transformative”. Apollo, which manages assets worth $270bn (£209bn), will pay €1.4bn for the non-performing loan (NPL) portfolio – [...]
City economists back rumoured extension of Mark Carney’s Bank of England stay August 28, 2018 City economists have eagerly backed Mark Carney to extend his stay at the Bank of England after a report the Treasury had raised the prospect of an extra year with the governor. Carney’s term as governor is due to come to an end in June 2019, a year earlier than first planned. However, an extension [...]
Sterling falls to one-year low against euro as Theresa May plays down threat of no-deal Brexit August 28, 2018 The pound fell to its lowest level against the euro in almost a year today after Prime Minister Theresa May refused to rule out a no-deal Brexit. Sterling fell to as low as €1.1021 against the euro, its lowest level since 11 September 2017, in early trade before recovering marginally. Theresa May told reporters on [...]
Rising cost pressures dent profits in Britain’s dominant services sector August 28, 2018 A dramatic rise in costs has dragged back profitability for Britain’s dominant services sector in spite of higher volumes, according to business group data to be published today. Costs for business and professional services firms, including lawyers, accountants and marketers, grew at the fastest pace since before the financial crisis in 2008 during the last [...]
Theresa May sets sights on Africa trade as Brexit disputes rage August 27, 2018 Prime Minister Theresa May will this week try to start the new parliamentary session on the front foot as she leads a delegation of business figures to Africa seeking to boost trade relations, despite intense criticism of her Brexit plans at home. May will use a speech tomorrow in South Africa’s Cape Town to focus on [...]
Payday lender Wonga pushed to the brink as claims management companies look for ‘next PPI’ August 27, 2018 Payday lender Wonga is considering insolvency among the options as it tries to deal with a deluge of complaints from claims management companies looking for “the next PPI”. Wonga said it is assessing “all options” for the group, which is struggling under the burden of a large number of compensation claims. The controversial firm raised [...]
TSB forced to delay switch from Visa to Mastercard after bank’s computer collapse August 27, 2018 High street lender TSB has been forced to delay a switch to Mastercard for its card payments as it focuses on getting its computer systems back to health following the IT collapse it suffered earlier this year. TSB had planned to leave Visa Europe for its card operations by the end of this year, but [...]
