The City roundup video: UK unemployed falls below 2m for the first time since Lehmann Brothers collapse
Video: Jamie Dunkley provides a run-down of the day's major news from the City
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Figures show that the number of unemployed in the UK has fallen below 2 million for the first time since the collapse of Lehmann Brothers in October 2008.
However, while more people are in work, the recovery isn’t yet reaching our pockets. Average earnings between June and August increased by just 0.7% annually, while inflation in August was 1.5%, meaning prices are rising faster than pay.
US pharmaceutical giant AbbVie’s blockbuster £32 billion takeover of Irish drug maker Shire was thrown in to doubt with the company reportedly getting cold feet over the deal. It follows a crackdown in the US on so-called tax inversion deals.
Elsewhere, the executive merry go round is in full swing in the City today, with oil and gas explorer BG Group and builder Balfour Beatty both naming new bosses.
BG Group has poached Helge Lund from Norwegian oil giant Statoil after a six month search, while struggling builder Balfour Beatty has named Qinetiq boss Leo Quinn as its new chief executive.
Finally, black cab app Hailo is moving into reverse gear in the US after getting caught up in a price war. The London taxi app said it is pulling out of North America due to the “astronomical” costs of competing with rivals there such as Uber and Lyft.
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