These are London’s startup hotspots: More new businesses were created in Westminster, Hackney and Camden than any other part of the UK January 10, 2016 London continues to attract more startups than anywhere else in Britain, easing fears that rising rents could scare entrepreneurs away from the capital. Westminster was home to more new businesses than any spot across the country with almost 20,000 new ventures set up in the borough last year alone. Hackney and Camden were ranked second and third [...]
Insurers which snoop on customers using social media could be in line for a crackdown as Financial Conduct Authority finishes gathering input on big data use January 10, 2016 The Financial Conduct Authority (FCA) finished gathering input on how insurers use big data late last week, which might mean a crackdown could be around the corner for those who use social media to snoop on customers. In November, the FCA launched a Call for Inputs on big data in the retail general insurance sector, [...]
Bank of England’s monetary policy committee to keep interest rates at record lows this week January 10, 2016 The Bank of England’s committee of rate-setters will be keeping interest rates at record lows this week. A renewed drop in oil prices and slower pay growth are set to weigh on the Bank’s inflation outlook. Last month it voted to keep rates at 0.5 per cent – it aims to bring inflation to two per [...]
Asda boss Andy Clarke adds £500m fuel to the supermarket price war with Tesco, Sainsbury’s, Morrisons as well as discounters Aldi and Lidl ahead of supermarket Christmas earnings bonanza January 10, 2016 Asda is throwing a further half a billion pounds at the supermarket price war as boss Andy Clarke predicted another "challenging" year for the sector. "There is currently no growth in the food market and the rise of the limited assortment discounters means that we must take radical action to win back our customers," said [...]
Oil prices: Royal Dutch Shell oil boss Ben van Beurden thinks prices will double ahead of crucial BG Group deal shareholder vote January 10, 2016 The boss of Royal Dutch Shell Ben van Beurden has said he is confident that oil prices will return to higher levels just days after they plummeted to an almost 12-year low as the giant gathers support for its billion pound takeover of BG Group. “The oil prices we are seeing today are not sustainable and are going [...]
David Cameron promises £140m turnaround of sink estates January 10, 2016 David Cameron has promised £140m to redevelop so-called sink estates in an effort to tackle poverty and social problems. Some 100 housing estates across the UK will be redeveloped and some knocked down "starting from scratch" under new plans. "Behind front doors, families build warm and welcoming homes. But step outside in the worst estates [...]
FTSE 100 index remains under 6,000 mark as fears over the Chinese economy linger January 8, 2016 After the FTSE 100 index faltered in late morning trading, it has rebounded back towards the gains it made at the open – but still remains below the 6,000 mark. The rebound comes as concerns over weakness in the Chinese economy continue to weigh on European markets. The UK's blue-chip index rose 0.44 per cent to 5,979 points in early afternoon [...]
UK trade deficit shrinks in November on oil price slump January 8, 2016 Britain's trade deficit shrank in November, as cheaper imports on the back of the oil price rout helped offset a record goods trade deficit with other EU countries. The Office for National Statistics (ONS) said the UK's total trade deficit narrowed to £3.170bn in November, from £3.507bn a month earlier. The deficit in goods alone narrowed [...]
Five factors behind this week’s Chinese stock turmoil January 8, 2016 Chinese shares had a tumultuous start to the new year with the benchmark CSI 100 index closing down 10 per cent. So what were the main factors behind the turbulence? The slowing Chinese economy China is trying to move away from export-led growth towards a more sustainable, domestic consumption-led economic model. Nevertheless, fears over the pace of its [...]
Iran official says oil prices could fall as low as $25 by March this year January 8, 2016 An Iranian official has warned the price of oil could slump to $25 per barrel by March, once international sanctions over its alleged nuclear programme have been removed. Fereidun Fesharaki, a former oil adviser to the Iranian prime minister, told The Times that Brent crude, the international benchmark, could drop to between $25 to $30 [...]
