UK productivity puzzle: Here’s how much more the UK would make if we were as productive as the rest of the G7 March 7, 2016 Sluggish productivity could be costing the UK nearly £500bn, as the country continues to tail behind most of its G7 counterparts, figures out today have found. According to the study by Grant Thornton, UK GVA could be boosted by £479bn by 2025 if workers' productivity across the country matched the G7 average. According to figures released [...]
Fitch slashes global growth forecast on weaker emerging market outlook March 7, 2016 The world economy will be weighed down by further turmoil in key emerging markets this year, a major ratings agency said today. Fitch has slashed its global economic growth forecast with advanced economies expected to grow 1.7 per cent this year, down from the 2.1 per cent forecast in December. Emerging market economies are expected to [...]
Metro Bank shares jump on soft float, despite earlier fears over market volatility forced the bank to downgrade its share price March 7, 2016 Metro Bank shares have jumped by 7.5 per cent since their so-called introduction to the London Stock Exchange this morning. The bank had lowered its share price to £20 from £24 previously due to market volatility and a sell off of banking stocks since the beginning of the year. Prices have now mostly recovered however. [...]
German factory orders drop in January despite bump in demand from rest of the Eurozone March 7, 2016 German factory's received fewer orders in January compared with the month before, according to figures released this morning. New orders dropped 0.1 per cent with a 1.6 per cent drop in domestic orders offsetting a one per cent climb in foreign orders, German statistical office Destatis said. Orders from other Eurozone countries jumped 7.5 per cent [...]
Competition and Markets Authority (CMA) delays publication of retail banking review until August March 7, 2016 The Competition and Markets Authority (CMA) has confirmed plans to delay the publication of its long-awaited review into the retail banking market, saying today that the results of the probe will not be published until the end of the summer. In a statement this morning, the CMA put forward more recommendations to help customers understand [...]
Sunday trading hours: Why the campaign against changes to the law by industry groups and Tory MPs is utterly bonkers March 7, 2016 I am confused, bemused and somewhat irritated by the constant threats from MPs, trading bodies and groups around the country to derail the government’s plans to relax the Sunday trading laws. Creating barriers to trade is out-dated and puts the UK at risk. More than 20 Tory Ministers and MPs have threatened to block the plans before [...]
China’s foreign exchange reserves are falling at a slower pace March 7, 2016 The stash of US dollars used by China to shore up the value of its currency, the yuan, declined at a slower rate in February. China had $3.202 trillion of foreign exchange reserves last month, according to figures released by the State Administration of Foreign Exchange this morning. It is down by $29bn (£20.5bn) on January. [...]
Godiva is galloping into growth markets: Chief executive Mohamed Elsarky talks managing growth and high quality March 7, 2016 As Godiva celebrates its 90th anniversary, few would contest the heritage of the Belgian chocolatier. But since Turkish food manufacturer Yildiz Holding acquired the firm from Campbell Soup in 2007, it has been given a new lease of life. Now, chief executive Mohamed Elsarky has his sights on Asia. Since entering the Chinese market in late 2009, nearly 70 stores [...]
Anatomy of a sector: UK finance and professional services support 2.2m jobs, contributing 11 per cent of tax receipts and generating a £72bn trade surplus March 7, 2016 You already knew it, but here's definitive proof: supporting 2.2m jobs and contributing 11 per cent of tax receipts, finance and professional services is one of the most important sectors in the UK, according to new research. A major report by City lobby group TheCityUK shows not only that the sector is a leading employer, accounting for almost [...]
Barclays appoints CMC Capital’s Carlo Calabria as chairman of mergers and acquisitions in Europe, the Middle East and Africa March 7, 2016 Barclays has appointed founding partner of CMC Capital Carlo Calabria as chairman for mergers and acquisitions in Europe, the Middle East and Africa (EMEA). Calabria is one of nine new people employed to Barclays' investment banking operations from CMC Capital. "Carlo will work closely with Pier Luigi Colizzi, Head of M&A EMEA, to help accelerate the [...]
