Before the bell: What you need to know before the US market open May 26, 2016 The price of US crude oil has smashed through $50 per barrel after Brent crossed that mark last night. Meanwhile the world's leaders have assembled in Japan for the G7 meeting. Here's what you need to know before the US market open at 14:30 London time. The futures market is pointing up. The S&P is up by 0.1 [...]
Prime minister David Cameron warns of hit to pensions if Britain backs Brexit May 26, 2016 Prime minister David Cameron has warned retirees face a triple threat to their pension pots if Britain votes to leave the European Union. He said pension funds would shrink due to the economic shock from a leave vote, just as the fallout increased the cost living and changes to visa and residency rules led to a shortage of [...]
Should we blame empty foreign-owned apartments for London’s housing crisis? The data says no May 26, 2016 London's housing crisis is worsened, maybe even caused, by wealthy foreigners buying up properties and leaving them empty. Right? It’s an attractive argument, identifying a specific and unpopular culprit (the global rich) while spreading the notion that they are to blame for most of today’s social and economic problems. Unfortunately, in this case, the figures [...]
One in three people can’t make their pay last the whole month May 24, 2016 If you're already having to eke out the last vestiges of your April payday, you can rest assured you're not alone. Over a third of Britons, 34 per cent, fail to make their paycheck last the whole month, according to a new poll of nearly 1,000 people's spending and saving habits from Wizzcash. One of the major reasons [...]
Mitie Group share price jumps as profit doubles May 23, 2016 UK outsourcer Mitie shook off a string of "unanticipated macroeconomic headwinds" to double profit in the year ended 31 March. The figures: Revenue from continuing operations fell 1.8 per cent to £2.2bn in the year ended 31 March, down from £2.3bn a year earlier. But pre-tax profit rose 133 per cent to £96.8m during this period, up from [...]
How government spending cuts can be a catalyst for radically better public services May 23, 2016 In the fallout over the recent Budget, government spending was once again in the spotlight. But while the row centred on benefits at a national level, it’s social care managed by local authorities that is currently entering a period of intense crisis. Faced with unprecedented cuts, local government chiefs now have to find a way to conjure [...]
Alistair Darling and Michael Howard clash over Brexit campaign at CBI dinner May 18, 2016 Two grandees of the Leave and Remain campaigns dramatically crossed swords last night, when a former chancellor and former home secretary clashed over the ramifications of the referendum vote at the CBI's annual dinner. The glitzy black tie event, hosted at Grosvenor House on Park Lane, saw Labour peer Alistair Darling and Tory peer Michael Howard [...]
Investment banking revenues plunged to financial crisis levels in 2015 – and a greater drop is expected this year May 17, 2016 Global investment banking revenues dropped to their lowest levels since the financial crisis last year. And they are expected to plummet even further this year, according to a new report. Analysis in the Boston Consulting Group’s (BCG) Capital Markets 2016 report predicts 2016 investment banking revenue to total $212bn (£147bn), down seven per cent from [...]
Inflation rate falls to 0.3 per cent in April due to cheaper clothes and air fares May 17, 2016 Inflation was running at 0.3 per cent in April, figures out this morning from the Office for National Statistics (ONS) have shown, denting the trend of slow-and-steady price rises since the start of the year. The headline consumer prices index (CPI) rate fell back from 0.5 per cent in March and is now in line with figures [...]
Sadiq Khan’s rent caps could benefit London landlords May 12, 2016 London’s newly elected mayor, Sadiq Khan, has already committed to making the London housing crisis a priority. He has announced a raft of policies aimed at helping the capital’s two million private renters, and one is attracting particular scrutiny and controversy – the introduction of a London rent cap. Few people doubt rents in London [...]