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Solar jobs lost after cuts to subsidies: Up to 12,500 jobs have been lost in
Britain’s solar power industry over the past year as a result of cuts to the
subsidies available for rooftop panels, according to research by PwC released.
Oil glut ‘to last for two more years’: The global oil market has a huge
overhang of crude that could take up to two years to clear, according to one
of the world’s top traders.
Sterling’s tailspin sends Rolls-Royce £2 billion into the red: Rolls-Royce, the
aerospace engine maker rocked by a series of profit warnings in recent years,
will come out this week with a £2 billion halfway loss after movements in the
pound against the dollar required a sharp write-off in the company’s currencyhedging position.
EU bank report could trigger Italian bailout: The state of Europe’s banking
system will be laid bare this week, triggering a possible bailout of Italy’s
stricken lenders. Britain’s big banks will also be put on the spot over how they
will adapt their businesses to the challenges of Brexit as they report results,
starting with Lloyds on Thursday.
SFO sends message with £20 million haul: Specialist fraud investigators
increased assets seized from criminals by more than 40% last year in an annual
performance that could see off a threatened Home Office land grab for their
operations.
Pound’s fall adds weight to Vodafone takeover talk: The billionaire Owner of
Liberty Global who has long been linked with a takeover of Vodafone has
declared that the weak pound could act in his favour as he eyes up
consolidation for the telecoms market across Europe.
Eurozone shrugs off twin setbacks to stay on course: Business activity in the
Eurozone fell to its lowest level since January 2015 in July, but its decline, in
the wake of Britain’s vote to leave the European Union and a terrorist attack in
France, was not as great as some economists had feared.
Vodafone yet to escape cause for complaints: The customer services meltdown
at Vodafone’s British division has taken the shine off a better-than-expected
first-quarter trading statement.
MasterCard buys UK payments giant in £700 million deal: MasterCard is
making a big jump into Britain by paying £700 million for a payments system
that handles trillions of transactions, including the cash machine network.
London must retain access to single market, warns PwC: London will lose its
status as the financial capital of Europe unless it can secure access to the single
market in post-Brexit negotiations, the consultant PwC has warned.
BP is still in deep water as oil price drives down profits: Amid weak crude
prices and a squeeze on its refining margins, BP is expected to report a year-on
-year profit plunge of one third.
Current
Value
(%)
Change*
FTSE 100
6,748.7
0.3%
DAX 30
10,234.6
0.9%
CAC 40
4,411.3
0.7%
0.2%
DJIA**
18,570.9
-
0.3%
S&P 500**
2,175.0
-
NASDAQ Comp.**
5,100.2
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Nikkei 225
16,620.3
-0.04%
Hang Seng 40
21,993.4
0.1%
Shanghai Comp
3,015.8
0.1%
Kospi
2,012.3
0.1%
28,078.8
1.0%
5,533.6
0.6%
BSE Sensex
S&P/ASX 200
1W% Change
0.9%
0.8%
0.6%
1.4%
0.8%
1.4%
-1.4%
-0.3%
-0.1%
Current Values as at 11:15 BST, *%Chg from Friday Close, **As on Friday Close
1.3%
Goldminer Acacia puts in sparkling performance: Gold production at Acacia Mining rose by nearly a fifth in the first three months of
the year to more than 200,000oz, the African miner said in a sparkling update that lifted its shares by more than 7%.
Green lashed by MPs for using BHS to boost personal fortune: Sir Philip Green will be severely censured by MPs over BHS after a
parliamentary inquiry found that he “accrued incredible wealth” for his family but repeatedly failed to address the company’s
growing pension deficit.
Weak pound puts SAB Miller’s Brazilian suitor over a barrel: With all the hand-wringing over the £24 billion takeover of chip
designer ARM, it’s easy to forget that there’s a much bigger deal brewing on the Footsie.
VC firms invest $200 million in UK tech start-ups after Brexit vote: Global venture capital firms have made dozens of investments in
Britain’s start-up technology companies in recent weeks, despite the UK voting to leave the EU, according to a new report out.
