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NEWS - BUSINESS & ECONOMY

NEWS - BUSINESS & ECONOMY

Industrial commodities drag global markets down

August 17 ,2015 | by Thiago Kiwi

Industrial commodities drag global markets down

Industrial commodity values have taken a hit thanks to the continued uncertainty surrounding China’s economy, and the possibility of further devaluations of the yuan.

The price of crude oil has been particularly effective, with the cost per barrel dipping to a six-year low in the US.

As a result of this, European and American stock markets have dropped slightly. The FTSE Eurofirst 300 has fallen by 0.5 per cent, and the American Standard & Poor 500 was down seven points on opening to 2084.5.

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Audit market sees surge in aggressive headhunting

August 14 ,2015 | by Thiago Kiwi

Audit market sees surge in aggressive headhunting

Recruitment tactics used by the high end accounting firms in the UK are becoming increasingly aggressive, a senior partner in one of the Big 4 recently went on record as saying.

A limited pool of talent, when it comes to experienced senior auditors, means that poaching has become the norm amongst competing companies.

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UK wage growth and employment slows

August 13 ,2015 | by Thiago Kiwi

UK wage growth and employment slows

In news that has surprised economists, the UK’s wage growth has slowed, while the levels of unemployment have risen.

The Office for National Statistics (ONS) has revealed that wage growth was at 2.4 per cent for the three months to June, compared to 3.2 per cent in the three months to May. While experts had predicted a slight levelling-off in the rate of increase, their prediction had been for 2.8 per cent.

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Expansion in low-paid work is cause of puzzling UK productivity

August 13 ,2015 | by Hari Sri

Expansion in low-paid work is cause of puzzling UK productivity

A shift in the UK economy towards sectors such as food and accommodation could be behind the current 'productivity puzzle', according to the Institute for Public Policy Research (IPPR).

An expansion in the number of lower paying jobs in unskilled and low skilled market areas could explain why UK productivity has fallen while the overall economy has been growing.

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Greek bailout deal approaches final stages

August 12 ,2015 | by Claire Payne

Greek bailout deal approaches final stages

Negotiations surrounding the latest Greek bailout deal seem to be entering their final stages as Greek ministers and EU officials began to agree on the details of the settlement.

A draft of the agreement has now been submitted to the Greek Parliament for their assent, ahead of the £2.5 billion repayment due to the European Central Bank (ECB) next week. It is hoped that the matter will proceed to a full debate and vote on Thursday. An emergency session of Parliament has been called to ensure that the deal can be voted on in time.

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China devalues in attempt to reverse economic woes

August 12 ,2015 | by Erin O’Neill

China devalues in attempt to reverse economic woes

This week, China's central bank devalued the yuan (also known as renminbi) currency by nearly 2% against the US dollar.

The world's second-largest economy has been undergoing a reversal of fortunes as of late, and the latest surprise move shows just how much the authorities want to address the financial slowdown.

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Chinese inflation rates continue to rise

August 11 ,2015 | by Hari Sri

Chinese inflation rates continue to rise

The consumer inflation rate in China rose to 1.6% in July from 1.4% in June, marking the highest level this year.

The government blamed rising food prices for the increase, which is still well below the target of about 3% that it had set previously.

However, economic analysts say the latest figures highlight a need for the world's second-largest economy to take measures to stimulate growth.

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Changing consumer behaviour hits UK supermarkets

August 11 ,2015 | by Erin O’Neill

Changing consumer behaviour hits UK supermarkets

Some of Britain’s top companies could see profits fall by more than a third, and it is all caused by the way consumer behaviour is affecting supermarkets according to a study of new figures.

The Share Centre compiled and analysed quarterly results that revealed like-for-like pre-tax profits for the FTSE 350 were down nearly 37% in the first quarter of the financial year.

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Greece and lenders prepare for talks on new bailout

August 10 ,2015 | by Claire Payne

Greece and lenders prepare for talks on new bailout

The main financial story in Europe over the last few months has been the ongoing struggle of the Greek government to find a way to manage its debts.

It has been announced that talks are underway in a bid to agree a new bailout deal that could help secure the country’s future stability. The matter is all the more pressing because Greece’s next repayment to the European Central Bank (ECB) is on August 20th, and the country does not currently have the means to pay.

