Mario the Grinch ruins Santa rally: Draghi disappoints investors with ECB rates cut December 4, 2015 European stocks dropped and the pound sank against the euro yesterday after chief Eurozone rate-setter Mario Draghi disappointed investors who had banked on a bumper Christmas. After months of talking up extra stimulus, Draghi cut the interest rate paid on deposits kept at the European Central Bank (ECB) to minus 0.3 per cent compared with [...]
Public Accounts Committee report: MPs warn Ministry of Defence that there is still more to do stabilise its budget December 4, 2015 The Public Accounts Committee (PAC) urged the Ministry of Defence (MoD) to further safeguard the stability of its budget in a report out today. The report is in response to an inquiry into the steps the MoD had taken to plug a £38bn gap between the funding the department expected and the costs forecast for defence [...]
Zero hours contracts are not all bad, as staff report being just as satisfied as their permanent, full-time counterparts December 4, 2015 Staff on zero hours contracts are just as contented with their work as their permanent, full-time counterparts. According to research released today from the Chartered Institute of Personnel and Development (CIPD), 65 per cent of zero hours staff said they were either satisfied or very satisfied with their jobs, compared to 63 per cent of employees overall. [...]
John Lewis hails record-breaking Black Friday week December 4, 2015 John Lewis has reported the best week of trading in its 151-year history, as frenzied demand for the latest wearable technology, toys and televisions over the Black Friday helped the retailer smash last year’s record. The department store group said it racked up £187.7m of sales in the week ending 28 November, which was up [...]
IPO giant Worldpay will start to offer loans to small business using big data December 4, 2015 Worldpay, the card payments processor that recently picked up the crown for the biggest London IPO of the year with a value of £4.8bn, is expanding its US small and medium sized business lending into the UK. The division, known as Worldpay Business Finance, will use its extensive data on its customers to offer them [...]
The UK’s financial services sector paid more than £66bn in taxes last year – PwC and Canada Corporation December 4, 2015 New figures out today show that the financial services sector contributed more than £66bn in taxes last year, amounting to 11 per cent of total government tax receipts. A new report from Canada Corporation and PwC, based on a survey of 48 of the Square Mile’s largest firms, reveals that the financial [...]
UK house prices: repossessions drop by 55 per cent as north-south divide narrows December 4, 2015 Home repossessions have dropped by 55 per cent year-on-year across England & Wales, new figures released today show, thanks to the ongoing economic recovery. The gap between home repossessions in the north and south has also narrowed by 80 per cent since the recession to 1.1 per 1,000 households in the north compared 0.7 per [...]
Being in the office over Christmas is no fun, say workers, as 84 per cent believe businesses should do more to embrace the spirit of the season December 3, 2015 If you wish you felt more of that festive feeling while at work, you're not alone. A survey by CV-Library shown exclusively to City PM discovered that 84 per cent of employees believe businesses should make more of an effort to embrace the Christmas spirit if they cannot shut the office doors for the festive season. Two [...]
Employees really want some extra annual leave, but finance chiefs think they would like more flexible hours December 3, 2015 A few more days off comes top of employees' workplace wishlists, according to a survey released today by recruitment firm Robert Half. When asked what perks they would appreciate the most from their employer, with the caveat that they were not allowed to plump for extra cash, 40 per cent said they would like more annual [...]
Drug maker Pfizer, known for making Viagra, to shut Cambridge office, putting up to 120 jobs at risk December 3, 2015 Drug maker Pfizer has today announced that it is closing one of its research sites in Cambridge. The decision to shut the Neusentis facility at Granta Park, which is part of the company's wider plans to reduce its investment in pain research, puts up to 120 jobs on the line. A statement from the company said: "Scientific research is [...]