To Read More Click Here
Veolia gives UK £750 million vote of confidence: France’s Veolia is expecting to create about 600 jobs in the UK over the next five
years as part of a £750 million investment, in a welcome sign of business confidence in the country following the vote to leave the
EU.
To Read More Click Here
Syngenta Chief points to Brexit boost for UK’s crop regulations: The UK’s planned exit from the EU would allow it to break with
“politicised” European regulation in agriculture and take swifter advantage of scientific breakthroughs, the Chief Executive of
Switzerland’s Syngenta agribusiness has said.
To Read More Click Here
Guardian Media Group hit with record £173 million loss: Guardian Media Group will this week reveal a higher than expected fullyear operating loss of £69 million as the Owner of The Guardian newspaper battles to bring its finances under control.
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Apple iPhone sales set to pass 1 billion milestone: Apple is on the verge of selling its billionth iPhone, a rare achievement for any
consumer electronics company and one that highlights the maturation of the smartphone market.
To Read More Click Here
New companies offer Indians ultra-cheap smartphones: Newly launched Indian companies are grabbing attention — and
widespread scepticism — by promising smartphones at prices as low as $1.50, amid a race for low-income customers in the world’s
fastest-growing mobile market.
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North Sea oil and gas sector faces first big strike in a generation: North Sea oil platforms will be hit with the first significant strike in
a generation, as hundreds of workers protest against cost-cutting in response to lower oil prices.
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BHS verdict to shine a light on demise of high street stalwart: MPs probing the collapse of BHS will not move to strip Sir Philip Green
of his knighthood, despite admonishing the retail tycoon for his role in the chain’s collapse.
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Watchdog warns UK needs to rein in infrastructure projects: Business leaders have criticised the head of the National Audit Office
for suggesting that the government would have to put the brakes on big infrastructure projects to focus on the “tidal wave” of
Brexit.
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UK insurers censured for use of sales agents: Customers have lost out through mis-selling of policies by agents on behalf of insurers,
the UK’s financial watchdog found, as it ordered urgent internal investigations at two insurance and broker groups.
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Weakness in oil equipment and locomotives takes toll on GE: General Electric expects the markets for its oil and gas equipment and
freight locomotives to remain weak into next year, but thinks its other businesses will sustain its growth as they have done in the
first half of 2016.
To Read More Click Here
Boeing second-quarter results hit by jet programme charges: Results next week from Boeing will be hit by higher than expected
costs after the US manufacturer announced $2.1 billion of charges against three aircraft programmes that have been affected by
various difficulties.
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VW suspends diesel car sales in South Korea: Volkswagen is to suspend sales in South Korea of diesel vehicles caught up in the
diesel emissions scandal, as the Seoul authorities prepare to decide whether to prevent the company marketing certain vehicles.
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Equities end week on subdued note: Stocks ended the week on a subdued note as traders reassessed the chances of more central
bank support, but Wall Street managed another record close despite mixed corporate earnings.
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Christine Lagarde to stand trial over Tapie corruption case: Christine Lagarde is to stand trial for negligence over a fraudulent €405
million payout the French state made to a Paris businessman when she was finance Minister.
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Vodafone revenues higher despite UK weakness: Vodafone has benefited from rebounding demand for its mobile services across
Europe although the UK-based telecoms group continues to struggle in its home market.
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Beazley plans Ireland base for European operations: Beazley will use Ireland as a base to increase European business as it prepares to
operate across the region following Britain’s decision to leave the EU.
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Vedanta Resources raises bid for Cairn India: Vedanta Resources, the Indian mining group controlled by billionaire Anil Agarwal, has
offered improved terms for a proposed deal to take greater control of its main oil and gas business.
To Read More Click Here
LSL Property Services: home truths: In its eponymous house price survey last month LSL, the property services company, tried to see
the bright side of Brexit: lower interest rates could support prices, a cheaper pound would attract overseas buyers and the demand
for homes would continue to outstrip supply.
