Asos shares are crashing on chief’s warning March 18, 2014 Asos has reported retail sales up 26 per cent year-on-year in the first two months of 2014 and is, it says, confident of hitting sales of £1bn for 2013/14. But shares have crashed over 20 per cent this morning, following chief executive Nick Robertson’s warning that the company's earnings margin will shrink this year to [...]
Cairn Energy losses mount in face of high drilling costs March 18, 2014 Oil explorer Cairn Energy has reported a loss before tax of $1bn (£600m) significantly higher than last year's $194m. The board also agreed to suspend its share buy-back programme until the position with regard to the shareholding in Cairn India is resolved. The company expanded on why a well located off Morocco had been plugged [...]
What you need to know before the open March 18, 2014 Markets remained resilient yesterday, in the face of sanctions being meted out by the EU on Russian and Ukrainian individuals. Today, expectations are that they’ll hold their nerve again, opening slightly higher, ahead of President Putin’s decision to the Russian parliament on whether to annex Crimea to Russia. Asian markets rallied in Tuesday trading – [...]
Miner Antofagasta hit by weak prices and high costs March 18, 2014 Chilean-based miner Antofagasta has reported a 25 per cent fall in profit to $2.1bn (£1.3bn) in 2013, although it has pledged a much larger than expected dividend for shareholders. Shares have jumped almost six per cent this morning on the news. Chief executive Diego Hernandez said the year was a challenging one, as the firm was [...]
Sainsbury’s sales fall for the first time in 9 years March 18, 2014 Sainsbury's has seen a fall in like-for-like sales growth for the first time in nine years, with like-for-like sales in the fourth quarter dropping 3.1 per cent excluding fuel and a decline in total sales of 1.5 per cent. Justin King, chief executive, said: We have seen a decline in sales in the quarter reflecting [...]
Any Other Business – 18/03 March 18, 2014 Forget the huge salaries and enormous bonuses – it seems one of the banking giants’ biggest perks may be the boardroom banquet. While many of us mere mortals are nipping out for a sandwich, a new wave of the UK’s finest chefs are apparently honing their skills to feed the upper echelons of finance. Proof [...]
Asian markets rally as investors shrug off sanctions March 18, 2014 Asian markets are rising as tensions in the Crimea cooled and investors failed to be significantly deterred by the limited US and EU sanctions imposed on Russia. The EU and the US imposed asset freezes and visa restrictions for a small number of Russian officials. However, markets will be keeping a close watch on the [...]
£750m boost for childcare costs March 17, 2014 THE GOVERNMENT will this morning pledge £750m per year towards childcare for working parents, extending its existing tax-free scheme to provide £2,000 per child annually to cover the cost of childcare. The scheme, which also includes £50m worth of help for disadvantaged under fives, will be open to children up to age 12 and start [...]
Carney worried regulators don’t work together March 17, 2014 THE VARYING arms of the Bank of England will be pushed to work together more closely as part of major reforms expected to be unveiled by Mark Carney tonight. Under Carney the Bank has significant new regulatory powers, and the governor is worried staff in different units are too distant from each other. Last year’s [...]
Row as retail investors denied chance to buy shares in Just-Eat March 17, 2014 BANKERS to Just-Eat, the London-based online food takeaway business, yesterday announced plans to float on the stock market in a deal that will exclude retail investors. The company has chosen to list in London in a confidence boost for the London Stock Exchange but its decision to exclude private investors was met with dismay by [...]