THE DAILY BRIEFING
GOING UP The US economy grew at an annual rate of 3.5pc in the third quarter, having expanded by 4.2pc in the second quarter, bolstered by Donald Trump’s tax cuts which have supported household spending and investment. DOORSTEP WINDFALL Hundreds of employees at doorstep lender Morses Club are in line for a windfall worth £1,000. A share incentive scheme will see 428 staff awarded the equivalent of 3.25pc of their salary in shares, based on a price of 141.4p. LOSSES DOUBLE Losses at fashion retailer All Saints doubled last year despite strong sales of its leather jackets and chunky boots. The firm, based in east London, posted losses of £34.3m in the year to February 3, compared with £16.9m a year earlier. All Saints blamed the losses on £9.8m in exceptional costs relating to the overhaul of its sourcing division.
HOUSE BOOM Profits at UK builder Telford Homes jumped by 16.1pc to £10m in the six months to September 30, boosted by the Government’s Help To Buy scheme and a lack of supply in London. PROFIT HOPE French insurer Axa expects profits to rise after buying Bermuda rival XL for £11.7bn this year. It also said more cash will be paid to investors in dividends.
LEGAL BONANZA An extra 30,000 jobs were created in British legal services last year – an 8.8pc rise in employment across the industry. The 100 biggest firms generated £24.2bn, up 10pc, says lobby group
The City UK. The UK trade surplus in legal services stood at £4.4bn.
DEADLINE DAY Banks have until tomorrow to apply for cash from a £775m fund to boost competition among business lenders. The money is being handed out by RBS to give its competitors a boost, as part of a deal when it was bailed out in 2008.
WATCHDOG WARNS Customers of insurance broker Larksway are being warned their policies are at risk. The Financial Conduct Authority has stopped it providing services after concerns over its behaviour. SERVICES FEAR Confidence in the services sector dropped sharply in the three months to November, according to the CBI, as companies await a decision on Prime Minister Theresa May’s Brexit deal. In services such as accountancy, the fall was the sharpest for two years.