Royal Mail has been fined £10.5m by the communications regulator Ofcom for failing to meet delivery targets for first and second-class mail in the 2023-2024 financial year. The penalty was nearly double last year’s fine of £5.6m for failing to meet obligations under the Universal Service Obligation. Under Ofcom’s standards, …
Read More »
UK communications regulator Ofcom announced plans to review the nation’s universal postal service on Tuesday, as a result of the changing needs and habits of postal users. Ofcom said the universal postal service, underpinned by the Postal Services Act of 2011, mandated International Distributions Services subsidiary Royal Mail to deliver …
Read More »
Royal Mail issued a threat to put its loss-making postal service into administration, it emerged on Tuesday, amid escalating talks with union chiefs. According to the Telegraph, the postal operator – part of the recently-renamed International Distributions Services – had warned unions that it could place the regulated part of …
Read More »
Around 1,500 Post Office workers walked off the job on Monday, in the first 24-hour strike over pay at the state-owned company. Members of the Communication Workers Union (CWU) at Crown post offices were taking part in the action on Monday, after the company offered a 3% pay rise for …
Read More »
The American consumer grew a bit more confidence in October, the results of the most closely followed gauge for confidence across the country revealed. A preliminary reading for the University of Michigan‘s consumer confidence index in October improved to a reading of 81.2 after printing at 80.4 in September. Economists …
Read More »
The Governor of the Bank of England said risks to Britain’s economy were “very much on the downside” and that the BoE was ready to take aggressive action to limit the impact of a resurgence in coronavirus cases. “There is an unprecedented level of uncertainty at the moment. And the …
Read More »
Activity levels at both US factories and among services sector firms picked up substantially in August, according to the results of two closely-followed surveys. IHS Markit‘s manufacturing sector Purchasing Managers’ Index jumped from July’s reading of 50.9 to 53.6 for August (consensus: 51.5). Services activity also accelerated, with the PMI …
Read More »
A widely-followed gauge of US consumer sentiment picked up more quickly than anticipated at the start of 2020, pointing to a still solid outlook for spending. The Conference Board‘s consumer confidence index rose from December’s upwardly-revised print of 128.2 to 131.6 (consensus: 128.0). A sub-index tracking consumers’ assessment of current …
Read More »
At home, foreign trade data for November are scheduled to be published on Monday, followed by readings on consumer prices and retail sales in December set to follow on Wednesday and Friday, respectively. Investors will be scrutinising those reports for further signs of weakness which might cement expectations in financial …
Read More »
Cash payments have dropped to third place behind debit and credit card spending in 2018 for the first time. The British Retail Consortium’s latest Payment Survey found that debit cards are still the most popular method of payment, accounting for almost three-in-five transactions. The use of cash payments has been …
Read More »