German utility E.on books record loss as it writes down power plants November 11, 2015 The figures E.on reported a net loss of €7.25bn (£5.12bn) in the three months to September 30, the biggest in its 15-year history, when the company was created from the merger of Veba and Viag in 2000. The Germany headquartered company's results were sunk by a €8.3bn writedown on the value of its power plants and oil and [...]
Six things we were not expecting to learn from today’s ONS labour market figures November 11, 2015 The Office for National Statistics (ONS) today revealed its latest Labour Market Statistics, showing that employment is on the up, with 31.21m people in work for July to September. So far, so good. But we’ve dug a little deeper into the statistics to discover six things we weren’t expecting to learn from this morning’s announcement: [...]
First-time buyers fuel rise in mortgage lending in September November 11, 2015 Mortgage lending rose year-on-year in September, new data shows, driven by a jump in first time buyers taking out new loans. The month saw 28,600 first-time buyers take out mortgages, according to the Council of Mortgage Lenders (CML), which was up four per cent on the previous month and by 8.7 per cent year-on-year. By value, [...]
Bitcoin has no future, says UBS chairman Axel Weber at Bank of England’s Open Forum November 11, 2015 The chairman of investment bank UBS, Axel Weber, has played down the potential of crypto-currencies such as Bitcoin. During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”. During a [...]
Italian bank UniCredit to cut 18,200 jobs November 11, 2015 Italian bank UniCredit is planning to cut 18,200 jobs by 2018 in an acceleration of cost cutting measures. The bank today unveiled a strategic plan to become more efficient and profitable, planning to slash thousands of jobs as well as focus on "the new digital agenda, underpinned by €1.2bn in investments over 2016-18", in order to accelerate [...]
Tinder wants to make it easier for you to get a match November 11, 2015 Here’s something worth swiping right over: wildly popular dating app Tinder has released an update making it easier for you to match with potential partners. The soon to IPO app that’s boiled down the art of getting a date to a simple swipe left or right has enhanced its matching algorithm, with the official goal [...]
European Central Bank chief Mario Draghi hammers home need for closer Eurozone financial integration at the Bank of England’s Open Forum November 11, 2015 Mario Draghi has used his speech at the Bank of England's Open Forum to underscore the need for the Eurozone to fully push on with its banking and capital market union. He argues: First, as the vast majority of money is issued by private banks – bank deposits – there can only be a single currency if [...]
SSE pre-tax profits jumps but outlook “challenging” amid UK energy policy and low commodity prices November 11, 2015 The figures: SSE's adjusted profit before tax rose by 48.2 per cent to £548.8m for the six months ending 30 September. The UK's second-biggest energy supplier's total operating profit jumped 32.5 per cent to £701.9m from £529.8m during the same period a year earlier. The increase was driven by its wholesale business segment, where operating profit rose almost six-fold to [...]
GoCompare owner Esure’s performance edges upwards in third quarter of 2015 but share prices take a dip November 11, 2015 Gross written premiums have edged up slightly for insurer Esure Group for its third quarter of 2015, standing at £155m, compared to £149.6m for the same quarter last year. The company, whose brands include Sheilas' Wheels, also reported positive year-to-date figures, with gross written premiums for the last nine months of £430.5m, compared to £410m [...]
Bosch-Dyson vacuum wars: European Court of Justice dismisses Dyson’s action over energy label regulations November 11, 2015 Are Europe’s vacuum wars over before they really got started? The European Court of Justice (ECJ) has dismissed legal action from Dyson hoping to change European energy label regulations. The ruling comes shortly after the British vacuum maker lashed out at rival Bosch, claiming it had cheated “like VW” in energy efficiency tests. Dyson had [...]