New
analysis by the TUC of figures from the Office of National Statistics suggest
that while women get paid less than men at every stage of their careers, the
gender pay gap is widest during their 50s. Females employees will cumulatively
be £85,040 worse off than men over the next decade and when women turn 50, they
start to earn £8,504 less than men.
The
Office of National Statistics has said that although British construction output
fell unexpectedly in August, led by a decline in infrastructure projects, the
weakness did not appear to be linked to the Brexit vote in June. There have
been signs that the sector performed better in September, according to a private
purchasing managers survey published earlier this month.
The
governor of the Bank of England, Mark Carney, has said that inflation will rise
on products such as food and fuel due to the fall in the value of the pound. He
said that sterling’s fall “helps the economy to adjust” but that it was “going
to get difficult as we move from no inflation to some inflation”. He also
remarked, speaking at a roundtable discussion in Nottingham, that it is not the
Bank’s job to target the value of sterling and that they had to "weigh
increased inflation against supporting the economy" with low interest
rates.
US rating
agency Standard & Poor has warned that the pound might lose its status as
one of the International Monetary Fund’s (IMF) reserve currencies if the UK
fails to gain full access to the single market as it negotiates its way out of
the EU. They agency stripped Britain of its AAA status immediately following
the Brexit vote in June, stating that the leave result would “weaken the
predictability, stability, and effectiveness of policymaking in the UK”.
Tesco,
Britain largest retailer, settled a pricing row with Unilever after halting online
sales of goods produced by the Anglo-Dutch giant in a dispute caused by the
dive in the value of the pound following the Brexit vote in June. The dispute was
the first clear sign for consumers of the potential turbulence caused by the
vote and the ways in which it could hurt them. Tesco and Unilever stock fell
2.2 and 3.5 percent respectively.
Snap
Inc, the owner of social media messaging app Snapchat, has moved a step closer
to listing its shares on the stock market after settling on which banks will
help with the flotation. Sources close to the deal confirmed that Morgan
Stanley and Goldman Sachs would underwrite the initial public offering (IPO). The
listing, which could happen as soon as next year, would be the largest social
media float since Twitter went public in November 2013.
France’s
finance minister, Michel Sapin, has said that some US banks have told him that
they will move some of their activities out of Britain to other European
countries in the wake of the UK’s decision to leave the EU. Sapin said that
until now US banks had adopted a wait-and-see approach towards their British
investments. He indicated that some bank had already made the decision to move
and that France was working on a plan to promote Paris as a future financial
capital.
In Other News
- Saudi
Arabia set to become world's biggest tech investor with new $100bn SoftBank
fund - http://www.independent.co.uk/news/business/news/saudi-arabia-softbank-techhology-fund-investor-100-billion-a7361036.html
- VW sales
lifted by strong deliveries in China - http://www.bbc.co.uk/news/business-37652464
- China
inflation relief sends stocks, dollar higher - http://uk.reuters.com/article/uk-global-markets-idUKKCN12E027
- London
trader accused of causing 2010 crash fights extradition to US - https://www.theguardian.com/business/2016/oct/14/flash-crash-trader-navinder-singh-sarao-challenges-extradition-to-us
- Verizon
says Yahoo data breach could affect deal - http://www.bbc.co.uk/news/business-37652461
- U.S.
targets corporate tax-reduction strategy with new regulation - http://uk.reuters.com/article/us-usa-tax-inversions-idUKKCN12D2YC
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