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UK trade deficit improves as exports rise

August 10 ,2015 | by Claire Payne

UK trade deficit improves as exports rise

The latest figures from the Office for National Statistics show that the UK's trade gap decreased by £2.7bn in the second quarter of this year.

The news from the ONS revealed that the country's trade deficit with the rest of the world dropped to £4.8bn in spite of the strength of the pound on the international money markets.

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Low oil prices force Saudi Arabia to borrow heavily

August 10 ,2015 | by Erin O’Neill

Low oil prices force Saudi Arabia to borrow heavily

Although often seen as a country of limitless wealth, budget deficits are forcing Saudi Arabia to borrow more capital from both local and international creditors.

The situation has arisen after oil prices fell from June 2014's $107 a barrel to $50 at current levels.

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Battle ahead for businesses as Sunday trading law changes look likely

August 07 ,2015 | by Thiago Kiwi

Battle ahead for businesses as Sunday trading law changes look likely

For the past twenty years, trading laws in the UK have meant that larger stores can only open during restricted hours on Sundays for a maximum of 6 hours.

The measures were introduced to safeguard shop workers' leisure time, but now new changes look likely to change the face of weekend shopping for many Britons.

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Rolls-Royce wins multi-billion-dollar Canadian contract

August 06 ,2015 | by Erin O’Neill

Rolls-Royce wins multi-billion-dollar Canadian contract

Iconic British firm Rolls-Royce is taking a leading role in a nuclear decommissioning contract in Canada worth billions of dollars.

Now industry insiders believe the company may be set for a similar bid for lucrative business in the UK.

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British confidence in economic growth at 5 year high, shows study

August 05 ,2015 | by Hari Sri

British confidence in economic growth at 5 year high, shows study

A new poll from Ipsos Mori has revealed that British people have more confidence in the economy than at any point in the last five years.

Currently, half of the respondents said they felt positive about the state of the UK's finance. This is a dramatic rise compared to two and a half years ago, when only 13 per cent felt the same way.

Based on the 24 countries covered by the survey, it was found that 40 per cent of citizens had confidence in their nation’s economy. This means the UK is performing above the average in this area. The global average has also risen significantly since November 2012, when only 25 per cent said they were confident about their country’s finances.

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FTSE boosted by takeover deal news

July 29 ,2015 | by Claire Payne

FTSE boosted by takeover deal news

News of confirmed and potential takeover deals have boosted the FTSE 100.

Takeover deals are back at the forefront of investors' minds today (July 29th), following news that acquisitions are set to take place involving UK firms.

Hikma, the pharmaceutical group, has purchased a US drugs company for £1.7 billion, while manufacturing business acquisition specialist Melrose revealed it is to sell portfolio company Elster for £3.3 billion.

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PM Cameron looks to boost Asia trade as UK economy gains momentum

July 27 ,2015 | by Hari Sri

PM Cameron looks to boost Asia trade as UK economy gains momentum

UK prime minister David Cameron is in South-East Asia to boost trade links, helping to further boost a UK economy that is expected to have seen more growth in the second quarter of 2015.

The prime minister has embarked on a trade tour of South-East Asia as he looks to boost trade relations in the region.

David Cameron arrived in Indonesia today (July 27th) accompanied by a delegation of around 30 British business leaders as he looks to form relationships between UK companies and growing Asian markets.

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Amazon overtakes Walmart to become biggest in US retail market

July 24 ,2015 | by Thiago Kiwi

Amazon overtakes Walmart to become biggest in US retail market

Walmart lags behind Amazon in the US retail market after the online retailer posted surprising financial results for the second quarter.

An unexpected rise in profit means Amazon has overtaken Walmart to become the largest retailer by market capitalisation in the US.

Shares in the online retailer jumped in aftermarket trading on Wall Street yesterday (July 23rd) after it posted quarterly results that surpassed analysts' expectations.

Revenue for the second quarter rose 20 per cent year-on-year to $23.2 billion (£14.9 billion) - exceeding the $22.4 billion average forecast that has been predicted by analysts, the Financial Times reports.

