National Living Wage: More than half of employers to feel rising wages’ impact, causing a third to vow to improve productivity levels November 18, 2015 More than half (54 per cent) of employers predict the introduction of National Living Wage will affect their staffing bill, according to research released today by the Chartered Institute of Personnel and Development (CIPD) and think tank the Resolution Foundation. In the survey of 1,037 employers, nearly one in five (18 per cent) said the [...]
UK businesses are cashing in on the 2016 Olympic Games in Rio de Janeiro with £100m in contracts November 18, 2015 UK companies are set to cash in on the next Olympic Games held in Rio de Janeiro next year. Some 25 British businesses have already benefitted from contracts worth more than £100m for the 2016 Olympics in Brazil, and will be “working closely” with Brazilian companies, according to UK trade and Investment. Government figures suggest the London [...]
2030: A British space odyssey November 18, 2015 THE VALUE of the British space industry has the potential to rocket to £40bn in 15 years, creating 100,000 new jobs in the process, but the government risks holding the sector back with restrictive regulations and insufficient investment, a report out today has warned. The UK's booming space sector is currently growing by around nine [...]
Barclays faces new £66m forex fine November 17, 2015 Barclays is facing another $100m forex fine, according to reports in the Financial Times, as analysts suggest more litigation costs are yet to come. Sources have told the FT that Barclays is set to have to pay at least $100m in a penalty imposed by the New York Department of Financial Services for the forex [...]
Ofcom: BT charging £1.7m EE bill to Openreach “inappropriate” November 17, 2015 BT has been slammed by Ofcom for trying to let its Openreach division foot part of the bill for its acquisition of rival EE, as the deadline draws near for the telco watchdog’s probe into the UK broadband market. Openreach, which controls the country’s broadband network, has been charged £1.7m for BT’s takeover of EE, [...]
Payroll mishaps cost FTSE 100 companies up to £30m a year November 17, 2015 Payroll slip-ups are costing the average FTSE 100 company between £10m and £30m a year. According to a PwC study of 193 global organisations, which was released today, the increasingly international nature of today’s workforces in particular is creating issues for payroll, as individuals’ statuses need to be tracked across a variety of different tax regimes. [...]
MEPs quizzed 11 multinational companies, including Facebook and Google, on their corporate tax dealings yesterday November 17, 2015 Members of European Parliament (MEPs) gave 11 multinational companies, including Google and Facebook, a five-hour grilling over their corporate tax practices late on Monday. In particular, the Special Committee on Tax Rulings questioned the companies about their transfer pricing arrangements, which affect the prices companies transact at within a group, and their feelings towards the [...]
Chinese economy stopped decelerating this month, World Economics business survey shows November 17, 2015 China’s economy is stabilising, according to business survey figures published today, with the manufacturing and services maintaining their growth rates in November after months of deceleration. World Economics’ sales managers’ index posted a score of 51.6, the same score as in October. Any score above 50 signifies expansion, with higher scores marking faster growth. “The [...]
Rich getting poorer? Private jet industry forecast to slide in 2016 November 17, 2015 Sales of private business jets are anticipated to slow down next year as weakening economies and political conflicts have reduced demand, according to an industry forecast. Honeywell International have found that slow economic growth has taken hold across many global markets, and the "business aviation industry is not immune to its impact". Read more: Airbus [...]
Greece and Eurogroup strike deal on €12bn slice of bailout cash November 17, 2015 Greece has struck a deal with its creditors to unlock €12bn (£8.4bn) to the country, its finance minister announced today. “We have reached agreement on everything, including the 48 additional measures,” finance minister Euclid Tsakalotos told reporters. The funds are expected to paid out on Friday. Jeroen Dijsselbloem, president of the group of Eurozone finance [...]