What entrepreneurs want Philip Hammond to announce in the Autumn Budget October 25, 2018 At the Conservative party conference earlier this month, chancellor Philip Hammond announced £20m of investment in business networks “to enable small businesses to learn from each other and from world-leading firms”. He also recognised the need for mentoring and management training for small and medium-sized enterprises, pledging another £11m to help 10,000 businesses by 2025, [...]
Jaguar Land Rover to make 100,000 cars in new Slovakia plant within two years October 25, 2018 Carmaker Jaguar Land Rover will be producing 100,000 cars a year in its new Slovakia plant by 2020, factory boss Alexander Wortberg said at the opening today. The €1.4bn plant (£1.2bn) is taking over production of the company’s Discovery model and has the capacity to make 150,000 vehicles annually. Read more: Jaguar Land Rover to shut Solihull [...]
The FCA cannot afford to focus on Brexit alone October 25, 2018 It has been a mixed few months for the City's watchdog. On the one hand, the Financial Conduct Authority (FCA) has delivered long-awaited reforms to the asset management industry, while its chief Andrew Bailey has made several strong interventions in the Brexit debate, such as pointing out the absurdity of EU negotiators attempting to rule [...]
Daimler profits fall in “very challenging environment” for automotive industry October 25, 2018 German car maker Daimler reported that profits and revenue dropped sharply in the third quarter due to the “challenging environment” facing the automotive industry. The Mercedes-Benz owner reported a net profit of €1.8bn (€1.59bn) in the third quarter of the year, down from €2.2bn in the same period in 2017. Its earnings before interest and [...]
Energy firm RPS Group’s shares collapse as it warns investors of profit drop October 25, 2018 Shares in RPS Group took a catastrophic 30 per cent hit this morning as it warned that third quarter profits would miss expectations. The Oxford-based energy firm, which deals in oil and gas and renewables, said profit before tax and amortisation would fall 10 per cent year-on-year to £12.8m for the three months to the [...]
Insurer Hastings share price plunges after it warns of competitive market October 25, 2018 Investors slammed insurer Hastings this morning after it warned that a competitive market meant that it was likely to perform at the lower end of its announced range. Its share price crashed more than 16 per cent this morning. Having started the day on 216p it hit a low of 183p before recovering slightly to [...]
WPP shares drop 16 per cent after third quarter sales slump October 25, 2018 Shares in the world's largest advertising group WPP have slumped 15 per cent after cutting its sales outlook for the year. WPP's third quarter net sales fell 1.5 per cent in the third quarter having climbed 0.7 per cent in the previous three months in the aftermath of the departure of chief executive Sir Martin Sorrell. [...]
Swiss bank UBS ahead of market expectations in third quarter results October 25, 2018 Swiss banking giant UBS unveiled net profit of 1.246bn Swiss francs (£970m) for the third quarter of 2018, beating analysts expectations. The results amounted to a 32 per cent jump in third quarter earnings, beating the consensus expectation of 993m Swiss francs. Read more: Former UBS trader Adoboli nears deportation as judge denies judicial review [...]
High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
Calls for a second referendum are unwise, undemocratic, and playing with dynamite October 25, 2018 “I want to be absolutely clear, this government will never accept a second referendum.” This statement from the Prime Minister in September should have been the end of the matter. Alas, it wasn’t. The so-called “people’s vote” scenario runs something like this. Enough Conservative MPs vote with Labour against any final EU agreement, defeating it [...]