More than two years on from the initial vote to leave the European Union, and the UK looks no closer to securing a favourable Brexit deal.
After a string of cabinet resignations and a lack of discernible progress in securing a trade agreement, concerns continue to mount over whether the Prime Minister is indeed fit to oversee Brexit negotiations.
When May assumed the role of leader of the Conservatives back in 2016, few were envious of her challenging task of rescuing the so-called ‘poisoned chalice’ of Brexit.
But after a series of PR blunders throughout the course of her premiership, many within the party – and beyond – are increasingly dubious of May’s staying power into the next election.
Lacking a natural tact for speaking to the press, it seems Theresa May can’t seem to shake her image problem.
Despite holding the title of the longest-serving Home Secretary in the nation’s history, May is prove that being a good leader is more than simply ‘getting the job done’.
After a decidedly lacklustre 2016 election campaign which saw May branded as stiff and unrelatable, the bad press has only continued into her leadership.
Support for the PM has progressively dwindled, in particular amid public outrage after her delayed reaction to the tragedy of the Grenfell tower inferno that shocked the nation.
What’s more, the controversy surrounding the government’s response to the Windrush scandal has only alienated the public further, adding to the perception of May as lacking the leadership skills required to navigate the UK through the murky waters of Brexit.
Moreover, May’s embracement of President Trump during his recent trip to London, in spite of his less than complimentary comments in an highly-publicised interview with the Sun, has only compounded negative perceptions.
Ultimately, the question remains over whether the PM has the resoluteness required to represent the UK on the global diplomatic stage.
And dissent only continues to intensify at home, particularly within her own party, following the recent resignation of Foreign Secretary Boris Johnson and Brexit Secretary David Davis.
Nothing seems to be quelling doubts over whether Theresa May can effectively protect the UK’s interest overseas, when even her own party seems to be unravelling.
Most recently, her unfortunately awkward dancing during her trip to Africa went viral on twitter, only serving to overshadow her efforts in the region to secure the UK a trade deal.
Is she the dancing queen? 💃
Theresa May shows off her dancing skills to schoolchildren while trying to secure trade deals in Africa ahead of Brexit. pic.twitter.com/2Mfb1oXUwM
— Channel 5 News (@5_News) August 28, 2018
https://platform.twitter.com/widgets.js
With less than a year until the government’s self-imposed March 2019 EU withdrawal deadline, it remains to be seen whether May will defy the critics and demonstrate the resolve needed to secure the UK the best deal.
British Gas has paid out £2.65 million in refunds and compensation after wrongly charging customers who switched providers.
Ofgem, the UK’s government energy regulator, found that British Gas had charged customers a more expensive variable tariff rate after they decided to switch suppliers, following a system error.
A spokesperson for Centrica (LON:CNA), the company that owns British Gas, said:
“A system error led to a small proportion of customers being incorrectly charged. We’ve apologised to the customers affected. Those who were charged too much were promptly refunded as soon as we identified the issue and were paid an additional goodwill gesture.
“Some customers were provided with initial communications containing incorrect terms and conditions – but all other communications they received were correct.”
Anthony Pygram, director of conduct and enforcement at Ofgem, said: “British Gas failed its customers who were coming to the end of their fixed contracts and switched supplier by unfairly penalising them and applying charges in error.
“Many more customers could have been deterred from getting a better deal due to the incorrect terms and conditions.”
Thousands of customers have been switching energy providers over the course of the last year, after British Gas have continued to hike up prices.
Most recently, British Gas announced it was raising the cost of its standard variable tariff by 3.8 percent from October, which will impact 3.5 million customers.
Shares in Centrica are currently up marginally + 0.95 percent as of 10.56AM (GMT).
Petrofac (LON:PFC), leading international service provider to the oil and gas production and processing industry, has reported a net loss of $17m for the six months through June. This compares to profits of $70m on year.
The company’s interim dividend remains unchanged at 12.7c per share.
Business performance net profit, which excludes exceptional items and certain re-measurements, rose from $158m in 2017 to $190m. However, revenue has fallen by 11% to $3.13bn.
This coincides with the sharp rise in oil prices which hit $80 a barrel for the first time in four years earlier this May.
Ayman Asfari, Petrofac’s Group Chief Executive, commented:
“We have reported a good set of first half results that reflect strong execution and excellent progress delivering our strategy.
“We remain focused on our core and delivering organic growth as the market recovers. The Group has secured US$3.3 billion of new orders in both established and adjacent markets year to date, and is well placed on several bids due for award before the end of the year. Our focus on operational excellence is reflected in improved margins and continued good progress across our project portfolio in the first half. Furthermore, we are well positioned for the second half with good revenue visibility, a strong competitive position and healthy liquidity.
