Northern Powerhouse: Shaving one minute off journey times could provide £1.6bn boost northern cities March 14, 2016 Shaving just 60 seconds off the time it takes to travel to key services could provide a £1.6bn economic boost to the northern regions of the UK, according to new research published today. Using so-called value of time research, consultancy and construction company Mace said for all regions outside of London, saving the extra minute could [...]
Steel sector jobs could be saved by government March 13, 2016 The government is working with private equity fund Greybull on a deal to save 4,000 jobs at Tata’s Scunthorpe steelworks. The department for business, innovation and skills (BIS) is negotiating with both Tata Steel and Greybull to finalise a deal ahead of a 31 March deadline that could see the government taking a stake in [...]
Iran will join output cap talks once it hits four million barrels per day March 13, 2016 Opec rebel Iran has said fellow members of the oil cartel should leave the country alone until it has raised production to over four million barrels per day. The country, which wants to rebuild its market share after a trade embargo, indicated it would then be interested in attending historic talks between Opec and Russia to [...]
Norwegian oil fund parts with Pimco amid market volatility March 13, 2016 The world's largest sovereign wealth fund has parted ways with bond giant Pimco as it seeks to overhaul its investment strategy. The Norwegian Sovereign Wealth Fund pulled its money last year amid widespread investor concerns over underperformance at some of Pimco’s largest fixed income funds. The loss of the fund as an investor is the latest [...]
AstraZeneca facing a shareholder revolt over performance targets March 13, 2016 Shareholders of drug giant AstraZeneca are gearing up for a revolt at the firm’s annual meeting next month after chief executive Pascal Soriot was handed £8.4m in pay last year. AstraZeneca will come under fire for not writing a key revenue target into Soriot’s bonus package. The pharmaceuticals group has revealed that Soriot’s pay more [...]
Bond Apocalypse Now: Is the end nigh for bond investment as M&G reveals high levels of outflows in its most recent results? March 13, 2016 The UK bond market is sitting on a bed of nitroglycerine, according to Bill Gross, one of the world’s most pre-eminent bond investors. Or at least, that was his prognosis in January 2010, since which time UK government bonds have returned over six per cent a year and yields on the benchmark 10 year gilt have [...]
Bank of England, Federal Reserve and Bank of Japan to err on the side of caution this week March 13, 2016 Three of the world’s major central banks are expected to take a cautious approach this week as they look to underpin economic growth amid rising global uncertainties. The US Federal Reserve’s federal open market committee will decide on Wednesday whether to lift interest rates for the second time since the 2008-9 recession. “Given market volatility [...]
Libor scandal: Tom Hayes to appear in Old Bailey on Monday as Proceeds of Crime confiscation hearing begins March 13, 2016 Tom Hayes is due to head to court on Monday as he begins a legal battle over his assets, which prosecutors allege were purchased using proceeds from crime. Hayes and his wife are due to attend a Proceeds of Crime confiscation hearing at the Old Bailey, London's central criminal court. Hayes, a former Citigroup and [...]
Sir Martin Sorrell’s salary: How long would it take you to earn the WPP boss’s proposed £70m pay? March 13, 2016 Sir Martin Sorrell, the highest paid boss of the FTSE as chief of advertising giant WPP, is in line for an even bigger bumper payout that will leave him earning a more-than healthy £190,000 each day. Assuming a 12 hour working day, that potential £70m would be the equivalent of more than £15,000 per hour – more than the [...]
Budget 2016: George Osborne warns of further cuts to public spending as “hopes of a stronger global recovery have evaporated” March 13, 2016 George Osborne has warned that a slowing global economy will mean more cuts to public spending ahead of this week's Budget. "The hopes of a stronger global recovery have evaporated," he said. "Instead the world economy is slowing." The chancellor cited China's slowdown, falling oil and commodity prices, political instability in the Middle East, as well [...]
