Euro falls as European Central Bank boss Mario Draghi hints at more monetary stimulus November 12, 2015 The euro fell against the dollar this morning after European Central Bank boss Mario Draghi strengthened speculation that the Bank is preparing to fire yet another bazooka to kickstart the sluggish Eurozone economy. Speaking to the European parliament's economic and monetary affairs committee, Draghi said: "Downside risks stemming from global growth and trade are clearly visible." "Moreover, inflation [...]
The Co-operative Bank swerves £120m fine despite being slammed by Prudential Regulation Authority and Financial Conduct Authority for “serious and wide-ranging failings” November 12, 2015 The Co-operative Bank has been slammed by two of the UK's biggest regulators for “serious and wide-ranging failings” over its control and risk management between 2009 and 2013 – but has managed to swerve being fined. The Bank of England's Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) found that the Co-op [...]
Rolls-Royce share price tumbles as it warns profits will be at lower end of expectations after “sharply weaker” demand November 12, 2015 Shares in troubled engineer Rolls-Royce opened more than 20 per cent lower, at 528p, as it warned profits will be at the lower end of expectations in 2015, thanks to "sharply weaker " demand. After a review of operations by chief executive Warren East, the company said this morning that profit headwinds in 2016 are likely to [...]
Currency headwinds eat up SABMiller’s profits ahead of the megabrew deal with AB InBev November 12, 2015 A strong dollar took a large chunk out of SABMiller’s results, and despite strong growth in emerging markets the beer giant posted drooping profits ahead of the megabrew deal with AB InBev. The figures SABMiller posted underlying growth, with group net producer revenue growing by four per cent to $12.69bn at constant currency rates in [...]
UK house prices will rise by 25 per cent in the next five years as demand outstrips supply: Royal Institute of Chartered Surveyors November 12, 2015 House prices will rise by 25 per cent over the next five years, The Royal Institution of Chartered Surveyors has estimated, issuing another warning that supply is failing to keep up with demand. Properties sold at higher prices throughout the UK for the third consecutive month in October, with 49 per cent more chartered surveyors seeing an increase, [...]
House purchase lending jumps to seven-year for October November 12, 2015 Mortgage lending reached its highest level for the month of October in seven years, new data released today shows, as low inflation rates and rising wages helped keep consumer confidence levels high. Overall house purchase lending approvals reached 72,409 in October, up by 5.1 per cent on the previous month and 21.9 per cent ahead [...]
Megabrew is here: Now that SABMiller and AB InBev have reached a deal the real hangover begins November 11, 2015 Anheuser-Busch InBev’s £71bn takeover of SABMiller, the biggest ever British corporate merger, is poised to leave a bitter taste in the mouth with thousands of job cuts, a de-listing from the London Stock Exchange and the shuttering of SAB’s Mayfair offices all in the pipeline. AB InBev said the deal, confirmed yesterday, will result in $1.4bn (£920m) in efficiency [...]
Law Society recommends minimum salary for trainee solicitors based on combination of living wage and training course fees November 11, 2015 The Law Society has today recommended those hiring solicitors on a training contract should pay a minimum salary of £20,276 in London and £18,183 outside of London. The representative body for legal eagles based their calculation on a combination of the living wage, set by the Living Wage foundation at £9.40 per hour in London [...]
Apple commits to Ireland expansion despite looming EU tax ruling November 11, 2015 Apple has said it is committed to its operations in Ireland regardless of the outcome of an investigation into its tax affairs. “You can tell by our announcement today, we’re all in,” Apple chief executive Tim Cook told Irish national broadcaster RTE after the company announced it was creating 1,000 new jobs in the country [...]
Eurozone asset purchases could be ramped up in December, says European Central Bank’s Benoit Coeure November 11, 2015 A European Central Bank (ECB) official has hinted that the central bank could ramp up its €1.1 trillion (£780bn) asset purchase programme as soon as December. “The debate is open” due to the fact that inflation expectations are still weak, Benoit Coeure told Le Figaro in an interview due to be published tomorrow. A major issue [...]
