Shares in US industrial giant 3M plummet following weak results April 25, 2019 Shares in US industrial products group 3M have tumbled after the company today posted weak first quarter results and said it would slash 2,000 jobs as part of a restructuring. Read more: Shares in bellwether company Caterpillar fall following mixed results The Post-it Note maker also cut its earnings forecast due to ongoing poor performance [...]
RAF missile-maker MBDA’s offices raided by French police April 25, 2019 Police raided the head office of missile manufacturer MBDA last week at the request of merchant bank Aldini which it is involved in a legal dispute with. Police were turned away with MBDA citing the French national defence act, Aldini said. MBDA manufactures the Brimstone anti-vehicle missile and the Storm Shadow cruise missile for the [...]
Meggitt enjoys strong first quarter but warns of cooling revenue growth over rest of 2019 April 25, 2019 Meggitt shares rose today as the engineering company reported nine per cent revenue growth in the first quarter, but warned this was likely to slow down in the coming year. The warning comes after important client Boeing cut production of its 737 Max jet. Read more: Meggitt spends £5m on Brexit stockpiling The British listed aerospace [...]
Extinction Rebellion protests: Protesters glue themselves to HM Treasury in day of action targeting finance sector April 25, 2019 Environmental protesters have glued themselves to the HM Treasury building as part of a day of action targeting the financial industry. More than 300 Extinction Rebellion activists staged protests across the Square Mile and Canary Wharf as they shifted their focus from London landmarks to the financial sector. Read more: 26 arrested as climate change [...]
CBI: UK retailers enjoy sales boost for the first time in five months April 25, 2019 UK retail sales grew for the first time in five months in April, according to a major business group, in the latest sign that consumer spending is holding up despite ongoing political uncertainty. Read more: Retail sales jump higher than expected in March However, Easter falling later this year probably helped the figures, said the [...]
Dubai port owner DP World holds steady as home market shrinks April 25, 2019 The owner of P&O Ferries said its global portfolio shipped 17.5m twenty-foot containers in the first quarter of the year, broadly flat from the year before. Gross container volumes declined 0.6 per cent year-on-year on a reported basis, Dubai-based DP World said today. Read more: Ports owner DP World increases revenue growth amid global expansion [...]
Government ‘cannot exclude’ criminal investigation into Huawei leak April 25, 2019 The government has refused to rule out a criminal investigation into leaks from a security meeting about the role of Chinese tech firm Huawei in the UK’s 5G network. Culture secretary Jeremy Wright today slammed the “unacceptable” leak of confidential information, which has prompted calls for an inquiry into a potential breach of the Official [...]
British Boeing supplier Senior warns 737 Max groundings will hit profits April 25, 2019 Engineering firm Senior this morning warned margins in its aerospace division will take a hit from Boeing’s production cuts in the wake of its 737 Max planes being grounded across the globe. Read more: The worst may still be yet to come for Boeing, after 737 Max disasters Senior makes components used in commercial and [...]
UBS beats expectations but investment bank profits plunge 64 per cent April 25, 2019 Swiss banking giant UBS beat expectations but reported a 64 per cent profit fall in its investment bank in a “challenging" quarter. Chief executive Sergio Ermotti had set the bar low after warning of “one of the worst first-quarter environments in history,” earlier this month. Read more: UBS and Deutsche in 'serious' talks over asset [...]
Trade tariffs and waning demand slam the brakes on Volvo quarterly profit April 25, 2019 Volvo parent company Geely’s shares fell today after the Swedish car maker announced profit fell nearly a fifth in the first three months of the year. Read more: Volvo recalls over 200,000 cars worldwide over leaky fuel pipes The manufacturer said pricing pressure and higher tariffs stemming from the trade war between the US and [...]