UK GDP preview: Banks down, sterling ready to break out? August 8, 2019 Ahead of the UK Q2 GDP print on Friday, gilts and UK bank stocks betray concerns about the economy that the official figures are likely to back up. Meanwhile GBPUSD is nearing the end of a narrowing wedge that could signal it’s ready to move out of its August range on whatever the GDP point [...]
City Moves for 7 August – Who’s switching jobs at Oaknorth, Harworth and Adarga? August 7, 2019 Today’s City Moves includes Oaknorth, Harworth and Adarga. Oaknorth Next-generation credit platform Oaknorth has announced the appointment of Jackson Hull as its chief technology officer and chief operating officer. Jackson will be responsible for Oaknorth’s architecture and product programme, as well as its product and engineering teams. He will also be in charge of the [...]
Rare respite for Germany as factory orders pick up August 6, 2019 German factory orders beat expectations in June, official statistics showed today, providing a rare piece of good news for the country’s struggling economy. Read more: Eurozone construction sector held back by Germany in July New orders for manufacturers grew 2.5 per cent on the previous month, far exceeding the 0.5 per cent rise predicted by [...]
Lawyer who played key role in Brexit case set for disciplinary tribunal over dishonesty claims August 5, 2019 The vice-president of the Law Society is set to face a disciplinary tribunal later this month over claims of dishonesty. David Greene, who acted for a claimant on the Article 50 litigation in 2016, is set to appear before the Solicitors Disciplinary Tribunal (SDT) on 13 August. The claim centres around £7,000 in unpaid fees [...]
Stephen Barclay urges Barnier to seek new mandate for Brexit talks to avoid no deal August 4, 2019 EU leaders must give their chief negotiator Michel Barnier a fresh mandate to change the withdrawal agreement if they do not want to end up with no deal, Brexit secretary Stephen Barclay has said. Barclay, who kept his position in Boris Johnson’s Cabinet overhaul, said MEPs in the European Parliament had changed since the European [...]
Royal Bank of Scotland ‘returns from the wilderness’ with £1.7bn dividend August 2, 2019 Royal Bank of Scotland scored a bumper £1.3bn profit for its second quarter, it revealed today, as well as offering a special 12p per share dividend to investors. But it warned that tough economic conditions would hit profitability into 2020, sending its share price down almost five per cent. Read more: Barclays boosts first half [...]
Capita return to growth ‘distinctly possible’ as turnaround starts to do the trick August 1, 2019 Capita’s market value shot up today as investors toasted the first fruits of a sweeping turnaround plan. The outsourcer’s share price jumped 17 per cent on the news margins had grown in four of its six main business divisions. Capita runs the Ministry of Defence’s recruitment programme for the British army. The figures Pre-tax profit [...]
Shell profits slip to lowest point since 2016 as weak oil and gas prices hit energy major August 1, 2019 Shell shares dropped this morning as it reported its lowest second-quarter profits since 2016, as earnings slumped more than 25 per cent. The oil and gas major suffered from lower oil and gas prices. Shares were down four per cent in early morning trading. The figures Shell profits fell 25 per cent to $3.6bn (£2.9bn) [...]
Barclays boosts first-half profit 82 per cent to £3bn August 1, 2019 Barclays today posted first-half profit before tax of £3bn, an 82 per cent increase on the same period last year. Total income fell one per cent to £10.8bn. Return on tangible equity was 9.4 per cent, down from 11.6 per cent in the first half of 2018. The bank said it was targeting return of [...]
British Gas owner Centrica’s chief executive resigns as it slashes dividend July 30, 2019 British Gas owner Centrica said its chief executive was stepping down today as it announced a dividend cut of nearly 60 per cent. Chief executive Iain Conn will step down as chief executive and retire next year, the company said. Read more: British Gas owner Centrica ‘to cut dividend and sell off oil and gas [...]