Foot journalists revolt over colleague’s sacking

The Financial Occasions faces newsroom unrest after it allegedly sacked a journalist who was simply  on delinquent leave unexpectedly or compensation.

Union representatives stated they’d launched a proper dispute using the writer within the “precipitous and unprecedented” dismissal, which came in the finish of six several weeks off.

The journalist was sacked “with no discussion of redundancy terms with no sufficient support”, based on the FT’s National Union of Journalists (NUJ) chapel.

Union representatives claimed to colleagues the writer said staff taking delinquent leave forfeit their to a notice period, payment instead of notice and redundancy terms.

The row went to arbitration service ACAS for formal talks using the NUJ claiming the Foot is within breach of their house agreement.

It comes down because the Foot seeks to lessen costs. That is similar to all newspaper publishers, it faces severe pressure on its print advertising revenues and increasingly tough market online as Google and Facebook dominate.

The dispute over delinquent leave comes right after of the strike threat within the FT’s 13pc gender pay gap. Union leaders stated the writer had “not been using this matter seriously enough”.

A spokesman for that Foot, which is a member of japan writer Nikkei, declined to go over the delinquent leave row but stated it offered a number of time-off plans including “flexi leave, enhanced parenting leave, compensated volunteering leave, delinquent leave, sabbaticals for editorial staff and generous holiday allowances”.

The spokesman added: “The accessibility to these benefits are appreciated by our staff.”

Companies urge ministers to provide them clearness on publish-Brexit industrial strategy

Industry is asking for clearness in the Government within the nascent industrial strategy or risk among the key planks of Conservative policy failing.

Britain’s manufacturers are with assistance with what ministers are searching for from business, areas they are curious about backing, and information on the support apt to be available to allow them to feed into setting “sector deals”.

These deals were put down within an initial Eco-friendly Paper, encouraging industry to get together and say what it really wanted in the strategy, instead of Government selecting sectors itself. This insurance policy from the condition “picking winners” continues to be roundly criticised as getting been attempted previously and unsuccessful. 

By encouraging business to assist set priorities and targets itself, it’s wished the policy could be more prone to succeed and can target regions of industry in which the United kingdom has potential to become a world leader, helping drive the publish-Brexit economy. 

However, to date the federal government has unsuccessful to provide any info on what it really wants, putting the entire industrial strategy in danger, based on companies. 

Companies and trade associations taken care of immediately previous consultations in the Government by what they wish to see within the strategy, but have unsuccessful to get any response from ministers.

The Ten support beams from the Governments new industrial strategy

Chris Richards, mind of economic atmosphere policy at EEF, the manufacturing trade body that is leading requires guidance, stated: “Sector deals have great possibility to boost industry however the government’s eco-friendly paper left urgent questions unanswered by what the procedure may be like.

“Sectors have no idea what criteria the federal government is going to be using to sift bids or exactly what the timescale is – they have no idea the e-mail address of who to transmit their bids to.

“This isn’t like when local government bodies could use their significant sources to transmit detailed devolution deal bids” he added. “Business isn’t for the reason that position and it has to begin your day job – without guidance they might be wasting time developing deals that neglect to pass muster.”

As dependent on emergency, EEF is asking around the Government to:

  • give information on the time-frame from the process, allowing industry to organise its response
  • put down the factors which is accustomed to choose which sectors to back, with transparency essential so emerging sectors who have great potential know they’re not going to be overlooked towards established ones
  • how wide-varying the deals may be, because they often see industry cope with departments apart from Business, Energy and Industrial Strategy (BEIS)
  • make obvious if there might be several “waves” of sector deals, meaning companies don’t hurry to get into the first, if more are most likely.

Britain’s motorsport sector is really a world leader and Chris Aylett, leader from the industry’s association, backed the idea of targeted support. 

“If handled properly, sector deals could increase our sector’s productivity but success will depend on guidance from Government,” he stated. “Timescales for particular actions is crucial to ensure that limited sources aren’t wasted also it is needed to understand soon which sectors is going to be prioritised.”

A BEIS spokesman stated: “Earlier this season, the company Secretary announced the Government could be publishing additional guidance for that settlement of sector deals included in today’s Industrial Strategy. We plan to publish this guidance shortly.”