To Read More Click Here
Advisory group urges Vodafone shareholders to oppose £5.3 million pay of Chief Executive Vittorio Colao: Vodafone shareholders
should oppose the £5.3 million pay of Chief Executive Vittorio Colao, an advisory group has urged.
Britain’s wheat industry enjoying boost from fall in sterling after Brexit referendum vote: Britain’s wheat industry is enjoying a boost
from the fall in sterling, following the Brexit referendum vote.
Online betting firm 888 Holdings and casino operator Rank Group in talks to launch bid for William Hill: Online betting firm 888
Holdings and casino operator Rank Group are in talks to launch a bid for Britain’s biggest bookmaker.
Five big high street lenders all due to release their figures in next fortnight and investors hope for better results: As Britain’s biggest
lenders battle weak share prices amid fears of prolonged low interest rates, better results for the first half of 2016 will d o little to
calm investor nerves.
David Lloyd entering electric car market by launching company called EV Hub to provide UK-wide network of charging stations:
Leisure entrepreneur David Lloyd is entering the electric car market by launching a company called EV Hub to provide a UK-wide
network of charging stations.
Profit warnings spiked in three months to June at their highest total since peak of financial crisis in 2008: Profit warnings spiked in
the three months to June at their highest total since the peak of the financial crisis in 2008.
Brian Waring and son Lee turn selling goods on eBay into multi-million pound business: Buying and selling goods on eBay is a
popular way to earn extra cash in your spare time. But Brian Waring and his son Lee have turned it into a multi-million pound
business.
StartUp Britain says so far this year 343,000 firms have been set up in UK - a new record: So far this year 343,000 firms have been
set up in the UK, according to StartUp Britain.
Deutsche Boerse has less than a week to win shareholder backing for takeover of London Stock Exchange: Deutsche Boerse has less
than a week to win shareholder backing for a takeover of the London Stock Exchange.
Sainsbury’s £1.4 billion takeover of Argos Owner Home Retail Group given unconditional green light by competition watchdog:
Supermarket giant Sainsbury’s has been given approval by the UK's competition regulator to proceed with its £1.4 billion takeover
of Argos Owner Home Retail Group.
Sainsbury’s to hire 900 in London as it launches same-day delivery service: Sainsbury’s has announced plans to hire 900 employees
as it expands its online grocery service and launches same-day delivery.
Philip Hammond says Brexit will cast a two-year ‘shadow’ over the world economy: Philip Hammond has said Brexit will “cast a
shadow” over the world economy for at least two years in an interview following the G20 summit in Beijing.
Verizon ‘agrees to buy Yahoo’ for $5 billion: Verizon has agreed to buy online portal Yahoo Inc. for roughly $5 billion, according to
multiple media reports, each citing a single unnamed source.
China alone cannot save world from Brexit downturn, says Chinese Premier Li Keqiang: The world should not rely on China to save
it from an economic downturn following UK’s vote to leave the EU, Chinese Premier Li Keqiang said on Friday.
Birkenstock to remove its shoes from Amazon because of counterfeit sellers: Birkenstock, the maker of comfortable sandals, has
decided to remove its products from Amazon in protest against the online retailer’s lax policies on counterfeiting.
David Cameron 'made late appeal to Angela Merkel over free movement before EU referendum': David Cameron issued a lastminute plea to the German leader, Angela Merkel, for the UK to be able to limit free movement if it remained in the EU, days before
the European referendum, it has been reported.
Most affordable place in the UK for first-time home buyers revealed: East Dunbartonshire in Scotland is the most affordable place in
the UK for first time home buyers, a report has found.
Brexit heightens uncertainty in global economy, says G20: Britain’s vote to leave the EU heightens risks for the world economy, and
the UK must remain a close partner of the bloc after Brexit to reduce turmoil, finance Chiefs from the G20 group of leading
countries have said.
UK banks prepare response to expected interest rate cut: High street banks are preparing to set out how they will respond to the
interest rate cuts likely to be sparked by the Brexit vote, amid expectations it could pressure them to cut jobs and earmark more
branches for closure.
