Tuesday , October 17 2017
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UK inflation at highest since April 2012

Finland inflation highest since Sep-2014

LONDON: The UK’s key inflation rate hit its highest for more than five years in September, driven up by increases in transport and food prices. The Consumer Prices Index (CPI) climbed to 3%, a level it last reached in April 2012, and up from 2.9% in August. The pick-up in inflation raises the likelihood of an increase in interest rates ... Read More »

UK tax avoidance plan promoter gets done for not telling HMRC

tax avoidance

LONDON: The landmark case is expected to enable the tax office to recover about £110m ($145m, €122.7m) in lost taxes. HMRC brought the case under the Disclosure of Tax Avoidance Scheme (DOTAS) rules, which requires promoters to tell the tax authority about any avoidance schemes they design and sell. The case was brought against the promoter of a scheme, Root2, ... Read More »

UK maritime sector urges development of new customs agreement between UK, EU


LONDON: The UK’s maritime sector promotional body, Maritime UK, has urged the government to develop a new and unique customs agreement between Britain and European Union (EU) following the country’s exit from the EU. The recommendation was made after the UK Government published a series of new trade and customs papers regarding potential post-Brexit arrangements. Maritime UK noted that it ... Read More »

Netflix, eBay pay just £1.9m tax in UK

New Zealand meat, wine exports to face uncertainty on U.S border tax

WASHINGTON: US tech giants Netflix and eBay paid just £1.9m in tax between them in the UK last year, reigniting concerns about how the tech companies are able to reduce their domestic tax bill. Despite both boasting millions of UK customers, eBay paid just £1.6m in tax on £7.6m in profits in 2016, according to accounts filed to Companies House. ... Read More »

UK interest rate hike hints at economic weakness


LONDON: Bank of England Governor Mark Carney is ready to raise interest rates from a position of economic weakness rather than strength. The fastest inflation in four years leaves the UK central bank preparing to hike next month for the first time in more than a decade, yet it’s not an accelerating economy fanning those price pressures. Instead, policy makers ... Read More »

UK trade deficit hits record high in August as imports jump


LONDON: The UK’s goods trade deficit with the rest of the world hit an all-time high of £14.2bn in August, according to official figures. The Office for National Statistics (ONS) said the gap widened from a revised figure of £12.8bn in the previous month. Economists had predicted the figure to fall back, but the data showed a surge in the ... Read More »

FTSE on the defensive as stronger pound drags

london stock exchange

LONDON: Britain’s major share index fell behind European peers on Monday as a recovering pound dented performance, and heavyweight mining and energy sectors lagged. The FTSE 100 .FTSE was down 0.1 percent by 0825 GMT, with the biggest dollar-earning stocks, miners and oil majors, the worst-performing as sterling gained against the greenback. European stocks meanwhile were up 0.2 percent. Weakness ... Read More »

UK central bank unveils blockchain data privacy pilot

uk cb

LONDON: The Bank of England, the UK’s central bank, has added yet another blockchain proof-of-concept (PoC) to its growing fintech accelerator program. The institution is working with blockchain startup Chain on a data privacy pilot, according to a new announcement. The project is one of four unveiled today, all of which focus on financial information processing. Bank of England officials ... Read More »

UK house prices rise at fastest pace since February

Morocco’s auto industry exports likely to rise to $10b by 2020

LONDON: British house prices regained momentum in September, recording their fastest annual rise since February as buyers shrugged off the possibility of higher Bank of England interest rates, figures from major mortgage lender Halifax showed on Friday. House prices rose 0.8 percent on the month in September alone, beating all economists’ forecasts in a Reuters poll, while prices in the ... Read More »

UK economy may not withstand interest rate rise


LONDON: The ratings agency Standard & Poor’s has warned that Britain’s economy may not be strong enough to support an interest rate rise following hints from policymakers that there could be an increase in the cost of borrowing next month. S&P said it was sceptical that the Bank of England could justify a rate rise after recent business surveys showed ... Read More »

UK has highest inflation rate among world’s top economies


LONDON: The UK has the highest inflation rate among the world’s top economies, in the latest sign the Brexit vote is contributing to a squeeze on living standards. The increased cost of importing food and fuel is pushing prices to rise at a faster rate than anywhere in the G7 group of leading global economies, according to the Organisation for ... Read More »

Hard Brexit could cost UK £17bn in lost export revenue


LONDON: A hard Brexit could cost the UK £17 billion, or €19 billion, in lost export revenue, a new report has warned. The research, by the law firm Baker McKenzie and economic consultancy Oxford Economics, suggests the car sector would be worst hit, with tariff and nontariff barriers costing it up to £7.9 billion, or €8.9 billion. The report assesses ... Read More »

UK economy cools in 3 months to Sept but outlook better


LONDON: Growth across Britain’s private sector cooled slightly in the three months to September, an industry survey showed on Sunday, although companies were mostly upbeat about their prospects for the next three months. The Confederation of British Industry’s monthly indicator of output for manufacturers, retailers and services companies slipped to +11, down from +14 for the three months to August. ... Read More »

UK GAS-Prices down on lower exports, dip in Norwegian flows


LONDON: British wholesale gas prices fell on Friday morning due to less exports to Europe and slightly lower Norwegian flows. Within-day gas price was down by 1.53 pence to 45.50 pence/therm at 0723 GMT. The October contract was 0.50 pence lower at 46.00 p/therm. Exports through the InterconnectorUK pipeline to continental Europe have dropped to 26 million cubic metres (mcm) ... Read More »

UK, Belarus sign tax treaty


LONDON: Belarus and the UK signed a tax treaty on September 26. The signing ceremony took place at Belarus’s Ministry of Foreign Affairs. The new agreement is not yet in force, A 1985 tax treaty between the UK and the USSR continues to apply to Belarus and Turkmenistan. Read More »

UK retail sales growth climbs to two-year high

Retail Sales

LONDON: British retail sales growth unexpectedly surged to a two-year high in early September, industry data showed, boosting the chances of a pick-up in the pace of economic growth and a Bank of England interest rate rise in November. The Confederation of British Industry’s retail sales balance jumped to +42 from -10 in August, the highest in two years and ... Read More »

UK personal bank deposits growing at slowest rate since 2009


LONDON: British consumers have been dipping further into their savings amid a squeeze from rising prices and falling real wages, figures show, as growth in personal bank deposits fell to the slowest annual rate since the height of the financial crisis. Annual growth in personal deposits with high street banks fell to 2.2% in August, in the weakest month since ... Read More »

UK trade delegation in Cairo to explore new investment opportunities

bilateral trade

LONDON: The UK trade envoy, Sir Jeffrey Donaldson, arrived to Cairo Saturday in a five-day visit, heading a delegation of various major British companies’ representatives, with the aim of exploring new investment opportunities in Egypt, according to the British embassy in Cairo. The visit aims at enhancing the trade cooperation between both countries in the key sectors of infrastructure, agriculture, ... Read More »

UK credit rating downgraded over Brexit uncertainty

bank credit

LONDON: The UK’s credit rating was downgraded by Moody’s late on Friday night, prompting a dispute with the government over the health of Britain’s public finances. Reducing the credit rating a notch to Aa2, or two rungs below the triple A rating Britain had enjoyed for 35 years until 2013, Moody’s said the public finances were more stressed than the ... Read More »

UK factory orders grow at weakest rate since April


LONDON: British factory orders grew in September at their weakest rate since April, and output growth over the past three months has also slowed, a monthly survey from the Confederation of British Industry showed on Friday. The CBI’s factory order book balance slipped this month to +7 from +13 in August, below expectations in a Reuters poll for the reading ... Read More »