Archive for the ‘business’ Category

Brexit uncertainty triggers first September fall in house prices since 2010

Rightmove says average price down by £730 as sellers wait to see how Brexit plays out

House prices have fallen in September for the first time since 2010 as Brexit uncertainty continues to cast a long shadow over the UK housing market, according to the estate agent Rightmove.

The UK’s biggest property website said the traditional “autumn bounce” in the market was simply not happening this year. Instead, the average price of newly listed homes fell by 0.2%, or £730, compared with August.

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Britain facing most prolonged investment slump in 17 years

Business spending due to decline by 1.5% this year, fuelled by Brexit uncertainty

Brexit uncertainty and a global economic slowdown amid the US-China trade war has set Britain on course for the most prolonged slump in business investment in 17 years, according to the British Chambers of Commerce (BCC).

Setting Britain on course for weaker economic growth in future, the lobby group said business spending in the UK was due to decline by 1.5% in 2019 and by 0.1% next year as companies put their investment plans on ice amid the global political turmoil.

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The Guardian view on David Cameron: the boy in the bubble | Editorial

When great power comes with great irresponsibility

The publication of extracts from David Cameron’s memoirs casts a chill light on the flaws of the British political system. The interest lies not in the detail of who stabbed whose back or which lies Boris Johnson told and when. By releasing only extracts, Mr Cameron is able to control the narrative for a few days. The full verdict must wait until the whole book is out. But a broad outline already seems clear.

Mr Cameron has known pain and failure in his life but it has always been limited failure and privileged pain. The miseries of boarding school at seven are entirely real and for some people emotionally crippling but they come with an assurance that only important people can suffer that way. The devastating and terrible loss of his severely disabled son was a tragedy that left him “in darkness”. No one can doubt his suffering during which he experienced perhaps one of the better functioning and better funded parts of the system. Mr Cameron maybe did not encounter the understaffed and overmanaged hospitals of much of England or the moth-eaten social care system for the elderly. Had he done so he might have understood a little of the damage that his policies have done.

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Thomas Cook in race to secure £1.1bn rescue deal

Travel firm wants delay to bondholders’ meeting as it tries to stave off financial collapse

The beleaguered travel firm Thomas Cook will on Monday request a delay to a key bondholders’ meeting on Wednesday to try to maximise the chances of securing a £1.1bn emergency rescue package to help stave off imminent financial collapse.

The company is involved in 11th-hour talks as it seeks to finalise the terms of the proposed restructuring agreement with the Chinese conglomerate Fosun, its lenders and bondholders.

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These Swiss inventions have become iconic

The Swiss are often perceived as cautious and meticulous, but they also have a creative spirit that has produced many inventions used all over the world. Some have become design icons. The former rural society has become innovative. According to the Global Innovation Index, Switzerland was the world innovation champion in 2012. Nowhere else in Europe are there as many patents registered by individuals and per inhabitant as in Switzerland. By way of comparison, 955 patents were filed per million inhabitants in Switzerland in 2018, 332 in Germany and 132 in the United States. The list of Swiss inventions is long and the stories behind them are fascinating. Switzerland has a strong pharmaceutical industry, so it is not surprising that important achievements have been made in that sector. These include the artificial production of vitamin C, the anti-inflammatory cortisone, sedatives such as valium and the controversial drug LSD. Popular Swiss innovations that make life easier ...

Sackler family accused of transferring money to Switzerland

The family that owns OxyContin maker Purdue Pharma used Swiss and other hidden accounts to transfer $1 billion (CHF990 million) to themselves, New York’s attorney-general contends in court papers filed on Friday.  New York – asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners, the Sackler family – said it had uncovered the previously unknown wire transfers among family members, entities they control and several financial institutions.  The transfers bolster allegations by New York and other states that the Sacklers worked to shield their wealth in recent years because of mounting worries about legal threats.  Scores of those transactions sent millions of dollars to Mortimer D.A. Sackler, a former member of Purdue’s board and a son of one of its founders, according to the filings.  They point to $20 million shifted from a Purdue parent company to Sackler, who then redirected substantial amounts to shell companies that own family homes in ...

Switzerland pledges millions to global agriculture research

Swiss support for CGIAR, previously known as the Consultative Group on International Agricultural Research, will be renewed for the next two years to the tune of CHF33 million ($33.4 million).   On Friday, the Swiss Federal Council decided to allocate CHF16.55 million per year to Montpelier-based CGIAR for 2020 and 2021. The organisation is the world’s largest agricultural innovation network with 15 centres worldwide and around 8,000 scientists and other staff.  “The CGIAR is one of the 15 priority organisations for Switzerland's engagement in multilateral development cooperation,” said a government statement on Friday.   Investing in CGIAR is one way Switzerland contributes to global food security and the 2030 Agenda goal of eradicating poverty and hunger by 2030. Switzerland is also on the CGIAR board and is lobbying for more research into sustainable and diversified farming techniques.  Swiss researchers also carry out joint projects with CGIAR like providing rural farmers ...
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