LSBF Blog - Global Matters

Zero-hours contracts on the rise in the UK

September 04 ,2015 | by Helen Gould

Zero-hours contracts on the rise in the UK

According to new data from the Office for National Statistics (ONS), the number of workers in the UK who are on so called zero-hours contracts has gone up.

In the April to June period this year, 744,000 people were employed under the terms, which means that a 2.4% of the total number of people in work were affected. The number represents an increase of 0.4% on the same period from 2014.

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£6.6bn added to UK coffers by non-doms in 12 months

September 04 ,2015 | by Thiago Kiwi

£6.6bn added to UK coffers by non-doms in 12 months

Although the issue of tax evasion by non-domiciled persons was a feature of the last election in the UK, the amount of tax revenue collected from them actually rose by 7%, according to city-based law firm Pinsent Masons.

In the firm's report, 2013/14 saw non-doms contribute £6.6bn in tax, an increase from £6.18bn on the previous year.

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IMF chief warns of slower growth after China shockwaves

September 04 ,2015 | by Hari Sri

IMF chief warns of slower growth after China shockwaves

The head of the International Monetary Fund Christine Lagarde thinks that the shockwaves from China's economic problems will cause other countries in the region to lose momentum.

The International Monetary Fund (IMF) boss warned that global growth will be weaker than forecasts have predicted as China’s manufacturing shrinks at its fastest rate since 2012. 

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UK economy expected to have strong autumn, reveals report

September 03 ,2015 | by Claire Payne

UK economy expected to have strong autumn, reveals report

The UK economy is set to perform well over the coming autumn, according to a new report from the Confederation of British Industry.

A strong end to the year will come after the economy picked up over the spring and summer, with growth having increased from 0.4% in the first quarter to 0.7% in the second.

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Spending limit for UK contactless payments goes up to £30

September 03 ,2015 | by Thiago Kiwi

Spending limit for UK contactless payments goes up to £30

Consumers in the UK can now make transactions of up to £30 by using contactless payment methods.

Replacing the previous limit of £20, card providers expect the change to see a sharp increase in the number of purchases using the system.

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Virgin Money’s chief financial officer to leave company

September 02 ,2015 | by Thiago Kiwi

Virgin Money’s chief financial officer to leave company

After only two years in the job, Virgin Money's Chief Financial Officer Lee Rochford is leaving the company.

Rochford, who joined Virgin Money in October 2013, will serve out his notice period, although he is effectively standing down as CFO and executive director with immediate effect.

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August registers worst month for US stock markets in three years

September 02 ,2015 | by Hari Sri

August registers worst month for US stock markets in three years

China’s economy is not the only thing that is worrying Stateside investors, as a potential US rate rise is also looming.

The result has been the worst August in three years for US stock markets, with the Dow off 114 points, S&P 500 down 16 and Nasdaq falling 52 all in the same day.

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Hay fever damages exam results, shows research

September 02 ,2015 | by Erin O’Neill

Hay fever damages exam results, shows research

Researchers at the Norwegian University of Science and Technology have announced the results of a study that suggests hay fever can negatively affect exam performance.

According to the new research, school pupils who suffer from the condition, which is a common allergy reaction that mainly occurs around exam time months, do worse in their exams and may be less likely to attend a top university.

 

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

September 01 ,2015 | by Hari Sri

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

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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Eurozone inflation figure remains steady at 0.2 per cent

September 01 ,2015 | by Claire Payne

Eurozone inflation figure remains steady at 0.2 per cent

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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Maersk Oil's North Sea gas field gets go ahead

September 01 ,2015 | by Hari Sri

Maersk Oil's North Sea gas field gets go ahead

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

August 31 ,2015 | by Thiago Kiwi

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

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

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

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

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

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

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

High-performing female employees mentored by telecom giant

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

China's rate cut fails to stop share slump

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

New research finds British female bosses work two hours unpaid daily

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

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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Deloitte profits from 10.5% rise in consulting revenues

August 26 ,2015 | by Claire Payne

Deloitte profits from 10.5% rise in consulting revenues

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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Oil price fall hits Russian rouble

August 26 ,2015 | by Hari Sri

Oil price fall hits Russian rouble

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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New ONS figures reveal how much UK workers are worth

August 26 ,2015 | by Thiago Kiwi

New ONS figures reveal how much UK workers are worth

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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UK GDP forecast to grow by 2.6%

August 25 ,2015 | by Thiago Kiwi

UK GDP forecast to grow by 2.6%

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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Chinese economic woes hit global shares

August 25 ,2015 | by Hari Sri

Chinese economic woes hit global shares

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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British film industry gets more tax breaks from EU

August 25 ,2015 | by Erin O’Neill

British film industry gets more tax breaks from EU

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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