All BHS stores to shut down by 20 August: All remaining BHS stores are to be closed permanently, with the formal announcement
coming on the same day that Sir Philip Green is expected to receive stiff criticism from MPs for his role in the collapse of the retail
chain.
IMF calls for more government spending as rate cuts lose their impact: The International Monetary Fund has called on G20 nations
to boost government spending as the impact of ultra-low interest rates begins to reach its limits in developed countries.
Heathrow delay is harming economy, MPs warn Theresa May: Theresa May faces the first big challenge to her fledgling premiership
as 36 Conservative MPs, led by the former party Chairman Grant Shapps, demand an urgent decision on Heathrow airport’s
expansion, warning that continued delay is damaging the UK economy.
Cambridge’s Silicon Fen shaken by the winds of change: The crown jewel of Britain’s technology sector might be heading to Japan
via a £24 billion takeover but it seemed to be business as usual in ARM Holdings’ home city of Cambridge, bathed in summer
sunlight.
Britain's economy shrinking at fastest rate since 2009, says survey: The Bank of England and the Treasury are under increasing
pressure to prevent Britain from sliding into recession after a wide-ranging health check of the economy completed since the
referendum showed the sharpest downturn in activity since the peak of the financial crisis seven years ago.
Jitters in London luxury flat market as investors sell for 'bargain' prices: The first real signs of distress in the market for luxury London
apartments are starting to emerge, as investors who agreed to buy homes off-plan are starting to sell them on for less than they
agreed to pay for them.
Hinkley Point C nuclear project expected to get go-ahead next week: The Hinkley Point C nuclear project is poised to get the goahead from EDF next week in what will be a major boost to a new government trying to steady nerves on the economy after the
British vote to leave the European Union last month.
Brexit vote has bolstered Heathrow's fortunes, says airport Chief: The Brexit vote has delivered a boost to Heathrow’s fortunes, with
the weak pound attracting foreign investors, encouraging international passengers to spend more in its terminals, and strengthening
the airport’s case for expansion, the Chief Executive has claimed.
Monday,
25 July 2016
UK: CBI Trends Selling Prices, CBI Business
Optimism, CBI Industrial Trends Survey - Orders
Final Results: Goodwin, Great Eastern Energy Corp
Ltd. GDR, Tungsten Corporation
US: Dallas Fed Manufacturing Production Index
Interim
Results:
Globaldata,
Hammerson,
Michelmersh Brick Holdings, XP Power Ltd. (DI)
Trading
Announcements:
Aberdeen
Asset
Management, Cranswick, Petra Diamonds Ltd.(DI)
Tuesday,
UK: BBA Mortgage Approvals
26 July 2016
US: Redbook Index (YoY), Redbook Index s.a.
(MoM), S&P/Case-Shiller 20 City s.a. (MoM), S&P/
Case-Shiller Composite-20 (YoY), S&P/CaseShiller Home Price Index, Markit Services PMI,
Markit Composite PMI, Consumer Confidence
Index - Expectation Index, New Home Sales
Change, New Home Sales - Month's Supply,
Richmond Fed Retail Revenues Index, Richmond
Fed Services Revenue Index, Richmond Fed
Shipments
Index,
Consumer
Confidence,
Richmond Fed Manufacturing Index, New Home
Sales (MoM)
Wednesday,
27 July 2016
UK: Index of Services, Gross Domestic Product
(QoQ), Gross Domestic Product (YoY), Index of
Services (3M/3M), Index of Services (MoM), CBI
