Oil price could drop to $20 a barrel, Goldman Sachs warns September 11, 2015 Oil prices could fall as low as $20 a barrel as weak fundamentals and wider concerns about the global economy push prices down even further, Goldman Sachs has warned. In a note sent out this morning, the analysts highlighted that the price of West Texas Intermediate (WTI) crude oil had fallen to its previously-forecast [...]
Next share price: Sales rise but clothing retailer warns of national living wage costs September 11, 2015 Next warned yesterday the government’s so-called national living wage – a pay rise for over-25’s currently on the minimum wage – will cost the firm £27m each year as it revealed its half-year results. The clothing chain said next year’s hike will cost the business just £2m but thereafter the increases will be much [...]
Passenger numbers take off as Heathrow airport clocked up its busiest ever August September 11, 2015 Heathrow airport clocked up its busiest ever August, with 7.33m passengers passing through its gates, up four per cent on the same month in 2014. The airport said 2 August was its busiest day on record, where it helped to process more than 257,000 travellers. The trend towards larger aircraft and airlines, fighting on price [...]
Morrisons share price fall drags FTSE 100 index down after closure statement – London Report September 11, 2015 London’s leading shares fell yesterday, with supermarket Morrisons among the biggest fallers. At the end of the day, the benchmark FTSE 100 index was down by 1.18 per cent, or 73.2 points, at 6,155.81. Morrisons shares fell 2.8 per cent after the supermarket said it was closing M Local stores amid falling sales and profits. [...]
Andrew Tyrie attacks George Osborne’s bank tax surcharge as challenger bosses meet with Treasury officials September 11, 2015 Pressure is mounting on chancellor George Osborne to reconsider his new bank tax, as bosses from challenger banks meet today with Treasury officials to voice their concerns. The new tax, set to go into effect next year, will take an additional eight per cent of banks’ profits each year for the government, on top [...]
Apple and Shell’s Eurozone bond bonanza: Corporate giants set to cash in on cheaper rates and a lower euro September 11, 2015 Two mammoths of the corporate world, Apple and Shell, stepped on to a crowded bandwagon yesterday when they decided to tap the Eurozone’s bond market to raise billions of euros. More than €53bn (£39bn) have been raised using bonds – interest-paying IOUs – by US companies so far this year, according to figures from [...]
Ikea enjoys record year fuelled by Chinese and Russian shoppers September 10, 2015 Furniture giant Ikea reported another record year yesterday after enjoying strong demand for its flat-pack furniture across all markets. The Swedish company reported an 11 per cent increase in full-year sales to a record €31.9bn (£23.2bn) compared with the previous year. Sales at stores open more than a year grew by 5.1 per cent in [...]
European Central Bank chief economist Peter Praet says low interest rates reflect “economic malaise” September 10, 2015 The European Central Bank's (ECB) chief economist Peter Praet has that low interest rates are due to "economic malaise" in the euro area and across world. He said the central bank's hand was forced by uncomfortably low inflation across the single currency bloc, as well as persistent weakness in the economy. "Low interest rates are ultimately [...]
Eurozone inflation beats expectations rising 0.3 per cent in May September 10, 2015 Eurozone prices rose for the first time in six months in May – ending a series of disappointing readings which had suggested the euro area risked falling into a damaging deflationary spiral. A flash estimate by the bloc's official statistics agency said euro area inflation was 0.3 per cent in May, beating analysts' estimates, and up from [...]
Interest rates: Bank of England’s monetary policy committee urges caution on China as it votes 8-1 to hold interest rates in September September 10, 2015 Economic turbulence in China and developing markets prompted a “wait and see” approach among the UK’s nine-strong committee of rate-setters, according to minutes of their three-day meeting released today. The monetary policy committee (MPC) said it was too early to judge what impact a slowdown in China and emerging markets might have on the [...]