Medium-sized businesses outperforming FTSE 100 firms in the profits game – BDO October 26, 2015 Profits at medium-sized businesses are outperforming FTSE 100 constituents, according to new research published today. According to accountancy firm BDO, firms with revenue between £10m to £300m have recorded profits up an average of 110 per cent compared to FTSE 100 shrinkage of three per cent. Turnover growth at mid-sized companies has also been strong, up [...]
Free market think tank the Adam Smith Institute calls for controversial welfare overhaul October 26, 2015 The government should replace all major welfare payments with “negative income tax”, an eyebrow-raising report from free market campaign group the Adam Smith Institute (ASI) has suggested. The call to ditch tax credits, jobseeker’s allowance, and the universal credit system for a new system comes as the government has taken fire for changes to tax [...]
Professional and financial recruiting up eight per cent in 2015 as salaries jump too – APSCo October 26, 2015 Good news for job hunters: professional and financial recruiting is up eight per cent this year, with average salaries increasing by 4.6 per cent since 2014. The number of finance and accounting roles has risen 17 per cent from last year, according to data from the Association of Professional Staffing Companies (APSCo). This is in [...]
New mortgage rules to affect dual currency earners – Investec Comment October 25, 2015 Coming into force in March next year is the EU Mortgage Credit Directive, and it is likely to have a significant impact on many who work in the City. It has a variety of implications, including for buy-to-let mortgages, but least well-understood is how it will affect the provision of mortgages for people who [...]
Volkswagen emissions scandal: German transport minister to meet US senior officials today to discuss VW October 25, 2015 Germany’s transport minister is in the US today to meet senior officials as Berlin seeks to put a lid on the Volkswagen emissions scandal. Alexander Dobrindt will discuss US regulators’ plans to increase scrutiny on automotive pollution with transportation secretary Anthony Foxx and officials from the Environmental Protection Agency. VW, the largest employer in Germany, could [...]
Low oil prices mean Saudi Arabia could run out of money in five years October 25, 2015 Saudi Arabia could run out of cash in the next five years if oil prices stay as low as $50 a barrel. The painful effects of the tumbling oil price are starting to be felt in one of the world’s major oil producers, which is also the leader of Opec, Saudi Arabia, along with Oman and [...]
London office rents make record recovery since the crash October 25, 2015 The City office market is in record health, according to research from Knight Frank that shows rents have made a speedier recovery since the 2007 crisis than following previous financial downturns. In its latest report, the upmarket estate agent has tracked how rents in the Square Mile have fared since their pre-crisis peak in the fourth [...]
Guy Hands stands firm as Terra Firma braces for Four Seasons battle with creditors October 25, 2015 Guy Hands’ Terra Firma remains defiant in the face of reports that creditors and hedge funds are circling beleaguered care-home provider Four Seasons. Four Seasons Healthcare, Britain’s largest care-home operator, with more than 20,000 elderly residents was Terra Firma’s largest investment since its purchase of EMI, but it is struggling with interest payments of more than [...]
Analysts expect RBS to announce more growth in capital buffers this week October 25, 2015 Royal Bank of Scotland (RBS) is expected to announce further growth in its core capital buffers later this week, fuelling speculation over when the bank will pay its first dividend since the financial crisis. Analysts at Bernstein Research expect RBS to announce on Friday that its core capital buffers grew to 12.6 per cent in [...]
Challenger bank Virgin Money replaces KPMG with PwC as auditors for 2016 October 25, 2015 Virgin Money announced on Friday that it is appointing PwC as auditor, provided shareholders approve of the move at the 2016 annual meeting. The appointment of PwC will replace the Virgin Money’s current auditors, KPMG, who have audited the bank since 2004. In Virgin Money’s notification of change of auditors, Norman McLuskie, chairman of Virgin [...]