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Carillion announce £1.15billion half-year loss | City & Business | Finance

The construction and support services group admitted it would breach its agreements with lenders this year as it sounded its third profit warning in five months. Its finances have come under pressure after it took a £845million hit on problem construction contracts and wrote off £200million more on under-performing support service deals, sending it to a £1.15billion half-year loss. It now expects average net borrowing of £875-925million, up from a previous estimate of £850million, with slow progress on the sale [...]

India PM Narendra Modi’s star undimmed despite demonetisation debacle

One might assume that an abject failure in the Indian government’s attempt to flush out undeclared money – by scrapping high-denomination currency notes overnight – would seriously dent Prime Minister Narendra Modi’s popularity. Nothing could be further from the truth. Around 99% of the currency notes made worthless by Modi’s audacious move in November last year, known as “demonetisation”, found their way back to banks, belying government predictions that around 5tn rupees (£58.2bn) of undeclared cash would be rooted out [...]

ICOs on Our Terms and Conditions

Zoe Dolan is a lawyer focusing on crypto and blockchain projects, fintech and start-up business representation, and constitutional rights and freedoms. She is an experienced federal trial and appellate attorney and the author of various books. In this opinion piece, Dolan proposes a practical way to structure token sales that complies with securities laws and enhances value for all involved. To help regulators and the public understand why cryptographic token sales (also known as initial coin offerings, or ICOs) are [...]

Artisan Winchester coffee ‘pod’ Flat Whites moving to permanent shop

A popular Winchester coffee shop that provides artisanal coffee and cakes from a quirky pod in the city centre will soon be opening a new outlet at a more permanent location. Flat Whites, which currently operates out of a van in Market Street, will be opening a new shop at 1 Stonemasons Court, in Parchment Street. The unit is currently undergoing a refit ahead of the launch. The coffee outlet has been working [...]

Peter Michaelis: How to invest for tomorrow, today

THIRTY years ago, the IBM PC XT was the pinnacle of technology. Today, we have the iPhone, which is not only much more powerful but can also fit into your pocket and is half a million times more efficient. Meanwhile, advances in healthcare have led to dramatic improvements in life expectancy over the past three decades. If a man was diagnosed with prostate cancer 30 years ago, he had a less than 50 per cent [...]

Saad al-Hariri arrives in Paris for talks with Macron

November 18, 2017 Reuters Listen to this article Play audio for this article Pause This is an experimental feature. Give us your feedback. Thank you for your feedback. What do you think? I‘ll use it in the future I don‘t think I‘ll use it Please tell us why (optional) Send Feedback PARIS, Nov 18 — Saad al-Hariri, who resigned as Lebanon’s prime minister this month while in Saudi Arabia, arrived in Paris on Saturday for talks with French President Emmanuel Macron, a statement from Hariri’s press office said. Mr Hariri [...]

Italy braced for €1bn hit to economy due to World Cup failure

Italy’s failure to qualify for the 2018 football World Cup in Russia could cost the country in excess of €1bn (£890m), the former president of Italy’s National Olympic Committee has said. Franco Carraro said the Azzurri’s absence in next summer’s showpiece event would be keenly felt in many parts of Italian society, including lower advertisement sales during the televised matches. “It’s not only about missed advertising sales, television rights and merchandising related to the event,” Carraro was quoted as saying [...]

Da Vinci sale propels auction houses to $2bn week

November 17, 2017 Eric Platt in New York Listen to this article Play audio for this article Pause This is an experimental feature. Give us your feedback. Thank you for your feedback. What do you think? I‘ll use it in the future I don‘t think I‘ll use it Please tell us why (optional) Send Feedback Sales at the three big auction houses this week vaulted above $2bn on the back of the record-shattering $450.3m paid for the last Leonardo da Vinci in private hands, making it one of the [...]

BUDGET 2017: Hammond plans to RAISE income tax for 30 million households | City & Business | Finance

The move could raise up to £3.1billion a year by freezing the point when people start paying the new basic rate income tax and higher rate income tax. At the moment this lies at £11,500 and £45,000 respectively. After the manifesto target is reached it would rise to £12,500 and £50,000. Each year both of these thresholds increase by consumer price inflation.  The Resolution Foundation, a think tank, believes due to the rate of inflation being higher than forecast that basic [...]

Siemens to cut thousands of jobs worldwide but UK workforce could be spared

Siemens has confirmed plans to cut thousands of jobs at its power and gas division. Confirming its move on Thursday (16 November), the German industrial conglomerate said a decision to restructure the division, which makes power turbines and drives for oil and gas extraction, was behind the move as there has been a recent decline in demand. Siemens pegged the global headcount reduction at 6,900. Around half of the cuts in the division will take place in Germany, 1,100 in [...]