“The Group is also making significant progress reducing capital intensity, signing agreements to sell the JSD6000 installation vessel, our interests in the Chergui gas concession and Greater Stella Area development, as well as a 49% interest in our Mexican operations. These transactions will increase our focus on our core and strengthen our balance sheet.”
Sky News has reported that Prime Minister Theresa May claims leaving the European Union next year without a deal “wouldn’t be the end of the world”.
May’s chancellor, Phillip Hammond, has assessed the impacts of a no-deal leave as damaging to public finance. Chancellor Philip Hammond has warned that up to 10 per cent would be wiped of GDP after 15 years comparing to if the UK had remained in the European Union.
However, the PM refuses to support her chancellor’s position because the figures he quoted are out of date.
The PM said: “First of all, the chancellor was talking about a set of figures that I think came out in January.”
Instead, Sky has reported that May endorsed the claims made by head of the World Trade Organisation, Roberto Azevedo. According to Sky, the PM commented: “He said about a no-deal situation that it would not be a walk in the park but it wouldn’t be the end of the world.”
May dismissed her chancellor’s concerns as she arrived in Africa for her first visit to the continent as Prime Minister.
The Brexiteer wing of the party will be delighted by the PM’s refusal to endorse her chancellor’s prediction of the impacts of a no-deal leave.
May said: “Well we’re still working hard to make sure we get that good deal and we get that good deal within the timetable and that enables us to leave on the 29th March 2019 with that deal.”
However, May repeated her comment that a no-deal departure from the EU was better than accepting a bad deal: “I’ve said right from the beginning that no deal is better than a bad deal.”
May’s trip to South Africa aims to show that Britain will look towards emerging markets post-Brexit.
Complaints about potential data breaches to the Information Commissioner’s Office (ICO) have more than doubled since May.
Between 25 May and 3 July, the ICO received 6,281 complaints which is an increase of 160 percent compared to the same period in 2017.
Despite the stricter regulations that have come into play since May this year, figures from the commercial law firm EMW have shown a significant rise in complaints.
“A huge increase in complaints is very worrying for many businesses, considering the scale of the fines that can now be imposed,” James Geary, the principal at EMW.
“There are some disgruntled individuals prepared to use the full extent of GDPR that will create a significant workload for businesses.”
“We have seen that many businesses are currently struggling to manage the burden created by the GDPR, whether or not that relates to the implementation of the GDPR or reportable data security breach incidents,” he added.
The new means that companies can be fined €20 million (£16.5 million) or four percent of their worldwide turnover. This is compared to the previous law, where the maximum fine was £500,000.
“We believe the hacker obtained customers’ email addresses and passwords from other websites and then used those credentials to access accounts on our website,” said Superdrug.
“We have contacted the police and Action Fraud [the UK’s national fraud and cyber-crime arm] and will be offering them all the information they need for their investigation.”
The total number of arrests made during this year’s Notting Hill Carnival have increased. With more than 370 arrests recorded by police, a stabbing on Monday evening ended the annual August bank holiday celebration.
The exact figure, 373, is an increase from the 313 made last Carnival weekend.
The majority of arrests, 156 people, were made on drug offences. This is followed by 69 people detained on suspicion of possession of an offensive weapon and nine on suspicion of sexual offences.
Items confiscated by police included knives, a metal pole and a Taser.
The carnival saw one million people attend over the bank holiday weekend. Approximately 7,000 officers from the Met Police’s new Violent Crime Task Force were on duty Monday evening to target “the threat of violent crime”. The event was enforced by the “highest number of officers in six years”. Roughly 13,000 officers were deployed across the carnival weekend.
The celebration came to a close with the stabbing of a man at approximately 8.10pm in Ladbrooke Grove.
In addition to the stabbing, Scotland Yard has confirmed 30 police officers injured “in the line of duty”.
Dave Musker, Notting Hill Carnival Gold Commander, has spoken on the stabbing: “Monday night was marred by the news of a non-life-threatening stabbing at around 8.10pm in Ladbroke Grove. Thankfully this was the only incident of this nature throughout the whole weekend.”
In spite of this, he is pleased with the overall running of the event. He has added: “I am very pleased with the results of the screening arches and the Section 60 order; 36 offensive weapons were taken off the streets by my officers and 373 arrests were made over the course of the weekend, which we expect could rise.”
Scotland Yard imposed a Section 60 order across the carnival zone spanning from 9am to 11.59pm. This permitted police to search carnival goers if they believed that they were carrying offensive weapons.
Nestle announced on Tuesday that it has finalised a deal with Starbucks to market its products around the world.
The Swiss food giant said in May that it would pay Starbucks $7.15 billion (€6.13 billion) for the rights to market their coffee globally.
Nestle’s CEO Mark Schneider said: “With Starbucks, Nescafe and Nespresso we bring together the world’s most iconic coffee brands.”
