HSBC annual pre-tax profit plunged by 62 per cent for 2016, falling way below what analysts had forecast. The British bank reported pre-tax profits of $7.1 billion (£5.7 billion) for 2016, down from $18.9 billion (£15.2 billion) reported a year earlier. According to data gathered by Thomson Reuters, the average analyst estimate of pre-tax profits […]
US tech giant Amazon plans on creating over 5,000 new jobs in the UK this year, boosting its total UK workforce to 24,000 by the end of 2017. The new jobs will be split across its new head office in London (opening later this year), three new fulfilment centres in Tilbury, Doncaster and Daventry, and […]
SME optimism about the future is high according to a new global survey from American Express. A survey of a representative sample of senior executives and decision makers in over 3,200 SMEs in 15 countries – including 300 in the United Kingdom – finds them confident about the future performance of their businesses and optimistic […]
UK Prime Minister Theresa May will meet Carlos Tavares, the head of the France’s Groupe PSA, about its planned acquisition of General Motors’ loss-making Opel division, which includes Vauxhall. Talks of a sale were confirmed earlier this week by both GM and PSA. Groupe PSA is the second-biggest automaker in Europe, owning the Peugeot, Citroën […]
The employment rate in the United Kingdom reached a new record high in the 3 months ending December 2016. Meanwhile, rising prices have eroded real earnings growth to the lowest it has been in nearly 2 years, says the Office for National Statistics (ONS). The latest figures from the ONS show that the number of […]
Royal Bank of Scotland group plc might not have to sell its Williams & Glyn unit under recent proposals made by the Treasury. RBS is struggling to meet demands by the European Union for the unit to be sold by the end of 2017 to address competition concerns after the bank’s £45bn rescue during the […]
Three quarters (74 per cent) of small businesses in London said business rates are the single biggest issue affecting their business, according to a recent survey by the Federation of Small Businesses (FSB). The survey report reveals that average micro businesses in London, which have fewer than 10 employees, will be paying £17,000 in business rates in April […]
The government has named and shamed 360 businesses across the UK for underpaying over 15,500 workers. According to the Department for Business, Energy and Industrial Strategy, hundreds of firms, listed in in their report, failed to pay either the national minimum wage or the national living wage rate to employees. The most prolific offenders were […]
A new project is to investigate the feasibility of using track-side solar panels to power railway trains in the United Kingdom. The Renewable Traction project is a collaboration between Turbo Power Systems (TPS), Imperial College London, 10:10, Network Rail, and Community Energy South. Increased electrification and more use of renewable energy such as solar could […]
Fed Chair Janet Yellen said on Tuesday that it would be “unwise” for the US central bank to wait too long to raise rates. Although Yellen declined to state whether the Fed will hike rates at an upcoming meeting in March, she warned that delaying rate hikes could allow inflation to surge and force the […]
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