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UK wages register biggest rise in five years, shows ONS report

July 15 ,2015 | by Hari Sri

UK wages register biggest rise in five years, shows ONS report

Salaries in Britain have grown at the highest levels in five years, a report issued by the Office for National Statistics has revealed.

UK wage growth has hit a high not seen for five years, according to new figures released for the three months to May 2015 from the Office for National Statistics (ONS).

Average weekly earnings were up 3.2 per cent during the period, slightly below the 3.3 per cent that had been predicted in a poll of economists conducted by Reuters.

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No Grexit as agreement reached over Greece debt crisis

July 13 ,2015 | by Hari Sri

No Grexit as agreement reached over Greece debt crisis

Greece will stay in the EU after a bailout agreement was reached following talks that ran through the night.

Greece is to be offered a new bailout deal following extensive talks between Eurozone leaders and Greek ministers.

Discussions went on through the night in Brussels as both parties looked to resolve the deepening financial crisis in Greece, before a revised deal was announced this morning (13 July).

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New national living wage tops Osborne's Budget announcement

July 08 ,2015 | by Thiago Kiwi

New national living wage tops Osborne's Budget announcement

UK chancellor George Osborne has announced a new national living wage and outlined £17 billion in cuts in this year's Budget.

A new national living wage and further spending cuts over the next five years are two of the key points announced in today's Budget 2015.

Chancellor George Osborne has announced a host of changes in what is the first Budget from a majority Conservative government in nearly two decades.

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What to expect from Osborne's emergency budget this week

July 07 ,2015 | by Thiago Kiwi

What to expect from Osborne's emergency budget this week

All eyes will be on British chancellor George Osborne this week as he unveils the first Budget of the new Conservative administration.

Although this will be Mr Osborne's seventh Budget as chancellor since succeeding Alistair Darling in 2010, it will be the first delivered under a Conservative majority government, with the departure of former coalition partners the Liberal Democrats expected to have an impact on the strategic direction of government policy.

The announcement on Wednesday (8 July) will therefore be seen as a barometer of what to expect from David Cameron's new administration, with the Budget proposals widely expected to be led by a fresh raft of cuts to public spending.

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Greek referendum: global markets feel impact as Greece rejects austerity

July 06 ,2015 | by Hari Sri

Greek referendum: global markets feel impact as Greece rejects austerity

Global markets are readjusting following after the Greek referendum on the terms of its proposed bailout led to a resounding rejection of further austerity measures in the country.

The nation went to the polls yesterday (5 July) in a referendum called by the leftist Syriza government to decide whether or not to accept austerity proposals from the country's creditors - including the European Central Bank (ECB) and the International Monetary Fund (IMF) - that had been set out as preconditions for any further bailouts for the debt-stricken nation.

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GDP growth and consumer confidence boost UK economy

June 30 ,2015 | by Hari Sri

GDP growth and consumer confidence boost UK economy

Better-than-expected GDP figures and a 15-year high in consumer confidence have both boosted the UK economy.

There has been a double boost for the UK economy yesterday (June 30th), with statistics revealing not only that growth has been stronger than expected this year, but that consumer confidence has jumped.

The Office for National Statistics says that gross domestic product (GDP) expanded by 0.4 per cent in the first quarter of 2015, greater than the 0.3 per cent it initially estimated.

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FTSE falls as markets react to Greece turmoil

June 29 ,2015 | by Thiago Kiwi

FTSE falls as markets react to Greece turmoil

Greece now looks likely to default on loans and could exit the euro as banks close and prime minister Alexis Tsipras calls a referendum.

Shares have fallen around Europe today (29 June) as markets react to the ongoing financial crisis in Greece, where banks are expected to remain closed all week.

The FTSE 100 ended the day down nearly two per cent, as banking and travel stocks reacted negatively to Greece inching closer to leaving the euro.

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UK government called on to offer more support for exports

June 24 ,2015 | by Thiago Kiwi

UK government called on to offer more support for exports

Cole Commission report urges UK government to further support and fund small exporters to help reach £1 trillion goal.

The UK’s government has been called upon to improve British exports by a new report, which suggests cabinet-led action to make it easier to support businesses. Commissioned by the last Labour opposition, the study said that improving UK exports was a “huge task” that should not be underestimated.

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