Distributive Trades Survey - Realised
US: Fed Interest Rate Decision, MBA Mortgage
Applications, MBA Purchase Index s.a. (Current
Change), MBA Refinance Index (Current
Change), MBA Market Index, MBA Purchase
Index s.a., MBA Refinance Index, Cap Goods
Orders Nondef Ex Air, Cap Goods Ship Nondef Ex
Air, Durable Goods Orders, Durable Goods
Orders ex Transportation, Pending Home Sales
(MoM), Pending Home Sales (YoY), DOE Distillate
Inventory, DOE Gasoline Inventories, DOE
Cushing OK Crude Inventory (Barrels), EIA Crude
Oil Stocks Change (Barrels)
EU: M3 Money Supply (YoY), ECB Balance Sheet
Final Results: Games Workshop Group, PZ Cussons,
Victoria
Interim Results: Capital & Counties Properties, Croda
International, Drax Group, Fevertree Drinks, GKN,
Global Graphics SE, Huntsworth, Jardine Lloyd
Thompson Group, Man Group, Provident Financial,
SEGRO, Tyman, Unite Group, Virgin Money Holdings
UK
Trading Announcements: Acal, Sage Group, Victrex
Final Results: Renishaw
Interim Results: Burford Capital, Dignity, ITV, Jupiter
Fund Management, Lancashire Holdings Limited,
PJSC Megafon GDR (Reg S), Quartix Holdings,
Rightmove, Shawbrook Group, Staffline Group,
Tarsus Group, Tullow Oil
Trading Announcements: Mitchells & Butlers
Thursday,
28 July 2016
UK: Nationwide House Prices n.s.a. (YoY),
Nationwide House Prices s.a. (MoM)
US: Continuing Jobless Claims - Net Change,
Initial Jobless Claims - Net Change, Continuing
Jobless Claims, Initial Jobless Claims, EIA Natural
Gas Storage Change, EIA Natural Gas Storage,
Kansas City Fed Manufacturing Activity, Kansas
City Fed Manufacturing Activity (Expected in Six
Months)
EU: Business Climate
Confidence, Economic
Industrial Confidence,
Indicator
Friday,
29 July 2016
Indicator, Consumer
Sentiment Indicator,
Services Sentiment
UK: Lloyds Business Barometer, Gfk Consumer
Confidence, Gross Consumer Credit, M4 Ex
IOFCs 3M Annualised, M4 Money Supply (MoM),
M4 Money Supply (YoY), Net Consumer Credit,
Net Lending Sec. on Dwellings, Mortgage
Approvals
US: Employment Cost Index (QoQ), Employment
Cost Index (YoY), Gross Domestic Purchases Price
Index, Gross Domestic Product Annualised (QoQ),
Personal
Consumption
(QoQ),
Personal
Consumption Expenditure Core (QoQ), Fed's
Williams Discusses Policy Toolkit in Boston,
Chicago PMI, Univ. of Michigan 12-Month
Inflation Forecast, Univ. of Michigan 5-Year
Inflation Forecast, Reuters/Michigan Consumer
Sentiment Index, Univ. of Michigan Current
Economic Conditions, Univ. of Michigan Index of
Consumer Expectations, Baker Hughes US Rig
Count
EU: Consumer Price Index (YoY), Consumer Price
Index - Core (YoY), Gross Domestic Product s.a.
(QoQ), Gross Domestic Product s.a. (YoY),
Unemployment Rate
Final Results: Diageo, Sky
Interim Results: Anglo American, AstraZeneca, BAE
Systems, British American Tobacco, Centrica, COLT
Group SA, Dairy Farm International Holdings Ltd.
(Singapore), Genel Energy, Greencoat UK Wind,
Henderson Group, Hongkong Land Holding Ltd.
(Sing.Reg), Informa, Intu Properties, Just Eat, Lloyds
Banking Group, Mandarin Oriental International
(Singapore), Merlin Entertainments, Relx Plc, Rentokil
Initial, Rolls-Royce Holdings, Royal Dutch Shell 'A',
Royal Dutch Shell 'B', Smith & Nephew, Telefonica
SA, Torchmark Corp.
Trading Announcements: Compass Group
Interim Results: Berendsen, Essentra, FBD Holdings,
Foxtons Group, International Consolidated Airlines
Group SA (CDI), Jardine Matheson Holdings Ltd
(Singapore Reg), Jardine Strategic Holdings Ltd.
(Singapore), UBM