NEWS

China's headache will not affect rate rise plan, says BoE’s Mark Carney

September 01 ,2015 | by Hari Sri

The Bank of England’s (BoE) agenda still includes a likely rate rise in spite of China's economic meltdown, Governor Mark Carney has said.

A decisive Monetary Policy Committee meeting at the end of the year will still go ahead in the face of global stock markets being hit hard by the movements of the Shanghai share index, with Carney claiming “recent events” wouldn't force a change in strategy.

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Maersk Oil's North Sea gas field gets go ahead

September 01 ,2015 | by Hari Sri

Production has been approved for the Culzean gas field, the largest new oil and gas field to have been discovered in the North Sea in 10 years.

The UK Oil & Gas Authority has given Maersk Oil the go-ahead to start production, which is expected to meet 5% of the UK's entire gas needs when it hits its peak.

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Eurozone inflation figure remains steady at 0.2 per cent

September 01 ,2015 | by Claire Payne

Eurostat has reported that the Eurozone inflation rate held steady at 0.2% in July.

The figure, which is well below the target of the European Central Bank (ECB), represented a big disappointment for backers of the monetary stimulus approach, which promised a swift answer to slow growth across the continent.

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Big energy firm Total sells UK gas assets worth £585mn

August 31 ,2015 | by Thiago Kiwi

Total, the French firm that is one of the biggest energy operators in the North Sea, has sold$900m (£585m) of its UK gas assets.

Two pipelines and the St Fergus terminal in Scotland are included in the sell-off, which has been blamed on the worldwide collapse of oil prices.

 

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Cash may become extinct by 2025, suggests new survey

A new survey from Lloyds Bank suggests that cash may soon become extinct as more Britons switch to alternate methods of making payments.

The increasing popularity of contactless payments and the continuing rise in debit and credit card use means that a quarter of Britons think they will not be using notes and coins within only five years.

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Finance plays a central role in fast-growing SMEs’ business planning

August 28 ,2015 | by Thiago Kiwi

A report by ACCA has found that there is a clear correlation for high-growth businesses with finance functions, extending beyond pure funding functions to being a strategic business partner.

Rather than playing an auxiliary role, the report found the finance function "played a central role" in the business planning of most of these successful SMEs.

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Investments in mid-size businesses need tax break, says report

August 28 ,2015 | by Hari Sri

Individual long-term investors in mid-sized businesses need to be encouraged by more tax incentives, according to a new report from the Confederation of British Industry & BDO.

The report, jointly authored by BDO and the CBI says that additional tax incentives would enable more of the country's medium-sized businesses to achieve their full potential.

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High-performing female employees mentored by telecom giant

August 28 ,2015 | by Claire Payne

Telecom giant Ericsson has been hosting special ‘unconscious bias’ training courses for line managers to help achieve the target of having a 30% female work force by 2020.

The face-to-face sessions for thousands of employees are part of a mentoring programme for high-performing female employees to help them move forward in their careers.

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China's rate cut fails to stop share slump

August 27 ,2015 | by Erin O’Neill

Although China's central bank has cut its key lending rate it has not halted further stock market falls.

The new rate cut by the central bank of 0.25 percentage points meant its key lending rate now stands at 4.6%, however this has failed to calm the nerves of stock markets.

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New research finds British female bosses work two hours unpaid daily

August 27 ,2015 | by Helen Gould

The Chartered Management Institute (CMI) has published research that reveals that female bosses in the UK work for almost two hours a day unpaid.

The findings come to light when salaries are compared to their male counterparts and adds up to 57 days every year.

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KPMG chair says Big Four have a public interest commitment to audits

The chairman of KPMG has weighed in on the future of the mature audit business by claiming that the UK's largest auditors have a public interest commitment to retain them.

In the face of more lucrative growth prospects and changing industry demands and regulations, Simon Collins, KPMG's UK chairman, told the Financial Times he felt the profession "can't afford" to reduce client choice.

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New ONS figures reveal how much UK workers are worth

August 26 ,2015 | by Thiago Kiwi

The Office for National Statistics (ONS) has released figures for 'employed human capital' in the UK, which is the total estimated future earnings of everyone in jobs in the country.

The data shows that the value of employed human capital increased in 2014 to reach £18.22tn.

