After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
London fintech star Transferwise doubles revenue as losses grow September 5, 2016 Fintech unicorn Transferwise has revealed revenue tripled last year but losses grew as it continues to plough cash into global growth. Revenue came in at £28m in 2015, up from £10m the previous year, while pre-tax losses grew to £17m from £11m a year earlier. The payments firm transfered more than £800m a month for customers, which now number one million. The number of transactions has also [...]
Parents are forking out more to buy homes near top schools September 5, 2016 Parents are increasingly prepared to pay a hefty premium to buy a home within the catchment area of Britain's best state schools. Lloyds Bank research released today showed they are willing to fork out an average of £53,000 more to live in an area close to a top performing state school — an increase of £13,000 (31 per cent) [...]
More than a third of corporate debt is now with challenger banks, but London firms yet to be convinced September 5, 2016 Challenger banks are giving the incumbent players a run for their money, as figures out today show over a third (34 per cent) of UK business mortgages and charges are now issued by the smaller, newer lenders. In particular, 32 per cent of corporate debt is handled by what Avention, which carried out the research, classifies as smaller [...]
Eyes on the PMI as services and sterling in the spotlight September 4, 2016 Sterling could be set for a bumpy day of trading tomorrow as the closely-watched services purchasing managers’ index (PMI) is set to provide another clue to the health of the post-referendum economy. Analysts expect the industry, which accounts for the vast majority of the UK economy, to bounce back above the crucial no-change 50-mark on the PMI. [...]
Construction PMI: Industry decline slows in August – but fails to keep pace with upbeat manufacturing figures September 2, 2016 The UK construction industry's decline continued in August – but the pace slowed significantly on July, figures out today showed. The construction purchasing managers’ index (PMI), which is closely watched by policymakers at the Bank of England, hit 49.2 in August. The seasonally-adjusted Markit/CIPS figure remained below the 50 threshold (any figure above which denotes growth) for [...]
Retirement home builder McCarthy & Stone says Brexit will hit growth plans September 2, 2016 UK retirement home builder McCarthy & Stone said today that June's EU referendum had cast doubt on its plans for growth. Shares in the company are down by more than 10 per cent in this morning's trading. [charts-share-price id="512"] Ahead of reporting its full year results in November, McCarthy & Stone said today that legal completions [...]
Bye bye Brexit slump? Pound jumps on surprise rebound in manufacturing and improved confidence among British businesses September 1, 2016 Britain's post-referendum prospects received a shot in the arm yesterday as new figures revealed a rebound in manufacturing, causing the pound to rise sharply against the dollar. Growth in UK manufacturing smashed expectations in August, suggesting that the sector has weathered the Brexit storm. And new polling figures out on Friday will show that business confidence recovered [...]
Don’t overreact to vast pension scheme deficits: We need a new normal for how they’re measured September 1, 2016 Pension schemes are faced with serious challenges following the EU referendum result and the Bank of England’s recent stimulus package. Both events have driven down long-term gilt yields. As a result, for defined benefit pension schemes valuing their liabilities using gilt discount rates, deficits continue to grow. Our Skyval Index shows that deficits have increased [...]
Crisis, what crisis? You can see Brexit everywhere but in the economic statistics August 31, 2016 The American Nobel Laureate economist, Robert Solow, famously said that “you can see the computer age everywhere but in the productivity statistics”. We might want to update that quote to, “you can see Brexit everywhere but in the statistics.” UK broad money supply M4ex rose by 6.9 per cent (year-on-year) in July, up from 6.0 [...]
Experts welcome Treasury proposals to allow tax-free draw-downs to fund financial advice August 31, 2016 With millions of workers being automatically enrolled into a workplace pension the Treasury launched a consultation to ensure that they are adequately advised in preparation for retirement. The launch follows an announcement by the government in the March 2016 Budget to consult on recommendations by the Financial Advice Market Review (FAMR). The FAMR proposals were to allow [...]