What George Osborne needs to do to get Britain’s productivity engine started again August 11, 2015 Productivity is the engine of economic growth. For a quarter of a century prior to the financial crash, Britain’s productivity engine ran smoothly as output per worker increased at an average rate of more than two per cent a year. But in 2008 the engine stalled. In the last seven years there has been no [...]
Ladbrokes reports a 44 per cent slide in pre-tax profits due to regulation and lower win margin August 11, 2015 Looks like Labrokes' winning streak is over, after profits tumbled 44 per cent over regulatory changes and a lower gross win margin. The figures Pre-tax profits at Ladbrokes fell 44 per cent to £24.7m in the six months to June, from £44m in the first half of 2014. Earnings per share were dropped 44.2 per cent to 2.4p [...]
Chinese central bank devalues renminbi following weak data August 11, 2015 The People’s Bank of China (PBoC) has allowed the renminbi to depreciate nearly two per cent against the US dollar, cutting the currency to its lowest value in three years, following disappointing trade and inflation data. Read more: China’s unravelling: Will it devalue the yuan next? Every morning at 9:15am local time, the Chinese central bank [...]
Greek debt crisis: Greek bank stocks rise as bailout talks progress August 10, 2015 Greek bank stocks have risen as the country comes closer to agreeing a third bailout worth €86bn (£60.8bn) with international creditors. Banks have risen to the top of the Athex Composite Index, with Piraeus Bank trading up 6.94 per cent, Alpha Bank rising 4.1 per cent, Eurobank climbing 1.79 per cent and the National Bank [...]
Think tank Institute for Public Policy Research says government needs to support low-skill sectors to solve the productivity puzzle August 10, 2015 As concerns over UK productivity linger on, think tank the Institute for Public Policy Research (IPPR) has suggested one way to solve the so-called "productivity puzzle" is for the government to focus on low-skill sectors such as retail and service. The IPPR’s chief economist Tony Dolphin said despite the government targeting support at highly skilled [...]
Chancellor George Osborne faces backbench revolt over cuts to tax credits August 10, 2015 The government is set to face its first Conservative backbench revolt over the Budget, after MPs voiced concerns about plans to reduce tax credits by up to £1,000 a year. The Times reported the chancellor will face “real anger and frustration” around the changes, which mean 3m families will lose on average £1,000 a year, [...]
Immigration minister James Brokenshire pledges to crackdown on “rogue employers” August 10, 2015 Ministers are to ramp up their actions against illegal immigration by targeting “rogue employers” who give illegal migrants jobs. The government is going to focus on employers in three sectors of the economy: construction, care and cleaning, immigration minister James Brokenshire told The Times. Suspected employers will be raided by enforcement teams as the government attempts [...]
Zynga increases revenue despite losing more gamers August 6, 2015 Zynga's revenue rose in the second quarter of 2015 as net losses narrowed despite a fall in users. The figures The gaming company’s net loss narrowed to $26.9m, or $0.03 per share, 57 per cent down from a year earlier when it stood at $62.5m. This also improves upon the $0.07 loss per share a [...]
Head of the Serious Fraud Office David Green says agency’s future is uncertain despite conviction of Tom Hayes August 6, 2015 The director of the Serious Fraud Office, David Green, has said the future of the agency is uncertain, despite recent success. In an interview with the Guardian, Green said that despite the recent conviction of Tom Hayes over Libor rigging, the agency's future is shrouded in doubt due to setbacks in certain investigations. A jury [...]
Russia enforces ban on Western foods by steamrolling nine tonnes of cheese August 6, 2015 The Russian government has upheld its commitment to its one-year-old ban on Western food by steamrolling tonnes of contraband cheese and destroying fruit with tractors. The government steamrolled nine metric tonnes of contraband cheese and destroyed 60 metric tonnes of peaches and tomatoes, Associated Press reported. The move has been met with protest, according to [...]