 

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Oil price fall hits Russian rouble

August 26 ,2015 | by Hari Sri

The Russian currency has fallen in value in the wake of decreasing oil prices and the panic sweeping through global markets.

Setting its rate for August 25 at 70,74 roubles to the dollar, the Russian central bank saw its currency value at the weakest it has been since 1998.

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Deloitte profits from 10.5% rise in consulting revenues

August 26 ,2015 | by Claire Payne

One of Britain’s Big 4 firms, Deloitte, has a profit pool of £593m to be shared out amongst partners.

The money is the result of a surge in revenues from its consultancy business, and means that 721 partners will receive an average of £822,000.

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British film industry gets more tax breaks from EU

August 25 ,2015 | by Erin O’Neill

The EU has given the go ahead for more tax breaks for films which are produced in the UK.

The government’s plans to enable film production companies to claim tax relief of 25% which would be payable towards the cost of production has received the green light.

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Chinese economic woes hit global shares

August 25 ,2015 | by Hari Sri

The continuing fallout from China's current domestic financial problems has hit stock markets in London, Paris and Frankfurt as investors become more concerned about the state of the world's second largest economy.

Shares fell sharply with London's FTSE 100 index down by 2.6% in morning trades while counterparts in France and Germany fell by almost 3%.

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UK GDP forecast to grow by 2.6%

August 25 ,2015 | by Thiago Kiwi

The Confederation of British Industry (CBI) has claimed that increases in productivity, household spending, and business investment means UK GDP will see stronger growth than previously anticipated.

This has led the business lobby group to upgrade its forecast to 2.6% for the year.

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IMI audit committee appoints new non-executive director

August 24 ,2015 | by Erin O’Neill

Isobel Sharp, former senior technical partner at Deloitte has joined the audit committee of IMI, an engineering group and a member of the FTSE 250, as a non-executive director.

The highly respected financial figure has an extensive background as an influential player in the UK economy and the appointment has been well received.

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Manufacturing orders unexpectedly improve in August, reveals survey

August 24 ,2015 | by Hari Sri

The industrial trends survey from CBI is a well-respected industry report, and this month it revealed an unexpected improvement on manufacturer's order books.

Economists had expected the monthly total order book balance to remain stagnant, but the figures show that output continued to increase at a steady pace for the three months to August.

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ICAEW appoints non-chartered accountant board members for first time

August 21 ,2015 | by Thiago Kiwi

The Institute of Chartered Accountants in England and Wales has appointed its first non-chartered accountant board members.

This historic move aims to widen the scope of diversity of thinking and experience at the organisation's highest levels.

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UK sales volumes rise by 0.1 per cent

August 21 ,2015 | by Hari Sri

The latest figures from the Office for National Statistics (ONS) reveal that retail sales volumes in the UK rose by 0.1% in July.

This means the figure has bounced back from a fall in the previous month, which is good news for the continued revival of the UK economy.

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Emerging markets suffer £600bn outflow of funds

August 21 ,2015 | by Erin O’Neill

A mix of official data and estimates by NN Investment Partners, an investment bank, has revealed that the 19 largest emerging market economies saw a total net capital outflow of around £600bn ($940.2bn) over the past 13 months.

The bank, based in the Netherlands, reported the figure, which is almost double the net outflow in a nine-month period following the 2008 banking crisis.

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UK interest rates to rise "pretty soon" says outgoing BoE official

August 20 ,2015 | by Thiago Kiwi

David Miles, the outgoing member of the Bank of England's monetary policy committee (MPC), has said that a rise in UK interest rates will happen sooner rather later.

During an interview on BBC's Newsnight programme, Miles said that rates would rise "pretty soon."

 

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Experiment shows children taught by Chinese teachers outdo peers

August 20 ,2015 | by Erin O’Neill

A new experiment run as part of a BBC Two programme has found that British pupils taught by Chinese teachers performed better in maths and science exams.

The study compared the British and Chinese school systems and used the results of a series of exams designed by The Institute of Education who acted as an independent research body.

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ONS dropping costly monthly surveys will help SMEs

August 20 ,2015 | by Hari Sri

The Office for National Statistics has announced that it will change the way it comes up with its economic growth estimates.

The move is likely to cut costs for small businesses, as they are likely to have far fewer time-consuming surveys to complete.

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