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All the latest news and views from Financial Advice Network

FCA fine asset managers for breaking competition rules

22 Feb, 2019

FCA fines asset managers for breaking competition rules


UK’s markets watchdog, the Financial Conduct Authority (FCA) has found three asset management firms breaching competition law by swapping information ahead of a share listing.

Hargreave Hale Ltd, Newton Investment Management Limited and River and Mercantile Asset Management LLP (RAMAM) are the three companies who have been found by the FCA as having breached competition law.

UK public finance surplus

21 Feb, 2019

UK public finance hit record surplus


The UK government has recorded a £14.9 billion surplus in borrowing, its largest in January since records began in 1993.

Official records show the figure as being £5.6 billion greater than a year ago. An increase in self-assessment income tax and capital gains tax receipts by 14% is what is said to have resulted in the great surplus.

Brexit - 1 in 3 firms to relocate

01 Feb, 2019

One in three UK firms could re-locate following Brexit


A survey from an employers’ group has reported that Brexit has led to nearly a third of UK firms planning to relocate their operations abroad or have already shifted in preparation.

The Institute of Directors (IoD) reported that 29% of the 1,200 firms they surveyed believed that Brexit posed a significant risk to their operations in the UK. 11% reported having already moved some of their activities elsewhere, while 18% said they were planning to or actively considering it.

tesco to cut jobs

28 Jan, 2019

Thousands of jobs at risk at Tesco


It has been reported that supermarket giant, Tesco, is embarking on a round of aggressive cost-cutting in its UK business, resulting in the termination of thousands of jobs and in-store deli counters.

According to the Mail on Sunday, up to 15,000 jobs may be as risk as Tesco plans to close their meat, fish and delicatessen counters, reduce the number of in-store bakeries and replace staff in their canteens with vending machines.

China growth slows down

21 Jan, 2019

China – economy growth slowest in 28 years


The economy in 2018 in China grew at its weakest annual pace in nearly three decades amidst a protracted trade war with the US. This has resulted in added pressure on Beijing to reach a deal with Washington and to increase stimulus measures in efforts to avoid a sharper slowdown.

GDP growth for China for all of 2018 was recorded at 6.6%, the slowest since 1990.

manufacturers

03 Dec, 2018

UK manufacturers stock goods in preparation for Brexit


British manufacturers are stockpiling goods as they head towards their slowest year of growth since 2015, as Brexit uncertainty hits demand. Businesses are preparing for the potential shortage of raw materials and likely growth in queues at ports across the UK.

In recent months, production across the manufacturing sector has remained strong, with fears of Brexit resulting in a shortage of stock in case of a no-deal Brexit or prices going up if there was a deal.

Toyota profits

06 Feb, 2019

Toyota profit warning


Toyota Motor Corp’s quarterly operating profit edged up as a result of its increasing sales in the Asian market, offsetting the 81% drop in net profit as a result of lower sales in North America, its largest market.

The Japanese automaker lowered their forecasted net profit for 2018 from 2.3 trillion yen to 1.87 trillion yen ($17 billion), alluding to unrealised losses on some of their equity investments, however, reiterated its annual operating profit projection of 2.4 trillion yen.

Mortgage market stable despite Brexit despair

30 Jan, 2019

Mortgage market stable despite Brexit despair


The mortgage market remained steady in the last month of 2018, despite uncertainty around the impact of Brexit on potential homebuyers.

Latest money and credit figures released by the Bank of England reported that £4.1 billion was secured against property in December last year.

online sales

23 Jan, 2019

Online sales slow as Christmas failed to revive spending


In 2018 online retailers experienced their worst December sales growth in nearly twenty years, as shoppers reined in buying over Christmas, capping off a turbulent year.

According to the IMRG, low consumer confidence was the reason spending had been low over the holiday period. Their report shows that sales rose by only 3.6% in December, compared to a growth of 12% for 2018.

Ryanair to go to court

05 Dec, 2018

Ryanair to go to court over compensation claims


The UK’s Civil Aviation Authority (CAA) is taking legal action against Ryanair after the airline refused to compensate UK customers who were affected by flight disruptions over the summer.

This summer Ryanair was hit by its worse strikes ever, with pilots and cabin crew walking out over pay and conditions. As a result, they were forced to cancel flights, many of those included major holiday destinations such as Italy, Portugal and Spain.

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