Seven days in the Square Mile

The Week Middle East - - Business -

The ONS re­ported that Govern­ment bor­row­ing rose to £10.6bn in Septem­ber – an un­ex­pected in­crease that puts the Trea­sury on course to ex­ceed the Of­fice for Bud­get Re­spon­si­bil­ity’s £55bn fore­cast for the year by £14bn. The war of words be­tween the gov­er­nor of the Bank of Eng­land and Tory politi­cians con­tin­ued: the for­mer Lord Chan­cel­lor, Michael Gove, com­pared Mark Car­ney to the Chi­nese em­peror Ming, whose “per­son was held to be in­vi­o­lable and with­out im­per­fec­tions”.There was bet­ter news in the eu­ro­zone, where busi­ness ac­tiv­ity is at its high­est level in nearly a year, ac­cord­ing to the eu­ro­zone flash Pur­chas­ing Man­agers’ In­dex. The Govern­ment’s long-awaited de­ci­sion to award Heathrow a third run­way left air­line shares largely un­moved. The big­gest gainer was the ware­house­owner Se­gro, which stands to reap an in­crease in freight traf­fic fol­low­ing the air­port’s ex­pan­sion. Ap­ple posted an 8% drop in sales for 2016 – the first since the launch of the iPod 15 years ago – but rev­enues from on­line ser­vices, such as the App Store and iCloud, rose 24% to a record $6.3bn. Cly­des­dale and York­shire Bank Group made “a last ditch” at­tempt to buy RBS’s Wil­liams & Glyn spin-out, weeks ahead of the EU dead­line. Lloyds Bank sig­nalled an end to PPI com­pen­sa­tion af­ter ear­mark­ing an­other £1bn, tak­ing its to­tal to £17bn. Aus­tralia’s rich­est wo­man, Gina Rine­hart, in­vested £245m in a potash mine in North York­shire.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.