Law firm Clifford Chance sees revenues lift to £1.36bn June 30, 2014 Law giant Clifford Chance recorded a boost in revenue and profits during the last financial year, with a particularly strong performance in the Asia-Pacific region. Revenues swelled to £1.36bn, rising seven per cent in the year to April and the highest the group has ever seen. Profit per equity partner saw a more significant jump, [...]
3 reasons not to hold your breath for an investment boom June 30, 2014 Even as global growth strengthens and with interest rates still at historically very low levels, capital investment will continue to stagnate and decline during the foreseeable future, according to a depressing report from Standard & Poor’s this morning. Stronger growth, the enormous hoards of cash held by corporates worldwide (which more than doubled in the [...]
Interest rates could jump back to five per cent – Sir Charlie Bean June 30, 2014 Outgoing Bank of England deputy governor Sir Charlie Bean said yesterday that rates could eventually go back to five per cent, the long-term average during his last interview as an official at the institution. “I think it’s plausible over the very long run that these headwinds will abate. It might well be reasonable to think [...]
Bulgarian men arrested over bank run fears June 30, 2014 Two men were arrested this weekend in Bulgaria, following accusations that they helped to spark bank runs in the country over the last week. The arrests follow a statement from financial authorities, who claimed that the country’s financial system was under attack. The men were arrested in Sofia, Bulgaria’s capital, and Ruse, a smaller provincial [...]
Fund managers now forecast interest hike before election June 30, 2014 A SURVEY of hundreds of UK fund managers suggests the Bank of England will hike interest rates ahead of the next general election in May 2015. Barely a quarter of investors expect that the Bank will hold off until the second half of next year to raise interest rates for the first time since the [...]
Confidence of UK firms climbs to 22-year high June 30, 2014 BUSINESSES are at their most confident in 22 years, according to a new report, indicating rapid growth and higher investment for the rest of the year, The latest Business in Britain report, produced by Lloyds, says companies’ optimism is at the highest level since research began in 1992. Currently, 53 percentage points more firms are [...]
Services sector to prop up UK’s trade balance for years to come June 30, 2014 THE UK’s services firms are set for robust export growth in the next five years, with the sector’s trade surplus forecast to swell in the years ahead. Of the advanced economies, only Japan will surpass the UK’s export growth in the next five years, according to a report today from EY’s Item Club. Outward trade [...]
National insurance and income tax merger could get UK support June 30, 2014 Merging income tax and national insurance could be supported by the public, according to work announced today by PwC. The firm arranged for a jury of 22 representative members of the public to discuss taxation for two days, and the group expressed support for the idea of merging the two taxes on income. The panel [...]
Bank of England mortgage lending cap attempts to stop boom June 26, 2014 The Bank of England announced a new mortgage lending cap yesterday, with the hope that the rule would cool down the housing market if credit became too frenzied. Governor Mark Carney revealed the rule, which will put a ceiling on banks’ riskier mortgage lending. The financial policy committee (FPC) decision means that no more than [...]
House building boost falls short of national need June 26, 2014 THE NUMBER of new houses built rose by four per cent in the three months to May, compared to the same period last year, but construction remains depressed far below what the country needs to address its systemic house supply shortage. According to the National House Building Council (NHBC) there were 37,975 new homes registered between March [...]