Old Mutual primary listing may head home

OLD Mutual’s new CEO Bruce Hemphill is expected to announce a radical restructuring of the group when he releases its results on Friday. This could see its primary listing move from London to the JSE.

 

The reports of a break-up that emerged from London at the weekend come as Barclays is moving to shed its Absa subsidiary, but analysts dismissed suggestions of a general foreign disenchantment with South African financial services assets. They said the two developments were entirely different.

EDF finance chief 'quits' over Hinkley Point nuclear plant

The finance director at French energy giant EDF has quit over the firm's plan to build the UK's first new nuclear power plant in decades, reports say.

Thomas Piquemal stepped down because he feared the project could jeopardise EDF's financial position, unnamed sources told news agencies.

EDF declined to comment on the reports.

UK unemployment still at 10 year-low, falling by 60,000UK unemployment still at 10 year-low, falling by 60,000

Unemployment in the UK fell by 60,000 between October and December to 1.69 million, according to the Office for National Statistics.

 

The rate of unemployment was unchanged from a month ago at 5.1%, maintaining a decade-low rate.

More than 31.4 million people are in work, the highest figure since records began in 1971.

But ONS statistician Nick Palmer said that growth in people's earnings was still slow.

House Price Rises Slowed to 6.7% in 2015, says ONS

House prices in the UK rose by 6.7% in 2015, according to the Office for National Statistics (ONS) - a considerable slowdown on the previous year.

 

Where prices rose fastest in 2015

UK inflation edged up in January as Fuel Price Fall eases

UK inflation edged up to a 12 month high in January, as a fall in petrol prices eased.

 

Inflation, as measured by the Consumer Prices Index, rose by 0.3%. It was helped by smaller falls in food and fuel prices than a year ago.

Annual inflation has been below the Bank of England's 2% target for two years, and last year it was zero.

Total Gas Begun Flowing to the mainland, West of Shetland Laggan and Tormore fields

The first gas has begun flowing to the mainland from vast reserves west of Shetland. 

 

A gas plant in Shetland has been fired up by Total, capable of supplying energy to up to two million homes.

A flare was lit at the moment that gas started flowing from the Laggan and Tormore fields, 125km north west of the Shetland.

TAX: JP Morgan, and Four other banks 'paid no UK Corporation tax' in 2014

JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley paid no corporation tax at all, the news agency said.

 

The banks offset past losses against their taxable income for 2013-14.

The banks have so far declined to comment, but their tax returns say they complied with UK tax rules.

The research into the financial reports found that seven banks, which also included Goldman Sachs and UBS, used tax benefits as well as losses generated during the banking crisis to reduce their corporation tax bills.

UK Economy Growth Estimate revised down to 0.4% for third quarter

The rate was revised down from 0.5% because the key services sector, which accounts for well over 70% of UK economic activity, grew more slowly than had been thought.

It is the third estimate for the quarter from the Office for National Statistics (ONS).

The ONS also cut its estimate of second quarter GDP growth from 0.7% to 0.5%.

In annual terms, growth in the third quarter of the year was revised down to 2.1% from the previous estimate of 2.3%.

 

The UK economy has been growing for 11 consecutive quarters.

A Treasury spokesman said in a statement that the figures highlighted that risks to the UK economy remained despite it being "the fastest growing economy in the G7 last year".

"We're leading the pack with the US this year, we have a record high employment rate and the deficit is down," the Treasury said.

Slow

UK inflation rate rises to 0.1% in November

That compares with a rate of -0.1% a month earlier. Analysts had expected a figure of about zero.

Transport costs, alcohol and tobacco prices were the main contributors to the rise in the rate, said the ONS.

However, this was partially offset by a fall in clothing prices, the ONS added.

This move into positive inflation territory follows two months of negative inflation, or deflation. 

 

Monthly inflation has been between -0.1% and 0.1% since January, when prices grew by 0.3%. Low oil prices and a fiercely competitive environment for supermarkets are keeping prices low.

Last week, UK interest rates were left unchanged again at 0.5% by the Bank of England's rate-setters.

UK's Economic Performance 'very strong', but risks remain- IMF

Underlying economic vulnerabilities have been addressed, and steady growth looks set to continue, it said.

But high household debt, a "strikingly large" trade deficit and high government debt are still risks to the economy.

IMF

It also warned about uncertainty over whether the UK would stay in the EU.

"Trade would be harder, tariffs would be higher, [and] the financial fluidity within the European Union would not be as good as it is at the moment, [should the UK leave the EU]," the IMF's Christine Lagarde told BBC business editor Kamal Ahmed.

She said the IMF was in favour of opening up trade, removing barriers, and the mobility of goods, capital and people.

"[The EU] has proven effective over the years," she said.

'Strong' economy

UK Economist said: Unemployment rate falls to seven-year low of 5.4%

It was the lowest jobless rate since the second quarter of 2008, the Office for National Statistics said.

The number of people out of work was 1.77 million between June and August, down 79,000 from the previous quarter.

The number in work rose by 140,000, bringing the employment rate to 73.6% - the highest rate since records began in 1971.

Some 22.77 million people were working full-time in the three months to August, up 291,000 compared with the same period last year.

The number working part-time rose 68,000 to 8.35 million. 

 

Earnings rise

Construction output fell 4.3% in August- UK

In the three months to August, output fell by 0.8%, the biggest such decline since March 2013. Meanwhile, the UK trade deficit was £3.3bn in August, a narrowing of £1.2bn from July, it said. But the deficit was larger than expected and is set to weigh on growth, the ONS added.

 

An ONS official said the weak figures for construction in August may have been linked to wet weather during the month.

Enchained Movie Premieres July 10th, 2015 @Odeon Greenwich

https://www.youtube.com/watch?v=scJgM6cT-8c&sns=em

View Trailer

 

Enchained is a movie shot in the UK about Ryan, a short- sighted young man from Nigeria, who was born to educated respectable parents and grew up within a God fearing family. Unfortunately whilst growing up in his native Nigeria, he fell in with some bad company which influenced his life tremendously.