IMF U-turns on Brexit warning as UK poised to be fastest growing G7 economy this year October 4, 2016 The International Monetary Fund said today that it expects the UK to be the fastest growing G7 economy this year, backtracking on its post-Brexit recession warning. It comes despite an earlier prediction from the Washington-based fund that a Leave vote would plunge Britain into recession and crash its stock market. The IMF now predicts Britain's gross domestic product will [...]
First Utility shakes up board as it kicks back IPO plans October 4, 2016 The UK's biggest energy challenger First Utility is reportedly shaking up its board as it delays plans to go public. It comes after a disappointing outcome of a competition investigation into the Big Six energy suppliers. First Utility will announce tomorrow that current chairman, Dr John Roberts, is to step down and be replaced by Thomas Chambers, [...]
Business travelers fork out more to stay near the City, study shows October 4, 2016 Business travelers were still prepared to pay more to stay near Canary Wharf and the Square Mile despite increased uncertainty ahead of the EU referendum. A bi-annual report by HRG — the global travel company — showed that average room rates for business travelers leapt in the Docklands and the City by 6.9 per cent [...]
Oil prices settle above $51 as Opec deal optimism abounds October 4, 2016 Oil prices hit a four-month high today as investors felt increasingly optimistic about the ability of Opec to agree its first production cut in eight years. Brent crude, the global benchmark, rose 0.45 per cent to $51.12 per barrel in late afternoon trading. West Texas Intermediate crude swelled 0.08 per cent to $48.85. Investor sentiment has [...]
Augmented reality startup’s Ambarish Mitra crowned UK entrepreneur of the year by EY October 4, 2016 The boss of London augmented reality startup Blippar was crowned "EY entrepreneur of the year UK 2016 overall winner" at an award ceremony last night. Blippar, best-known for creating jazzy, interactive magazine covers for titles such as ShortList and the Radio Times, is an app which lets users scan objects they are interested in to learn more about them. Read more: London augmented [...]
The big chop: European banks slash over 20,000 jobs October 4, 2016 European banks are set to slash more than 20,000 jobs as tougher capital requirements and negative interest rates bite into the sector’s profitability, putting fresh pressure on many lenders to cut costs further. Dutch lender ING Group said yesterday that it would get rid of 7,000 positions over five years as it focuses on internet and mobile banking and [...]
Oil briefly rises above $51 per barrel, buoyed by Opec optimism October 3, 2016 Oil briefly rose above $51 per barrel today as investors weighed optimism over oil cartel Opec’s ability to agree on a production cut against the stubborn oversupply. The group is meeting next month in Vienna after signalling at a summit last week in Algeria that they could reach their first output agreement in eight years. Brent crude, the [...]
Bass Pro Shops to snap up Cabela’s in a deal worth $5.5bn October 3, 2016 US fishing and hunting equipment chain Cabela's has agreed to sell itself to another outdoor industry firm Bass Pro Shops in a deal valued at $5.5bn (£4.28bn). Bass Pro Shops' offer of $65.50 per share represents a 19.2 per cent premium to Cabela's close on Friday. This news helped shares in Cabela's hit their highest level in more than [...]
EU restarts anti-competition investigation into the Dow Chemical-DuPont merger October 3, 2016 EU competition regulators restarted their investigation into the $130bn (£101bn) merger of US chemicals giant Dow Chemical and DuPoint after the companies provided key data. The EU Commission added it will now decide whether to approval the mega-deal by 6 February, however this deadline could be pushed back again. Commission spokesman, Ricardo Cardoso, confirmed in an email to Reuters that the [...]
