The GBP/USD currency pair confirmed yesterday's scenario, having climbed back above the 1.23 major level and even completely ignoring the immediate resistance at 1.2324. Friday brings a lot of uncertainty, as volatility direction is likely to be caused by Trump's speech during his inauguration later today. From a technical perspective we should see more upside movement, despite a group of strong resistances located just beyond the 1.24 handle. On the other hand, the US Dollar could receive a solid boost, with the Cable seen dropping as low as 1.21 in the worst case scenario.
Swiss Life company Zurich will cut 240 jobs in the UK as part of a business restructure. The company said it will remove 240 jobs from the UK business after plans were announced last year to merge the life and general insurance departments. The new structure will be effective immediately but the firm will consult on the job cuts before making any decisions. Zurich said the jobs cuts would not be in 'market facing' roles and were likely to be from back office positions. It said cuts would be made where there was overlap between life and general insurance positions.
MasterCard has put forward proposals to the Competition and Markets Authority (CMA) after the watchdog expressed concern over its acquisition of VocaLink. The CMA said the merger could make it difficult for the UK ATM network Link to negotiate a good infrastructure service because of reduced competition. The CMA had given MasterCard and VocaLink an ultimatum to remedy its competition concerns or face an in-depth investigation.
British Prime Minister Theresa May is expected to say on Tuesday that she favours a clean break from the European Union, dismissing a "half-in, half-out" Brexit deal with Brussels. In a highly anticipated speech, May is likely to give further signals that Britain is heading to what analysts call a "hard" Brexit. It is thought the Prime Minister is ready to take Britain out of the European single market and customs union, though it remained unclear whether she will give a definitive answer on the question.
The government is seriously considering imposing a £1,000-a-year levy on every European Union skilled worker recruited by British employers after Brexit. Home Office minister Robert Goodwill told peers that the “immigration skills levy” could be introduced for EU migrants and would “be helpful to British workers who feel they are overlooked” in favour of migrants. He went on: “I don’t think many people are aware that in April of this year we are bringing for non-EU workers coming into the UK an immigration skills charge.
Mayor of London Sadiq Khan downplayed concerns that London will suffer in the wake of Brexit, telling CNBC in an interview that European Union citizens "are welcome" in the city and "that's not going to change." Khan has vowed to “DEFY Brexit” by working on proposals for London-only work visas, not because he and the city’s business leaders believe this would help buttress its economy in the uncertain years ahead, but simply in order to “maintain the number of migrants entering London”. He told CNBC that one of their main concerns is to continue to attract talent post-Brexit. Among other advantages, Britain is hoping to retain access to Europe's common market, which currently requires the country to allow free movement of E.U. citizens across borders.
McDonald's Corp said on Thursday it would move its international tax base to the United Kingdom from Luxembourg after coming under increased scrutiny from European Union regulators over its tax arrangements in the small country. McDonald's said it would create a new international holding company domiciled in the UK that would receive the majority of royalties from licensing deals outside the United States. The profits will be subject to British tax, McDonald's said in a statement that was immediately welcomed by the British government, which is under pressure to preserve economic stability as the country prepares to leave the European Union.
UK business schools have trumped their European rivals, according to the Financial Times European Business School Ranking 2016, giving them strength after the tumult of Brexit. London Business School topped the FT's table for the third year on the trot, although continental rivals are close behind, with HEC Paris and INSEAD of France in second and third place.
he Swiss Bankers Association intends to enter into more agreements for the automatic exchange of tax information in order to keep pace with the most advanced countries in the sector. Switzerland signed less than 40 agreements, while other countries have already arrived to sign 60, said last night in Geneva, the new president of the SBA Herbert Scheidt. "There is a certain expectation and we must act quickly," but we must also see how the other states apply the standards and hope that the Organisation for Economic Co-operation and Development (OECD) does not grant exemptions from the US financial centers. Other points to watch are security and data protection. If these conditions are met, you will go "in the right direction."
Engine maker Rolls-Royce is axing 800 jobs in its marine division as weakness in the struggling oil and gas sector takes its toll. The UK-based firm said it was too early to say where the jobs axe would fall. Its marine business employs 4,800 people globally with around 400 in the UK, of which half are based in Bristol and the remainder across offices in the Midlands and a manufacturing site in Dunfermline, Scotland. Rolls said the job cuts will be made next year as part of an overhaul to make annual cost savings of around £45 million to £50 million. The unit's workforce has already been slashed from 6,000 in 2015.
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