More proof the Help to Buy Isa is pointless for first-time buyers in London? December 7, 2015 The Help to Buy Isa is the government's latest wizard wheeze to help first-time buyers onto the property ladder: under the scheme, they receive a £50 government "bonus" for every £200 they spend. But the launch of the scheme, at the beginning of this month, hasn't gone down quite as well as you might expect. [...]
Toshiba could face record-breaking fine of 7.37bn yen (£40m) following false statements about its profits December 7, 2015 Japanese technology giant Toshiba could be slapped with a fine of 7.37bn yen (£40m) for false statements about its profits. The Securities and Exchange Surveillance Commission (SESC) today made a recommendation for the fine to the Financial Services Agency (FSA). The accounting scandal first came to light in April when questions were raised around the [...]
Fitch: Emerging market weakness won’t create a global recession December 7, 2015 The world will avoid a global recession next year, despite weakness in emerging markets, a leading credit ratings agency has said – while the Federal Reserve will hike rates four times next year In fact, its forecast for next year paints a cautiously optimistic view of the world. Here's how it sees the world in [...]
Derwent London sells Hoxton Hotel development on South Bank to Ennismore for £34m December 7, 2015 Derwent London has sold a development site on London’s South Bank to Hoxton Hotel owner Ennismore for £33.5m, as the company prepares to build a third branch of its East End venue. The FTSE 250 developer and Ennismore teamed up to gain planning consent this summer to convert Wedge House at 40 Blackfriars Road into [...]
German industrial production fails to stage a convincing rebound in October December 7, 2015 German industry struggled to rebound from two months of decline in October, according to official figures released today. German industrial production, which makes up nearly a third of the German economy, rose 0.2 per cent compared with September, data from Destatis shows. However, it declined sharply over the last two months and has failed to [...]
Cadbury owner Mondelez and the incredible shrinking corporation tax December 7, 2015 Cadbury owner Mondelez has come under fire over arrangements which enable it to pay no corporation tax in the UK. The legal but controversial scheme allows the company to report losses in the UK, despite millions of pounds of revenue and global profits of billions. Under a "quoted Eurobond exemption" rule, the company makes interest [...]
Bank of England: Poorly designed banker bonus clawbacks can actually encourage risk-taking December 7, 2015 Poorly designed banker bonus clawbacks can actually encourage risk-taking and short-termism, according to a new blog post by the Bank of England. It argues that bonuses linked to financial performance rather than risk management can encourage excessive risk-taking, as execs expect to suffer large losses when their firm performs poorly, meaning they’re more likely to [...]
Serco forecasts trading ahead of expectations for 2015 – but 2016 forecast pushes share price lower December 7, 2015 Is the iceberg-bound supertanker that is outsourcing giant Serco finally turning around? The company said this morning it expects 2015 trading "ahead of previous guidance". But investors weren't impressed: shares fell 8.6 per cent to 104.4p in early trading. Perhaps that was to do with expectations of a "further decline" in both revenues and trading [...]
FTSE 100 index opens higher on Associated British Foods, EasyJet and pharmaceuticals December 7, 2015 The FTSE 100 index opened up this morning, boosted by gains from EasyJet and Berkeley Group. The index was 0.53 per cent up at 6,271 points when the market opened. Primark owner Associated British Foods was 1.31 per cent higher at 3,530.5p per share, while Berkeley Group was 1.22 per cent up at 3,643p per share. Read more: RBS [...]
Electrolux share price tumbles on $3.3bn General Electric appliances merger cancellation December 7, 2015 Shares in Swedish appliance manufacturer Electrolux tumbled 14 per cent this morning, after it emerged the company won't buy General Electric's appliance business – thanks to interference from the US Department of Justice (DoJ). In a sheepish update this morning, the company said it had been notified by GE that it had terminated the $3.3bn takeover agreement, [...]