Business confidence declines in London but firms look to hire August 2, 2019 Business confidence for firms in London fell in June, according to the latest business barometer from Lloyds Bank, but job creation plans nonetheless saw a significant uplift. Read more: Confidence among UK business leaders falls after months of gains Companies were marginally less confident about their business prospects and also reported less optimism about the [...]
The City is a meritocracy, but that only works if everyone’s given a go August 2, 2019 Sajid Javid has been culture secretary, business secretary, home secretary and now chancellor. In all that time I’ve only ever heard him give one great speech. It was, as luck would have it, at the 2015 City A.M. Awards. In Westminster and on matters of policy and politics, Javid’s delivery is invariably uninspiring – even [...]
Freeports: Government plans tax-free hubs aimed at boosting trade post-Brexit August 1, 2019 Plans to bolster Britain’s international trade post-Brexit by creating up to 10 major tax-free zones are being drawn up by the government. New international trade secretary Liz Truss has set up a panel to advise the government on the establishment of as many as 10 Singapore-style so-called ‘Freeports’. Read more: Stock markets edge up after [...]
UK bonds bounce back in June as equity funds lose out August 1, 2019 Bonds are back in favour with UK investors but equities have continued to struggle amid ongoing political uncertainty. £2.4bn flowed into bonds during June – taking this year’s total inflows to almost £6bn – according to figures released by the Investment Association (IA). This included net retail sales of £1.1bn for UK Strategic Bond funds [...]
Tariffs hurting US manufacturers, says Trump’s ex-economic adviser August 1, 2019 US President Donald Trump’s trade wars are hurting American manufacturers and investment, according to his former top economic adviser Gary Cohn. Read more: Donald Trump lashes out at China as two sides meet for trade talks He also said the Chinese economy would have slowed down “with or without a trade war”, contradicting his ex-boss’s [...]
Bank of England downgrades UK second quarter growth to zero as Brexit looms August 1, 2019 The Bank of England said UK growth ground to a standstill in the second quarter of the year due to the unwinding of Brexit stockpiling and car plant shutdowns as it chose to leave interest rates unchanged at 0.75 per cent today. In its latest gauge of the economy, released today, Threadneedle Street downgraded its [...]
Insurance M&A jumps to highest level in four years in first half of 2019 August 1, 2019 Insurance M&A rose to its highest level in four years in the first half of 2019 with 222 deals completed worldwide. This marked the biggest increase in the volume of transactions since the first half of 2015 and the fourth consecutive six-month period of growth. In the second half of 2018 there were 196 completed [...]
Watchdog fines Casio millions for blocking discounts August 1, 2019 The UK’s competition watchdog has fined Casio £3.7m after the electronics company admitted to illegally preventing online retailers from selling discounted musical instruments. Casio put pressure on retailers to sell digital pianos and keyboards online at or above a certain price, using new software to monitor online prices in real time. Read more: Competition regulator [...]
Brexit warnings reach fever pitch as BMW and Ford sound the alarm August 1, 2019 BMW and Ford have become the latest manufacturing giants to warn Prime Minister Boris Johnson about the perils of a no-deal Brexit. Speaking to journalists this morning, BMW boss Harald Kruger said a no-deal would be a “lose-lose” scenario for Britain and the EU. He offered to personally deliver his portent to the new PM. [...]
Westfield owner suffers income drop as UK retailers shut shops and cut rents August 1, 2019 Retail landlord Unibail-Rodamco-Westfield (URW) suffered a drop in UK rental income in the first six months of the year as the property giant’s two London sites were hit by store closures and leasing delays. Like-for-like net rental income was down 3.1 per cent compared to the previous year as tenants – struggling in a challenging [...]