Morrisons shares slump 10pc after £176m loss March 13, 2014 Supermarket chain William Morrison has seen its shares drop by 10 per cent after reporting a pre tax loss of £176m for the year ended 2 February. Like-for-like sales were also down 2.8 per cent while turnover fell two per cent. The primary reasons for the losses were the £903m write-down relating to the value [...]
Home Retail shares jump in wake of higher profit expectations March 13, 2014 Home Retail has seen its shares rise by 6.5 per cent after the company reported higher sales and increased profit expectations. Home Retail reported an increase in like-for-like sales at Argos of 5.2 per cent to £526m for the eight-week trading period for the financial year ended 1 March 2014. The group reported an increase [...]
Shell slashing Americas upstream spending by 20pc March 13, 2014 Ben van Beurden, the new chief executive of Shell, has said this morning that the challenged oil giant needs to “get a tighter grip on performance management”. As such, the firm’s announced it’s cutting spending on exploration and production in the Americas by a fifth, with profitability hit by losses in plays such as shale. [...]
What you need to know before the open March 13, 2014 Data from China will keep markets on their toes this morning, as ongoing concerns about the health of the world’s second-largest economy continue to weigh down sentiment. Despite weaker numbers, though, European bourses look set to open slightly higher, after yesterday’s strong declines. Chinese industrial production in February came in at 8.6 per cent from [...]
Any Other Business – 13/05 March 13, 2014 OUR Mipim spies have brought us more news from the promenades of Cannes. Apparently attendees at the international property gala are desperate to avoid being photographed with a drink in their hands (alcoholic – we’re sure Evian is fine) as they don’t want to be accused of being on a jolly. We’ve heard that at one [...]
Asian markets rise as investors await Chinese data March 13, 2014 Asian markets are making moderate gains after a tepid day on Wall Street and positive regional data helped to calm investors fears after Wednesday's two week low. Markets responded positively to Hong Kong premier Li Keqiang's pledge to head off systemic risks in the financial system. However, investors are remaining cautious ahead of Chinese factory [...]
Scots split plan hit by black hole March 12, 2014 Sinking oil revenues cause deficit to balloon north of the border THE SCOTTISH National Party’s bid for independence was dealt a blow yesterday as fresh figures revealed that Scotland’s deficit has jumped above the level for the UK as a whole, largely due to sinking oil revenues from the North Sea. The data coincided with [...]
Capital’s skyscraper boom set to dramatically change skyline March 12, 2014 LONDON’S skyline is set to change dramatically over the next decade. Over 236 towers over 20 storeys are being proposed, approved or under construction – more than double the number of tall buildings estimated to be in the capital today, according to a new report released yesterday. Traditionally a low-rise city, London’s skyscrapers have, until [...]
London tech stars to share £1.4bn from King.com float March 12, 2014 KING Digital Entertainment, the British firm behind hit mobile game Candy Crush Saga, expects to reach a $7.6bn (£4.5bn) valuation when it lists on the New York Stock Exchange this month, making its senior staff overnight multimillionaires. The company’s 22.2m shares are set to be priced between $21 and $24, according to an updated filing [...]
Bonus hikes help US banks to outbid UK for top staff March 12, 2014 BANK bonuses hit a post-crash high on Wall Street in the latest pay round, official figures showed yesterday, as the recovery boosted traders’ fortunes. Booming pay in the US contrasts with sustained political pressure on British banks who have been cutting back on bonuses in recent years. The average bonus for investment bankers hit $164,530 [...]