Sadiq Khan: I will unite London and be the most pro-business mayor yet May 5, 2016 Millions of Londoners will have the opportunity today to vote for a new mayor. And when it comes to business and the financial sector, this election matters. London is an established global leader in business services and international finance. We are also a growing force in newer industries such as tech, low carbon and life [...]
Exxon Mobil profit beats expectations on leaner costs April 29, 2016 Exxon Mobil's profit plunged in the first quarter of this year, however cost cutting and asset sales helped it avoid an even messier set of results. The world's largest listed energy company's net income fell 63 per cent to $1.8bn (£1.2bn) in the first three months of 2016, or 43 cents per share, compared with $4.9bn, or [...]
Seven reasons Brexiteers are wrong to think EU exit negotiations would be easy April 29, 2016 Some eurosceptics think that Brexit negotiations would be a piece of cake. But if Britain decides to leave the EU, it will have no choice but to invoke Article 50 of the Treaty on European Union. That will set in motion a complicated procedure that puts the departing member state at a disadvantage. The Leave [...]
As UK growth slows to 0.4 per cent in the first quarter, is George Osborne right to blame it on the EU referendum? April 28, 2016 Scott Corfe, director at the Centre for Economics and Business Research, says Yes. Our business survey research shows that companies have reined in capital spending plans amid all the uncertainty over Brexit. This is particularly the case for large businesses, and we are likely to see some weak investment figures in the first half of this [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]
Beware: Your energy bill could rise by £152 at the end of April if you don’t switch supplier April 18, 2016 Households will be hit with a £152 increase to their annual energy bills at the end of the month unless they switch providers, as several fixed tariffs come to an end. Of the 17 fixed deals that expire on Saturday 30 April, 11 will result in customers being automatically switched to a more expensive standard variable [...]
Week ahead: Economic data and miners set to drive FTSE April 18, 2016 Investors will be wading through economic data this week, with the March unemployment report out on Wednesday and the latest retail sales and public finance figures due Thursday. On Friday the FTSE 100 index was down 21.35 points, or 0.3 per cent, at 6,343.75 points by the close, broadly in line with the European market. [...]
Global shale gas market expected to hit $214bn by 2022 April 13, 2016 The world's shale gas market could swell to $214bn (£150.2) in just a few years time. This would come as global shale gas grows at an annual compound rate of 14.4 per cent from 2015 to 2022, according to the report by Allied Market Research. Similarly, the world's thirst for shale gas is expected to increase at an annual [...]
Greybull or grey clouds? Why these are temporary solutions to structural problems in UK steel April 12, 2016 Tata Steel's decision to sell the firm's UK steel assets follows the wider divestment and mothballing trend playing out in the country's steel sector. Most recently, Tata Steel put the firm's Port Talbot and Scunthorpe mills up for sale, following a suit of competitors in the UK market, such as Sahaviriya Steel Industries and Caparo. [...]
Steel crisis: Four things that could happen to Tata steelworks next March 31, 2016 The government has been forced to hold a crisis meeting, while dissatisfaction among unions, business groups and the opposition continues to rise. With thousands of British jobs at stake, what could happen to Tata's embattled UK business? Full or partial sale In an ideal world, Tata would be able to find a buyer for its stricken [...]