FTSE 100 market report: Budget goodies lift oil majors March 18, 2015 Britain's blue-chip index was 0.1 per cent higher this lunchtime as investors digested the chancellor's budget. Chancellor George Osborne unveiled £1.3bn additional support for the struggling north sea oil and gas industry. He said the Office for Budget Responsibility predicts this will boost production by around 15 per cent. Crumbling oil prices have made a [...]
Brent oil falls below $53 on oversupply concerns March 18, 2015 Oil prices have been on a slippery slope since a brief rally at the start of this year, and it just got even greasier, after industry data out of the US fuelled oversupply concerns. Brent crude, which is the international benchmark, was trading down 0.9 per cent at $53 dollars per barrel today. Western Texas Intermediate, [...]
Uber’s chief executive is among 30 charged with operating illegal taxi ring in South Korea March 18, 2015 Uber has come under fire for operating an “illegal taxi ring” in South Korea. According to Yonhap News Agency, Seoul District Police have charged 30 people associated with the company, including chief executive Travis Kalanick. Others range from Uber Korea's brand manager to the heads of car rental companies and a number of drivers. [...]
Budget 2015 interactive: How much does each government department spend? March 18, 2015 The 2015 Budget is upon us, with the government looking to make a big statement ahead of the next election. But where does the money go? Public sector spending is complex web of departments and expenditure. Using this graphic you can explore government spending by department (for the financial year 2013-2014) and see exactly where [...]
Bank of England minutes: Strong pound risks exacerbating deflation March 18, 2015 Bank of England policymakers think the strong pound could exacerbate the current period of low inflation. Minutes released today showed the monetary policy committee believes divergent monetary policy trends, and a strengthening economy, could cause the pound to appreciate further. "This has the potential to prolong the period for which consumer price inflation would remain [...]
House prices near Crossrail stations have risen as much as 82 per cent since it was announced March 18, 2015 House prices within a 10 minute walk of Bond Street station have risen 82 per cent since Crossrail was first announced in 2008, a report published this morning suggested – almost twice the 43 per cent rise experienced in the wider area. Bond Street isn't the only over-performing Crossrail site, though: according to Knight Frank's [...]
“No giveaways, no gimmicks”: Here comes George Osborne’s Budget 2015 March 18, 2015 George Osborne is set to outline a range of measures designed to reinforce his party's austerity message, while enticing as many voters as possible for May's election. The chancellor has promised "no giveaways, no gimmicks' in his final Budget of this parliament. So far, the government has hinted at Easter eggs for pensioners, in the [...]
Barclays halves bonus payouts for top executives March 17, 2015 Barclays has slashed the payouts to its top bosses by half, yesterday revealing that the group of executives at the head of the bank received £16.5m in shares for deferred bonuses and new awards. That is a dramatic fall from £31.8m a year earlier, reflecting both the increased crackdown on payouts, and a shift away [...]
Made in Shoreditch: The UK’s inflation basket gets a revamp March 17, 2015 The government’s economic statisticians have fallen for the influence of the kind of people who frequent the trendy parts of Shoreditch. Craft beers, e-cigarettes and Spotify have all been added to the basket of goods used by the Office for National Statistics (ONS) to calculate inflation. “Off-sales of ‘craft’ beer have been introduced as these [...]
HSBC to close Jersey accounts in crackdown on tax avoidance March 17, 2015 HSBC has begun contacting thousands of holders of Jersey accounts who live in the UK in a bid to avoid accusations that it is helping to shelter money from tax authorities. Britain’s biggest bank has written to customers with such accounts to ask them to take proof of identity to a branch on the island, [...]