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Wednesday , March 29 2017
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Post-Brexit UK trade increase expected

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LONDON: Trade between Cambodia and the United Kingdom is expected to increase after Britain’s exit from the European Union, according to the British ambassador, saying that after Brexit, the UK will independently negotiate trade agreements with Cambodia. Brexit will not result in restrictions on trade between Cambodia and the UK, British Ambassador Bill Longhurst said yesterday after a lecture on ... Read More »

UK banks make £9bn in profits in tax havens

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LONDON: The 20 biggest European banks posted profits of at least £18bn in global tax havens last year, according to a report by Oxfam. Meanwhile, the UK banks included in the report – HSBC, Barclays, RBS, Lloyds and Standard Chartered – reported combined profits of £9bn in global tax havens, equivalent to 67% of their profits. Oxfam found that £522m ... Read More »

Maritime UK partners with the UK Government to launch Britain’s first maritime trade mission to China

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LONDON: As the Prime Minister triggers Article 50, Maritime UK and the UK Government will lead a first-of-its-kind three-day trade mission to Shanghai (28-30 March), aimed at boosting maritime ties between the UK and China. Attended by senior industry and government leaders from both countries, including Shipping and Ports Minister, John Hayes MP, and Trade Minister, Mark Garnier MP, the ... Read More »

U.K.’s biggest banks tested for deep recession in BOE scenarios

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LONDON: The Bank of England will subject the U.K.’s biggest lenders to a stress test featuring a deep economic slump and a sharp depreciation of the pound as the country prepares for the impact of withdrawal from the European Union. U.K. output plummets by 4.7 percent in the first year of the 2017 stress test of seven U.K. banks, including ... Read More »

UK-Argentine trade agenda

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LONDON: This week also saw an exchange of major trade visits between the two countries — while an Argentine trade mission was in Britain all week until today (with oil and PyME small and medium-sized businesses featuring prominently), Whitehall’s Minister of State for International Trade Greg Hands was here early this week in a visit producing a British pledge of ... Read More »

UK banks face $6.7m supervision tab for Brexit costs

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LONDON: The Bank of England plans to boost fees on UK banks to recover 5.4 million pounds ($6.7 million; Dh24.6 million) of regulatory costs associated with Brexit. The BOE’s Prudential Regulation Authority said on Friday that Britain’s withdrawal from the European Union “will require a significant amount of work” to review rules and respond to industry questions. The bank said ... Read More »

UK mortgage approvals dip in Feb, consumer lending slows

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LONDON: British banks approved the fewest mortgages in three months in February and consumer credit growth slowed slightly despite a jump in credit card borrowing, industry figures showed on Friday. Britain’s economy grew strongly last year, but rising inflation since June 2016’s Brexit vote means most economists expect consumer demand to weaken through this year, while house prices are predicted ... Read More »

Deutsche Bank chooses site for new UK headquarters

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LONDON: Deutsche Bank has pinpointed a site for a new UK headquarters, a boost for City of London’s status as a global financial hub following the Brexit vote. The German banking giant has entered exclusive negotiations with Land Securities on a new building currently being constructed in the City of London. The lender plans to take it on a 25-year ... Read More »

UK car production hit 17-year high in Feb

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LONDON: British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. Overall production rose 8 percent to 153,041 cars last month, according to the Society of Motor Manufacturers and Traders (SMMT), boosted ... Read More »

UK economy gets boost as confident businesses plan to invest more

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LONDON: Britain’s businesses have got their mojo back and are planning to increase investment this year, as their spirits pick up after months of intense caution following the Brexit vote. Research and development spending, investment in renewable energy and spending on robots is all set to rise, according to Bank of England research. Manufacturing firms are more keen to splurge ... Read More »

