Premier oil share price slides despite oil production topping forecasts as debt concerns linger May 11, 2016 Premier Oil said today that it could beat its full-year production target after hitting record-high output levels, as it continues to shrink operating costs. It hit production levels of 78,000 barrels per day (bpd) last weekend, putting it on course to smash its 65,000-75,000 bpd full-year target. It also cut costs by 10 to 20 per cent more [...]
UK production industry falls into recession as manufacturing continues to disappoint May 11, 2016 The UK production industry flat-lined in March 2016, pushing the industry into recession as it continues to act as a drag on Britain's economic performance. Figures released by the Office for National Statistics (ONS) this morning showed that industrial production decreased by 0.4 per cent during the first three months of the year. Manufacturing – the largest component of [...]
Tui makes plans to bring brands under umbrella as it puts specialist group up for sale May 11, 2016 Tour operator Tui could re-brand some of its businesses under the Tui name. The company is considering changing the names of well-known holiday brands Thomson and First Choice. Yesterday the company announced it would hold onto Crystal Ski and Thomson Lakes & Mountains while offloading over 50 other brands within its Specialist Group business. The [...]
The best – and worst – countries to do business in May 11, 2016 While there may be warning lights flashing over the health of the UK economy, it is nothing compared to some of the turmoil being faced in countries further afield. Political uncertainty, an economic slowdown, oil price volatility and violent swings on the financial markets have dominated the start of 2016. Business and consumer confidence surveys are [...]
Neil Woodford-backed Purple Bricks says full-year revenue quadrupled May 11, 2016 Neil Woodford-backed hybrid online estate agent Purple Bricks expects its full-year revenue to have quadrupled. The Aim-listed firm said today that its revenue for the full year is expected to be approximately £18.5m, a year-on-year increase of some 445 per cent. Read more: Purplebricks raises £58m in junior market Aim listing Trading throughout the second half of the year [...]
Northern Powerhouse: Businesses and government have a collective responsibility to end youth unemployment and close the skills gap May 11, 2016 With youth unemployment three times the national average, and businesses across all sectors citing the skills gap as one of the biggest barriers to growth, the talent pipeline is one of the most pressing issues facing England’s economy. It is for this reason that today’s announcement by the secretary of state for education, Nicky Morgan, of a new [...]
Is Britain on the edge of recession? History is an unreliable guide to the future May 11, 2016 Concerns are growing about a marked slowdown in the UK economy. The Lloyds Bank purchasing managers’ index, for example, fell to 52.1 in April, its lowest point since 2013. The initial estimate for GDP, total output, in the first quarter of this year shows an increase of just 0.4 per cent on the final quarter [...]
At the close: Markets up as even the weather can’t dent City spirits May 10, 2016 Traders clearly brought their umbrellas to work today as a London downpour and a spot of cloudy economic data was not enough to stop European markets from posting an impressive gain for the day. The FTSE 100 closed up 0.7 per cent at 6,156.65, the Cac 40 in France put on a modest 0.2 per [...]
London tops the UK as tourism hotspot, with tourists spending £36bn a year in the capital May 10, 2016 The tourism industry is worth more than £15bn to London’s economy, more than any other region in the UK, new figures from the Office for National Statistics (ONS) have shown. Foreign tourists in the capital on business and holidays, along with day-trippers from the rest of the UK spent more than £36bn in London in [...]
The Bank for International Settlements is unconvinced that ending the dominance of the US dollar will protect the world economic order May 10, 2016 Ending the dominance of the US dollar will not be enough to promote stability in the international monetary and financial system, a top official at the Bank for International Settlements has argued (BIS). The BIS, often called the central bank for central banks, questioned the prevailing theory that when one currency becomes the world’s effective [...]
