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Archive for January, 2017

Eurozone inflation jumps in January

January 31, 2017

The eurozone’s economy is showing signs of recovery after the latest data pointed to a fall in unemployment while growth and inflation picked up. Rising energy prices pushed inflation to 1.8% in January, a near four-year high and up from 1.1% in December. Eurostat data also showed the jobless rate fell to 9.6% in December, […]

Shell sells North Sea assets worth £2.46bn to Chrysaor

Royal Dutch Shell has agreed to sell $3.8bn (£2.46bn) worth of North Sea assets to oil exploration firm Chrysaor as part of continuing debt reduction measures. Shell is aiming to sell $30bn of assets by 2018 as it seeks to pay off debt following its takeover of BG Group. The deal represents about half of […]

Savings protection limit raised

January 30, 2017

Savings of up to £85,000 will be safe if a bank or building society collapses from now – following a £10,000 rise in the protection level. The weakening of the pound against the euro since the Brexit vote led to the change in the threshold. The amount of compensation payable is set at €100,000 across […]

The warrior monks who invented banking

On London’s busy Fleet Street, opposite Chancery Lane, is a stone arch through which anyone may step, and travel back in time. A quiet courtyard houses a strange, circular chapel and a statue of two knights sharing a single horse. The chapel is Temple Church, consecrated in 1185 as the London home of the Knights […]

Danish drugs giant makes big UK investment

Denmark’s Novo Nordisk is to invest £115m over 10 years in a new science research centre in Oxford. Eventually employing 100 academics and scientists, the facility will work on new ways of treating type 2 diabetes. The decision to invest in the UK was described by David Gauke, Chief Secretary to the Treasury, as “a […]

Sony takes $1bn charge on movie business

Sony has taken a hefty writedown on the value of its movie business as the unit suffers from falling DVD and home entertainment sales. It has taken a 112bn yen ($1bn; £780m) charge, citing “an acceleration of market decline”. The rise of online streaming services has hit demand for traditional media such as DVDs and […]

Silicon Valley lashes out at Trump ban

For months, Silicon Valley seemed to be heeding the advice of one of its most powerful figures, billionaire investor Peter Thiel, who said President Trump should be taken “seriously, but not literally”. But at the international arrivals gate at San Francisco airport at the weekend, things were getting very literal, very quickly. What the tech […]

Volkswagen overtakes Toyota as the world’s biggest carmaker

Volkswagen has overtaken Toyota to become the world’s best-selling carmaker, the first time the German company has held the position. Japan’s Toyota, which had topped sales for the past four years, sold 10.175 million vehicles globally in 2016. That fell short of the 10.31 million sales which VW reported last week. The milestone comes despite […]

US GDP misses forecast with final quarter rise of 1.9%

January 27, 2017

The US economy grew at an annual pace of 1.9% in the fourth quarter of last year, according to official figures. That was slower than the 2.2% growth rate economists had been expecting and below third quarter growth of 3.5%. For the year, GDP rose by 1.6%, the slowest since 2011 and down on 2015 […]

Theresa May and Donald Trump to hold Oval Office talks

Prime Minister Theresa May is to hold talks with US President Donald Trump in the Oval Office later. The pair will spend about an hour together in the first visit by a foreign leader to the White House since Mr Trump became president. Earlier, Mrs May told US Republicans the UK and US could not […]

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