“The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities,” he added.
Starbucks CEO Kevin Johnson said: “Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders.”
The finished licensing deal will result in an estimated 500 Starbucks employees moving to Nestle with the majority based in Seattle and London.
Shares in Starbucks (NASDAQ: SBUX) increased 0.42 percent to 52,97. Nestle shares (SWX: NESN) are currently trading at 81,42 (1330GMT).
Tiffany & Co’s quarterly results beat Wall Street’s estimations on Tuesday, allowing the upscale jewellery chain to raise its full-year profit forecast.
The group have raised their full-year earnings per share from $4.50-$4.70 to between $4.65 and $4.80, leading shares to rise by 4.3 percent to $135.37 in premarket trading.
“We are pleased with our sales and earnings growth and the strength and breadth of the results in the first half of 2018, but it’s worth noting that strategic investment spending is increasing for the remainder of the year, as expected, which is intended to support longer-term sustainable growth,” said the group’s Chief Executive Alessandro Bogliolo.
“Regarding that longer-term horizon, we are very excited to embark on our recently announced transformative multiyear remodeling of the New York City flagship building. We believe that the thoughtful combination of making short- and long-range strategic investments is necessary to achieve the full growth potential of this legendary brand.”
Tiffany & Co has recently unveiled Paper Flowers, the new floral jewellery collection made of platinum and diamonds.
“The launch of Paper Flowers, a floral collection in platinum and diamonds, is moving toward full global distribution and we believe our evolved brand message is gaining momentum,” said Bogliolo.
Net sales in the Americas increased by eight percent to $475 million. Sales in Asia Pacific grew 28 percent.
The group’s net earnings rose 26 percent to $144.7 million in the second quarter ending July 31.
Shares in the group (NYSE: TIF) are currently trading down 1.27 percent at 129,78 (1308GMT).
World stocks rose to a six-month high on Tuesday as the preliminary U.S.-Mexico deal eased fears of a global trade war.
The preliminary deal was reached between the US and Mexico called the United States-Mexico trade agreement.
“They used to call it Nafta,” said Donald Trump. “We’re going to call it the United States Mexico Trade Agreement.”
“The name NAFTA has a bad connotation because the United States was hurt very badly by NAFTA,” he added.
Investors are hopeful that Canada will also be joining the three-nation pact.
Following the news, S&P 500 futures gained as did the tech heavy Nasdaq Composite. Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Netflix (NASDAQ: NFLX) and Alphabet (NASDAQ: GOOG) could build on gains from last week when the Nasdaq closed at 8,017.90.
Art Hogan, a chief market strategist at B. Riley FBR, said: “The market has been buffeted with a lot of headwinds lately, and the biggest one is trade. If you were to take trade out of the picture, you would have a smoother ride higher in this market.”
A spokesman for Canadian Foreign Minister Chrystia Freeland said Canada is in contact with trading partners and hopes to reach a deal by the end of the week.
“We will only sign a new NAFTA that is good for Canada and good for the middle class. Canada’s signature is required,” said the spokesman.
The outgoing Mexican President, Enrique Peña Nieto, said he has had talks with the Canadian prime minister, Justin Trudeau and that they are working toward a three-way agreement.
“I expressed the importance of his reinstatement in the process,” said Nieto said. “In order to conclude a trilateral negotiation this week.”
“It is our wish, Mr. President, that now Canada will also be able to be incorporated in all this. I assume that they are going to carry out negotiations of the sensitive bilateral issues between Canada and the United States,” he added through a translator.
The Confederation of British Industry (CBI) has revealed rising costs have hit profits in the UK’s services sector.
According to the CBI, profitability in the professional services sector and the consumer services sector was flat for the three months to August.
Both sectors have witnessed growing costs, which have fed into selling prices with heightened inflation in both of the sub-sectors.
“Although consumer services growth inched up last quarter, overall services sector growth was fairly muted,” said Rain Newton-Smith, the CBI chief economist. “And with cost pressures rising, services firms are not seeing any improvement in their bottom lines.”
“The underlying challenges facing the sector are not going away any time soon. Demand growth is expected to remain subdued next quarter and firms seem hesitant over the prospects for expanding their businesses in the year ahead. They still plan to take on new workers next quarter, but the confidence to invest significantly more is lacking.”
“Above all, the government and Brussels need to get on with finalising a withdrawal agreement, putting pen put to paper on a jobs-first transition period and, finally, agreeing a new relationship between the UK and the EU that puts people’s livelihoods above politics.”
The CBI has added that next quarter, prices are expected to remain stable in business and professional services, but to rise at an accelerating rate in consumer services.
The broader economic outlook remains fairly subdued and the UK GDP growth has been held back by weak household income growth and the impact of Brexit uncertainty on investment.
