December, 2018

• 19 December

  ‘Big four’ accountants face UK overhaul without breakup

  

  Bloomberg The Big Four accounting firms may have to split their operations into separate UK business units as part of a sweeping overhaul of the industry proposed by regulators that stopped short of the measures sought by some critics. The Competition and Markets Authority said audit work should be split from the much larger consulting business at an operational level, ...

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• 19 December

  Britain sees bleak 2019 as Brexit woes mount

  

  Bloomberg The warning signs of 2019 are lighting up for the UK economy as Brexit comes to a head. Retailers are complaining about an abysmal holiday season, house prices are weakening, businesses are holding back investment and the swooning pound is fuelling inflation. With just a few months until the March 29 deadline to exit the world’s biggest trading bloc, ...

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• 19 December

  GE files confidentially for health unit IPO

  

  Bloomberg General Electric Co (GE) has filed confidentially for an initial public offering of its health-care unit, according to people familiar with the matter, moving ahead with plans to spin off its second most profitable business line. The industrial conglomerate is working with Goldman Sachs Group Inc, Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Morgan Stanley ...

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• 19 December

  US homebuilder sentiment falls to weakest in 3 years

  Bloomberg Sentiment among US homebuilders fell in December to the lowest level since 2015, missing all forecasts and signaling that the industry’s struggles are intensifying amid elevated prices and higher borrowing costs. The National Association of Home Builders/Wells Fargo Housing Market Index dropped to 56 from 60 in the prior month amid broad-based declines across sales, expectations and buyer traffic, ...

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• 19 December

  German business confidence deteriorates to two-year low

  Bloomberg German business sentiment deteriorated further to its lowest level in more than two years as trade tensions and the rising risk of a no-deal Brexit threaten to hamper a meaningful economic rebound from a summer lull. The Ifo Institute’s gauge of corporate confidence in Europe’s largest economy fell to 101.0 in December from 102.0 in November. The fourth straight ...

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• 19 December

  UK companies face action on ‘loyalty penalty’

  

  Bloomberg Providers in the UK’s markets for cash savings, mortgages, insurance, mobile phone contracts and broadband are burdening customers with a “loyalty penalty” of around 4 billion pounds ($4.4 billion) a year, the Competition and Markets Authority said. Vulnerable people, including the elderly and those on a low income, may be more at risk of overpaying for key financial services ...

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• 19 December

  Micron forecasts weaker sales on slowdown in chips

  

  Bloomberg Micron Technology Inc, the largest US maker of computer memory chips, gave a forecast that fell short of analysts’ estimates, adding to concern that a two-year surge in demand for its products is over. The shares declined as much as 9 percent in extended trading. Revenue in the current period will be $5.7 billion to $6.3 billion, the Boise, ...

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• 19 December

  ‘US to review curbs on North Korea humanitarian aid’

  

  Bloomberg A US nuclear envoy said Washington would review policies preventing Americans from providing humanitarian to North Korea, including the travel ban, in a potential overture to restart talks with Kim Jong-un. Stephen Biegun, the US’s special representative for North Korea, disclosed the move, as he began a four-day trip to South Korea. The former Ford Motor Co. executive will ...

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• 19 December

  Buhari proposes $24 billion budget

  Bloomberg Nigerian President Muhammadu Buhari presented an 8.8 trillion-naira ($24.2 billion) budget for next year to lawmakers after the cabinet agreed to reduce spending plans as the nation struggles to meet revenue targets. Nigeria, Africa’s biggest oil producer and most populous nation, has “recovered from recession” after a slump in 2016, Buhari told a joint session of the Senate and ...

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• 19 December

  Theresa May pushes no-deal Brexit dangers as splits grow before key vote

  

  Bloomberg Prime Minister Theresa May, who has just 28 days to convince rebellious lawmakers to back her Brexit deal, put the UK on high alert over the dangers of crashing out of the European Union without an agreement. Her cabinet ministers agreed to implement “in full” plans for a no-deal break from the European Union, including 3,500 troops put on ...

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