Three issues formal legal threat over mobile spectrum as Ofcom holds talks on renting out airwaves

A purchase of airwaves essential to improving mobile signals originates under attack with a formal legal threat from among the world’s wealthiest men to Britain’s telecoms regulator.

Lawyers for that mobile operator Three, area of the CK Hutchison empire controlled by Hong Kong millionaire Li Ka-shing, hands-delivered instructions to Ofcom signalling a higher Court challenge towards the rules of the approaching multibillion-pound radio spectrum auction.

Mr Li, certainly one of Britain’s greatest foreign investors, formerly unsuccessfully lobbied the Pm to intervene on his account.

The specter of many years of wrangling has motivated talks between Ofcom and Three’s rivals over methods to increase mobile capacity and coverage, including renting airwaves until law suit is finished. Sources stated O2 a week ago suggested a brand new system of temporary licences inside a ending up in regulators.

O2 has got the tiniest share from the airwaves and it is more and more concerned it’ll exhaust capacity as customers consume more data on the go.

Theresa May rejected an attract intervene from Li Ka-shing captured

Three’s letter before action, seen by The Daily Telegraph, accused the regulator of disobeying the law in neglecting to tilt the purchase further in the favour. The operator formally threatened a judicial review and claimed Ofcom’s decision is “liable to become quashed unless of course it’s revoked and remade”.

Three claimed that BT and Vodafone’s dominance from the airwaves harms competition. Ofcom’s opposition to the unsuccessful make an effort to merge with O2 means it has to re-balance the marketplace within the spectrum auction, based on the letter.

Ofcom has suggested to cap the proportion from the airwaves any operator holds following the purchase at 37pc, but Three states the limitations on its bigger rivals aren’t tight enough.

Three alleges that Ofcom’s plans “fail completely to achieve… the decision’s own fundamental purpose of staying away from very uneven spectrum shares”. It alleges the suggested auction rules can often mean BT includes a share in excess of 39pc until 2020, when another purchase of airwaves is planned.

At that time Three claims Ofcom could abandon the 37pc cap, making it “simply meaningless”.

Ofcom can also be charged with neglecting to correctly consider Three’s own proposal for tighter rules that will have meant BT could be immediately limited to 37pc instead of 2020.

BT is described as thinking about its options considering Three’s letter.

Three’s move perfectly into a judicial review is really a blow to Ofcom and also the operator’s rivals, who despite their very own concerns within the auction rules have indicated they’re not going to mount legal challenges.

Ofcom leader Sharon White-colored is aiming to obtain an auction going ahead this season

The regulator, pressurized in the Government, is keen to accomplish the purchase as quickly as possible so operators can get ready for the launch of faster and much more reliable 5G mobile online sites within the next couple of years.

Most from the airwaves due for auction aren’t immediately functional but they are likely to be crucial for network upgrades.

An Ofcom spokesman stated: “Our auction can help offer the UK’s four-player mobile market, that has provided choice and cost to customers for several years.

“We need to see new spectrum being used as quickly as possible, so operators can take shape for future years and also the United kingdom can begin taking advantage of 5G mobile by 2020.”

Three leader Dave Dyson stated a week ago that no decision have been adopted whether to try to get a judicial review. He claimed the High Court process would take only three several weeks.

Ofcom declined to discuss O2’s require a rental system to become setup, citing confidentiality. In addition to capacity concerns, the operator is keen to secure spectrum in front of a possible stock exchange float.

It’s understood O2 advised Ofcom to market temporary licences within the 2.3GHz band, that is immediately functional, that might be handed back when a full purchase can occur. BT could be barred from putting in a bid, as underneath the current auction proposals.

Change admits its ‘product might be better’ after disappointing sales

New Look has blamed another quarterly fall in profits on not getting the best products and shunning promotions, resulting in shoppers looking for cut-cost clothes elsewhere.

High street shops fashion chain recorded a 4.4pc slip in sales to £338.7m during its first quarter to June 24 as like-for-like sales, which measure stores open at least a year, fell by 7.5pc.

New Look’s website sales were .6pc lower throughout the quarter, despite sales on third-party sites such as rising by 15.7pc.

Anders Kristiansen, leader, accepted it had become a “disappointing quarter of trading” and stated that “product might be better”. Change had the choice to run less discounts available an internet-based, which “meant less sales on the internet and less traffic, but it’s been a conscious decision”.

