Uber has cut its prices by 15 per cent in New York City January 29, 2016 Controversial cab-hailing app Uber has cut its prices by 15 per cent in New York. The New York Post reported that the company, which is facing competition from an increasing number of similar offerings in NYC and across the world, was planning on dropping its base rate to $1.75 per mile (£1.23), from £2.15 at the moment. [...]
Lifting of Iran sanctions causes Opec output to soar to fresh highs in January January 29, 2016 Opec oil production soared to its highest level in almost two decades this month, with Iran driving the largest increase in supply, according to a new survey. Saudi Arabia and Iraq also ramped up production in January, the Reuters data said. The oil market is already suffering with a massive supply glut, thanks to Saudi’s [...]
Three’s customers get a nasty shock as the mobile phone company has doubled their monthly tariffs January 29, 2016 Mobile phone operator Three has doubled the cost of some of its monthly tariffs, to the anger of its customers. It has sent letters to some of its oldest customers who are on so-called legacy tariffs, including the £15 All You Can Eat plan, telling them they are being moved to an existing deal costing [...]
UK steel crisis: Union slams European Commission’s low tax on Chinese imports January 29, 2016 The steel industry has slammed the EU's failure to impose higher levy on Chinese imports of a steel product which is made in the UK, warning that it could lead to further job losses in the already stricken sector. Gareth Stace, director of UK Steel today warned that the European Commission's decision to impose low-level duties would [...]
US GDP growth misses expectations and puts pressure on the Fed to loosen monetary policy January 29, 2016 US economic growth missed expectations in the fourth quarter, reinforcing fears that the Federal Reserve was too hasty last month when it raised rates for the first time in almost a decade. Gross domestic product (GDP) rose by 0.7 per cent during the last three months of the year, the US Department of Commerce said [...]
CML warns of higher rents and a buy-to-let slowdown under Stamp Duty Land Tax proposals January 29, 2016 The new tax on second properties could lead to higher rents and a slowdown in the buy-to-let market, according to the Council of Mortgage Lenders (CML). Days before HM Treasury ends its consultation period on the Stamp Duty Land Tax (SDLT) proposals, the CML has publicly criticised the plans, claiming that they will have a [...]
Xerox to split into two quoted companies and Carl Icahn gets to pick three board members January 29, 2016 Xerox, the firm best known for making printers and photocopiers, today announced that it is splitting into two publicly traded companies, in a bid to turn around its ailing fortunes. “Today Xerox is taking further affirmative steps to drive shareholder value by announcing it will separate into two strong, independent, publicly traded companies,” said Ursula [...]
Trade body blasts local councils for blocking small builders from winning public sector contracts January 29, 2016 Local councils are blocking smaller builders from winning public sector work, an industry body has claimed. The Federation of Master Builders (FMB) cited new research from the Electrical Contractors’ Association that shows over two thirds of local authorities are not using a simplified pre-qualification questionnaire that is easier for the supplier to complete. The FMB [...]
London house prices skyrocket at double the national rate but sales fall January 29, 2016 London house prices rose at almost double the average rate for England and Wales last year, with the average price of property in the capital now totting up to a lofty £514,097. The Land Registry’s House Price Index in December showed that the cost of getting on to the ladder in London rose by 12.4 per [...]
Eurozone inflation edges up to 0.4 per cent but is still way off the European Central Bank’s target January 29, 2016 Eurozone inflation crept up slightly to 0.4 per cent in January, but remains far from the European Central Bank’s target of just under two per cent. Consumer prices grew from a rate of 0.2 per cent in December, according to official figures from Eurostat. The services sector picked up in January, coming in at 1.2 [...]