UK’s car exports to India grow 11-fold in 7 yrs, JLR tops list

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LONDON: Export of cars from Britain to India grew almost 11-fold in the past seven years with Tata Motors-owned JLR’s Land Rover and Jaguar models topping the best selling list, according to UK’s Society of Motor Manufacturers and Traders. On the other hand, Indian-built models accounted for 31,535 new car registrations in the UK last year, a growth of 12.6 ... Read More »

Ancala raises £51m of debt facilities for UK’s Green Highland Hydro

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LONDON: UK-based investment manager Ancala Partners has raised £51m of debt facilities for Green Highland Hydro (GHH), an independent owner of hydroelectric power plants developed by Green Highland Renewables (GHR). The new debt facilities will be used to support construction of the schemes and refinance capital invested in operational assets. Ancala’s managing partner Spence Clunie said: “This debt facility is ... Read More »

UK inflation rate leaps to 2.3%

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LONDON: Rising fuel and food prices helped to push last month’s inflation rate to the highest since September 2013. Inflation as measured by the Office for National Statistics’ Consumer Prices Index (CPI) jumped to 2.3% in February – up from 1.8% in January. The increase has pushed the rate above the Bank of England’s 2% target. Food prices recorded their ... Read More »

UK-EU trade uncertainties cloud outlook

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LONDON: The outlook for the UK’s automotive sector after Brexit – the now omnipresent term for the UK’s exit from the EU – remains somewhat uncertain. Many in the UK’s automotive industry want trading arrangements with the EU to remain as close as possible to those that apply now (zero tariffs, cross-border shipments of parts and finished vehicles unhindered by ... Read More »

UK economy set for strong 2017 despite Brexit, top finance chiefs say

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LONDON: The UK economy is set for a strong 2017 and could outperform other developed nations, despite uncertainty surrounding Brexit, according to bosses at some of the world’s biggest finance firms. More than half of those surveyed believe that the nation’s economy will remain resilient in 2017, and 22 per cent expect it to improve compared to 2016. Three quarters ... Read More »

UK spending cuts possible to offset tax U-turn

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LONDON: UK chancellor of the exchequer Philip Hammond suggested he may have to make spending cuts in his autumn budget to fill the gap in public finances created when he was forced to scrap his plan to raise insurance taxes for the self-employed. Hammond, who was lambasted by many in his own party for seeking a tax change viewed as ... Read More »

U.K. port volumes slide 3% in 2016

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LONDON: Major seaports in the United Kingdom saw full-year 2016 cargo volumes slip 3 percent to 473.5 million metric tons compared with the previous year, according to recent preliminary figures released by the U.K. Department for Transport. U.K. ports handled 117.2 million metric tons of freight in the fourth quarter of 2016, a 4 percent year-over-year decline. Import volumes fell ... Read More »

HSBC chief Gulliver fails in bid to stop UK tax probe

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LONDON: Stuart Gulliver, the HSBC chief executive, has failed in an attempt to stop the UK tax authorities from investigating how he has kept a tax domicile in Hong Kong since 1999, despite working in Britain for the past 13 years. The ruling from the Royal Courts of Justice this week — which rejected Mr Gulliver’s attempt to quash the ... Read More »

UK GAS-Prices firm slightly on lower Norwegian supplies, higher exports

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LONDON: British wholesale gas prices went up slightly on Friday morning due to lower supplies from Norway, traders said.  The British day-ahead gas price was up 0.40 pence at 41.00 pence per therm at 0858 GMT. The within-day contract was 0.40 pence higher at 41.30 p/therm. “Much like earlier this week, the market seems to have opened a bit higher ... Read More »

UK finance minister forced to reverse key income tax hike after backlash

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LONDON: The U.K.’s finance minister was forced on Wednesday to backtrack on his intention to raise national insurance contributions, which go to help pay for the country’s health and welfare state, from self-employed workers after facing significant vocal opposition. Chancellor Philip Hammond wrote a letter to U.K. lawmakers on Wednesday to undo the changes proposed just a week ago in ... Read More »