Mr Kristiansen stated that New Look’s website was more lucrative compared to its pure-play rivals, for example Asos and Boohoo.

To reply to its online rivals’ rampant growth Change has spent £2m more about marketing this season when compared with last because it recruits social networking influencers and bloggers to improve its presence with youthful shoppers.

The company has additionally taken a £60m to £70m hit on foreign currency costs when compared with this past year because of the less strong pound, the brand new Look boss revealed.

As an effect, losses after tax grown to £15.2m over a £5.8m profit this past year.

In order to improve its product attract shoppers Change has lately reshuffled its design teams. The retailer’s menswear boss Christopher Englinde and footwear director Amanda Wain left the company in June.

Change has additionally employed former Zara Fundamental mind of product Paula Dumont Lopez since it’s new chief creative officer, succeeding Roger Wightman.

The short high-street store also poached Mango womenswear director Rosa Gutierrez Sanchez to boost its buying, merchandising and style departments.

“It’s about delivering the merchandise the customer wants, to really make it more fashion forward, attractive and wearable,” Mr Kristiansen stated. 

“With the merchandise not striking the mark, the appearance of Paula Dumont Lopez in September is a lot needed, with the expectation of reigniting the retailer’s trend authority and bolstering its relevance on the market,” said Kate Ormrod, senior retail analyst at Global Data.

The deadliest jobs within the United kingdom – and just how much they pay

While you may think as being a firefighter or zoo keeper is a dangerous profession, the deadliest tasks are really individuals in apparently low-risk sectors.

Data from the Health and Safety Executive (HSE) implies that construction is easily the most risky kind of operate in the United kingdom, with 196 deaths recorded between 2011 and 2016. Regardless of the dangers, the typical construction wages are just £18,080 annually, based on an analysis of more than a single million listings by jobs site Adzuna – well underneath the United kingdom average of £28,200.

Here, we have reviewed the most harmful jobs within the United kingdom between 2011 and 2016, and just how much they pay.

1.  Construction (of structures) – 196 deaths, £18,080 annual salary

1 / 2 of deaths on building construction sites are the result of falling from height, but falling objects will also be a large risk for builders.

2. Farming and forestry – 152 deaths, £22,157 annual salary

Heavy machinery, working from heights, and being around potentially harmful creatures (a milk cow weighs 680kg typically) mean that farms are fraught with danger.

While maqui berry farmers are compensated a typical £22,157, tractor motorists earn less – around £21,203 typically.

Farming is among the most harmful industries to operate in 

3. Manufacturing – 111 deaths, £27,457 annual salary

<!–br –>Manufacturing products including food, metal, rubber, plastic, furniture and machinery led to 111 deaths within the five-year period from 2011-16. 

The average annual salary for any manufacturer, based on Adzuna, is £27,457.

4. Vehicle repair and maintenance – 48 deaths, £28,369 annual salary

With mechanics making an effort working under and around heavy vehicles, accidents inside the garage could be fatal. However, many mechanics will also be known as to freeway breakdowns, which may be hazardous by itself.

Within the lengthy term, vehicle exhaust fumes can be threat too.

There have been 48 auto technician deaths between 2010-16 Credit: Alamy

5.  Land transportation (lorry driving) – 38 deaths, £23,376 annual salary

Weighing around 3.5 tons, huge goods vehicle has the possibility to cause lots of damage if your driver loses control – but numerous lorry driver deaths were brought on by other moving vehicles on the highway.

Instantly Probably the most harmful jobs within the United kingdom

6. Waste management – 33 deaths, £17,591 annual salary

Operating large machinery and very heavy vehicles implies that waste collection could be a dirty job, along with a harmful one.

7. Civil engineering – 14 deaths, £39,186 annual salary

Collapsed excavations, being hit by vehicles, entering connection with electricity as well as hyperthermia were are just some of what causes deaths for civil engineers between 2011-16.

8. Electrical and plumbing – 5 deaths, £30,042 annual salary

If you think the number-one reason for dying for electricians is electrocution, you’d be wrong. Falls are once more the primary kind of fatal accident with this profession, although connection with electricity is another cause.

While electricians earn a proper earnings of around £30,042, plumbers get much more – £34,228 typically.

