UK construction activity suffers ‘devastating’ drop as Brexit kills demand October 2, 2019 UK construction activity fell at the second-fastest rate since the financial crisis in September, a closely-followed survey of the industry showed today. Read more: Job losses mount as Brexit fears hit UK manufacturing A historically steep drop in new orders led to firms trimming employment at their fastest pace since the end of 2010, according [...]
Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
FTSE 100 sinks as Brexit ultimatum and manufacturing crisis pummel European stocks October 2, 2019 The FTSE 100 fell one per cent in early trading today as markets stumbled over Boris Johnson’s “take it or leave it” Brexit ultimatum and weak US economic data. London’s blue-chip index dropped to 7,287.8 points shortly after open today, following global stocks plunging into a sea of red overnight. Read more: Boris Johnson’s ‘clarity [...]
It’s International Coffee Day, unless you’re Boris Johnson October 1, 2019 It’s International Coffee Day for everybody but the Prime Minister, apparently. While the rest of the UK enjoyed a free Costa coffee today, or at least treated themselves to a mug of instant, Boris Johnson found himself much in need of a caffeine hit at the Conservative Party Conference in Manchester. Read more: Boris Johnson [...]
Eurozone manufacturing sector suffers worst month in seven years October 1, 2019 The Eurozone’s manufacturing sector suffered its worst month in seven years in September, according to a closely-followed industry survey, as the malaise in the area’s economy shows no sign of relenting. Read more: Sterling sinks after ‘simply shocking’ manufacturing data Factory output decreased markedly in September, with IHS Markit’s Eurozone manufacturing purchasing managers’ index (PMI) [...]
Fintech star Revolut’s losses double to £33m as it splashes cash to expand October 1, 2019 Losses at fintech behemoth Revolut more than doubled to £33m in its latest financial year, as it ploughed money into a massive expansion. Revenue rose 354 per cent year on year to £58.2m in 2018, according to accounts filed today. However the cost of sales rose 247 per cent, meaning the fintech recorded a loss [...]
Job losses mount as no-deal Brexit fears hit UK manufacturing output October 1, 2019 The UK manufacturing sector could be sliding into recession as output remained in the red and job losses piled up in September, according to a closely-followed industry measure. Factory activity hit 48.3 on IHS Markit’s UK Manufacturing Purchasing Managers’ Index (PMI) last month, data revealed today. Read more: ‘Grim’ reading: Eurozone manufacturing sector hits seven-year [...]
Sainsbury’s heir to the throne quits to join media powerhouse WPP October 1, 2019 Sainsbury’s has confirmed the CEO of Argos is quitting the retail space to join advertising giant WPP as its new chief financial officer, sparking speculation that boss Mike Coupe is in for the long haul. John Rogers, widely tipped as Coupe’s long-term successor, will leave the retailer on 31 October after almost 15 years at [...]
FRC watchdog probes EY audit of Thomas Cook accounts October 1, 2019 The UK’s financial watchdog has launched an investigation into EY’s audit of Thomas Cook’s last set of financial results. The Financial Reporting Council (FRC) has started its probe into EY’s audit of the collapsed tour operator’s financial year ending 30 September 2018. Read more: DEBATE: Is Thomas Cook’s boss right to defend his high pay? [...]
UK house prices: Brexit drags back September growth October 1, 2019 Annual he owth in UK house prices fell back to 0.2 per cent in September, according to Nationwide data released today. The drop in growth came as September’s house valuations slipped 0.2 per cent against August’s. That left the average UK house price at £215,352 last month, a drop from £216,096 in August. Annual growth [...]