European banks struggle for profits in face of multiple headwinds October 31, 2016 European banks will continue to struggle for profitability in the face of multiple headwinds, including higher capital requirements, low interest rates and a weak economy, according to new research published today. The average return on equity across all banks in the EU stands at around three per cent, according to the report from consultancy giant [...]
Bank of England governor Mark Carney looks ready to remain in post beyond 2018 October 30, 2016 Mark Carney is expected to extend his term at the Bank of England beyond 2018 after a weekend of speculation over his future. The governor is said to be readying himself to make a statement on his future this week and put an end to the uncertainty. Read more: Mark Carney looks set to leave [...]
It ain’t IPO-ver till the fat man sings: Companies prepare to brave London’s stormy flotation market October 30, 2016 A medical equipment maker, price comparison website and a kitchen products business are preparing to brave London’s flotation market this week amid stormy conditions. Despite numerous initial public offering (IPO) plans being pulled this month, Convatec is due to list on the London Stock Exchange (LSE) at 8am on Monday. It will mark the UK’s biggest float [...]
Profit warnings edge up with some firms pinning blame on Brexit October 30, 2016 The number of companies that issued profit warnings rose slightly in the third quarter of 2016, with the UK’s June vote to leave the European Union cited by almost a third as a factor in undershooting expectations. Companies listed in the UK issued 68 profit warnings in the quarter, according to a report by accountancy [...]
Fifth of workers paid less than recommended living wage October 30, 2016 A fifth (22 per cent) of workers in Britain earn less than the amount deemed to be a living wage, according to research out today. The study, carried out by Markit on behalf of KPMG, discovered that some 5.6m workers are paid less than the £8.25 per hour, or the £9.40 per hour in London, recommended by the [...]
Mark Carney looks set to leave the Bank of England in 2018 October 29, 2016 Bank of England governor Mark Carney is unlikely to take up the three-year extension option on his term at the central bank. He could announce the decision as soon as Thursday. According to The Times, senior City figures who know the governor said they believed it was more likely than not he would choose to [...]
World Bank appoints Kristalina Georgieva as chief executive October 29, 2016 Kristalina Georgieva has been appointed chief executive of the World Bank. The Bulgarian will effectively replace Sri Mulyani Indrawati, the bank's managing director and chief operating officer, though the title of chief executive is newly created. Indrawati was appointed Indonesian finance minister in July. Georgieva, the former head of EU humanitarian affairs and vice-president of [...]
FTSE 100 closes within a whisker of 7,000 as sterling pares some of its losses October 28, 2016 The FTSE 100 finished the week marginally higher – and within a whisker of the 7,000 mark. After a day of volatility, the UK's blue-chip index closed up 0.14 per cent, at 6,996 points, buoyed by a strong US GDP figure. It was pushed up by International Airlines Group, the British Airways owner, whose shares rose [...]
Third quarter US GDP beats expectations, bolstering rate rise hopes October 28, 2016 Uncle Sam surprised the markets this afternoon by announcing that the US economy was growing at a faster rate than expected. US gross domestic product (GDP) grew at 2.9 per cent over the last 12 months, the fastest rate for two years. A consensus of analysts polled by Reuters expected growth of 2.5 per cent. Read [...]
The French economy returned to growth in the third quarter, but it’s far from formidable October 28, 2016 The French economy grew again in the third quarter of this year, after contracting in the second quarter – suggesting things are beginning to look up across the Channel. Figures from French statistics authority Insee showed GDP grew 0.2 per cent between July and September, up from a 0.1 per cent contraction in the quarter [...]