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Global Blue gears up for €4bn float in Europe

Global Blue, the tax refund payment firm, is paving the way in which for any €4bn (£3.6bn) flotation in the turn of the season, possibly working in london.

No location has yet been selected for that dpo, although it will likely be a eu stock market and never in Asia or New You are able to, The Telegraph has learnt. The float looks set to occur at the begining of 2018. 

Goldman Sachs, JP Morgan and Morgan Stanley look prone to focus on the float, even though the buying process for advisors continues to be going ahead, the origin stated, rebuffing earlier reports Global Blue already had its advisors arranged. Conferences had to have place as lately as Monday. 

The Telegraph understands Global Blue started informal talks within the potential float a few several weeks ago.  

Silver Lake, which controls Global Blue along with  Partners Group, typically holds investments for approximately 5 years. It made its purchase of Global Blue this year. 

A Worldwide Blue spokesperson declined to comment in the news, that was first as reported by Sky News.  

Global Blue late this past year signalled it’d possessed a “turbulent year”, however in an announcement recently recommended buying and selling had selected support. 

Global Blue mostly serves Russian, Middle Eastern and Chinese vacationers, and stated it absolutely was helped by inexpensive visit Europe. 

The firm stated its European Tax-free Shopping sales increased for any sixth consecutive month in June, with Chinese sales-in-store rising and luxury sales within the United kingdom remaining “strong”. 

The country has lately demonstrated to become its most powerful performing market, as key air travel connections have been established with Russia and China, it stated.  

During the last two fiscal years, ending March 31, The Telegraph understands Global Blue’s earnings before interest, tax, depreciation and amortisation had grown 20pc. 

Shoppers reduce to make certain they are able to pay the essentials 

Higher costs are forcing British families to invest more about food and reduce elsewhere, as imported inflation begins to bite.

Paying for food elevated by 1.4pc within the three several weeks to This summer compared with similar month last year, but expenditure on other products fell by .4pc, the British Retail Consortium (BRC) stated.

Families chopped back their paying for clothing, jewellery and watches, household appliances, toys and baby equipment, and beauty and health products.

However they did increase paying for home accessories, furniture and food.

“From afar, retail performance seems to possess been stable in This summer, with total sales growing by 1.4pc and both on the internet and in the shops sales registering growth overall. Searching in the figures in greater detail though, the meals sector is constantly on the perform strongly although non-food sales struggle,” stated KPMG’s United kingdom mind of retail Paul Martin.

“Food cost inflation is constantly on the may play a role although this pressure is apparently easing. However it is also worth noting that the major driver behind elevated consumption is booming household debt.”

Figures from Barclaycard indicate consumer spending rose 3.5pc around the year, largely driven by greater food prices instead of confidence throughout the economy.

Only 28pc feel confident throughout the economy, lower from 34pc last year.

Similarly pessimism is continuing to grow as 61pc of shoppers surveyed told the credit card business that they’re not positive about the outlook.

Such gloom has already established an impact on spending habits, based on the survey, which found 43pc of consumers stated they’re answering inflation, and 54pc of individuals did so by shopping more on sale stores.

Households have still found the funds to splash on hit movies for example Dunkirk, indicating the squeeze on finances isn’t unbearably intense Credit: Thanks to Warner Bros. Picture

“Although consumer spending growth rebounded from May and June’s lacklustre performance, last month’s figure ought to be given caution. While supermarkets published a powerful performance, a number of that growth is going to be because of greater prices,” stated Paul Lockstone at Barclaycard.

“As an effect, consumers might have needed to budget more carefully to invest on their own favourite ‘nice-to-haves’, whether which was an evening out in the cinema or perhaps a meal with buddies and family.”

However, pressure isn’t overwhelming and households will find cash for treats when they would like to.

Barclaycard’s figures demonstrated a 24pc increase in paying for cinema tickets and occasions, that the bank put lower to interest in the show Dunkirk and music tours from Erectile dysfunction Sheeran and also the Killers.

Overall entertainment spending elevated by 12.5pc.

United kingdom greenlights ScottishPower’s offshore wind farm

The Government has provided the eco-friendly light to some major offshore wind farm that could end up being the least expensive yet in United kingdom waters.

Greg Clark, the company and Secretary, granted ScottishPower planning permission to construct the 2nd phase of their East Anglia wind farm 42 miles from the coast of Norfolk using wind generators greater than 2 . 5 occasions the peak of London’s Big Ben.

The Fir.2GW project could produce enough electricity to power nearly millions of homes by 2025, and it is likely to be much better value compared to first phase from the development the least expensive to enter construction to date.

ScottishPower Renewables, of Spain’s Iberdrola, will have to contend with other projects within an auction to have a contract which guarantees a collection revenue stream through top-up payments from consumer bills.

The very first phase from the East Anglia project may be the least expensive offshore wind project to become built, however the £119 per megawatt hour deal has nevertheless elevated requires developers to operate harder to lessen the responsibility on bill payers.

The work price is roughly 30pc greater than EDF’s Hinkley Point C nuclear plant that has attracted fierce critique to be too costly to construct or support.

But the renewables developer stated industry breakthroughs imply that offshore wind prices will fall well below this level to create offshore wind “one from the least expensive types of low carbon electricity”.

To win the race towards the cheapest offshore wind costs the organization must beat stiff competition from Denmark’s Dong Energy that has scaled up how big its turbine they are driving costs lower faster.

Keith Anderson, Chief executive officer of ScottishPower Renewables  Credit: Chris James

Keith Anderson, the main executive of ScottishPower Renewables, stated offshore wind has delivered on its offers to keep costs down, that have fallen with a third between 2012 and 2016.

“Our sector has met every technical and political challenge, grown britain’s logistics, and improved we’ve got the technology in a rapid pace to permit projects to become deployed in ever harsher conditions. Simultaneously, the amount of cost reductions achieved would more generally be viewed in electronic devices,Inches he stated.

The wind giant can also be intending to export we’ve got the technology towards the US with what could end up being a benefit for United kingdom plc after winning the authority to build two mammoth wind farms from the country’s new england.

RenewableUK’s Emma Pinchbeck, stated the political stamp of approval is really a “vote of confidence within the UK’s world-leading offshore wind sector” and may create “thousands of skills jobs throughout its 30-year lifetime”.

Meanwhile, the falling price of solar and battery technologies is placed to power britain’s largest community energy project near Stratford-Upon-Avon in Warwickshire later this season.

Mongoose Energy, a professional community energy developer, has completed financing on the deal to construct three solar farms having a combined capacity of just about 15MW, alongside batteries, to assist generate enough electricity to power 4,500 local homes via a new community energy company.

The plan taps an increasing trend towards pairing the 2 technologies and is available in the wake of fresh government support for battery development and new regulation to assist enhance their efficiency.

Job swap! Manchester and Stansted airport terminal bosses switch roles

The bosses of Manchester and Stansted airports are swapping jobs inside a bid to place their skills to best use as each site handles a significant project.

Andrew Cowan, leader of Stansted airport terminal, will swap together with his counterpart at Manchester, Ken O’Toole, in September. 

Manchester Airports Group (MAG) owns both sites.

Before joining the company in 2013 as chief operating officer, Mr Cowan was group leader of Robertson Group, among the largest individually owned construction, infrastructure and support services companies within the United kingdom.

The airport’s proprietors check this out experience as essential as Manchester Airport terminal begins a £1bn programme to construct a brand new terminal in order that it could make better utilization of its two runways.

At Stansted, meanwhile, Mr O’Toole, that has been boss of Manchester airport terminal since 2013, will focus on a task to create better utilisation of the existing runway while increasing the airport’s ability to 44 million passengers annually.

Stansted recently passed 25 million and it is capacity is presently limited to 35 million. 

Particularly Mr O’Toole will concentrate on developing the site’s route network, which lately saw flights to New You are able to and Boston added.

Just before joining MAG, Mr O’Toole spent six years with Ryanair, initially as mind of revenue management and latterly as director of recent route development.

Charlie Cornish, leader of MAG, stated both airports were “about to attempt significant periods of development and investment” which Mr O’Toole and Mr Cowan were the “right individuals to lead them in this critical time”.

Mr Cornish added the organization had handed the recently produced role of chief of staff to Collette Roche, who was simply at the organization since 2010, including most lately as acting md at Manchester airport terminal. In her own new role, her primary responsibilities are assisting to produce the group’s strategy and lead areas of the company for example IT, engineering services and health & safety.

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FTSE 100 pushes up towards all-time high as more powerful dollar lifts United kingdom stocks

  • European equities continue being lifted through the more powerful dollar holding Friday’s gains against the pound and euro
  • Miners lead the gainers on the FTSE 100 thanks to an iron ore cost rally housebuilders rebound from Friday’s sell-off
  • House cost growth drops to 4 year low fall attributed to sluggish wage growth

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Paddy Power Betfair plunges after announcing leader departure

Investors have reacted negatively this news that Breon Corcoran will step lower as Paddy Power Betfair leader after 16 years

The only big mover around the FTSE 100 to date today is Paddy Power Betfair, that has dived 6.8pc following a announcement that leader Breon Corcoran’s 16-year reign in the bookie has ended and that Worldpay boss Jackson is going to be his successor.

In the other finish, medical supplier ConvaTec has rebounded from Friday’s losses to guide nowhere-nick index, rising 2pc in early stages, as the FTSE 250 has nudged up into positive territory with defence and technology group QinetiQ evolving 4.8pc on the broker upgrade from Goldman Sachs.

Spreadex analyst Connor Campbell is not too hopeful from the excitement obtaining in the near future:

“Now, and also the first half especially, is definitely an absolute snooze, tumbleweed drifting over the economic calendar until Thursday’s United kingdom manufacturing data and Friday’s US inflation studying.  

“That explains why the markets were relatively muted following the bell – not particularly negative, just fairly sluggish. The FTSE nudged around 15 points greater, maintaining your index in a 7530, 7 week high after it taken advantage of last week’s pound-pummelling Bank of England dovishness.  

“Speaking of sterling, the currency doesn’t look prone to recover last week’s chunky losses in the near future.Inch 


House prices grow at cheapest annual rate in 4 years

House prices within the three several weeks to This summer were 2.1pc greater compared to exactly the same three several weeks last year

Annual house cost growth slowed to its cheapest rate in This summer since 2013, based on data just released by Halifax.

Prices fell by .2pc on the quarterly basis, the 4th successive quarterly fall, while home sales between May and June dipped by 3pc. The average United kingdom house cost arrived at £219,266 with prices within the three several weeks to This summer being 2.1pc greater compared to exactly the same three several weeks last year.

Russell Galley, md at Halifax Community Bank, blamed the squeeze on spending power brought on by sluggish wage growth for that housing market’s ongoing struggles. 

However, he added that prices should be based on the reduced type of loan atmosphere as well as an ongoing lack of qualities for purchase.

Mr Galley commented:

“House prices still remain broadly flat, because they have since the beginning of the entire year.

“The increase in the use level by 175,000 within the three several weeks to May helped push the unemployment rate lower to 4.5%, the cheapest since June 1975. However, this improvement within the jobs market hasn’t, up to now, boosted wage growth, leading to earnings rising in a slower rate than consumer prices.

“This squeeze on spending power, along with the effect on property transactions from the stamp duty alterations in 2016 now being realized, together with affordability concerns, have the symptoms of led to less strong housing demand.”

The availability of home for sales ongoing to remain low


Agenda: Global stock markets continue being lifted by US jobs data

Welcome to the live markets coverage.

European equities continue being lifted by Friday’s strong US jobs data within the new week with the resultant stronger dollar still pushing lower the euro and pound. 

Around the foreign currency markets, the pound is stuck at Friday’s lows from the dollar, buying and selling at $1.3043, while from the euro it’s nudged lower to €1.1070.

Iron ore prices rallying to some four-month high has lifted the FTSE 100 miners in early stages as the housebuilding stocks have rebounded from Friday’s sell-off according to fears the government’s Assistance to Buy plan was threatened by. The general index has advanced around 20 points today, nearing its all-time closing a lot of 7,547.63

Corporate news is very thin on the floor today without any blue-nick stocks reporting interim results. Bookie Paddy Power Betfair unveiling Worldpay boss Jackson since it’s new leader may be the highlight. 

It is also searching just a little light around the financial aspects front with United kingdom house cost data due any minute now and investor confidence figures in the eurozone another focus for investors today. 

Interim results: Ultra Electronics Holdings, Telit Communications 

AGM: Akers Biosciences

Financial aspects: Halifax house cost index m/m (United kingdom), Work market conditions index m/m (US), Credit (US), Sentix investor confidence (EU), Industrial production m/m (GER)