Sterling falls to one-year low against euro as Theresa May plays down threat of no-deal Brexit August 28, 2018 The pound fell to its lowest level against the euro in almost a year today after Prime Minister Theresa May refused to rule out a no-deal Brexit. Sterling fell to as low as €1.1021 against the euro, its lowest level since 11 September 2017, in early trade before recovering marginally. Theresa May told reporters on [...]
Countrywide rescue bid approved as share price slides lower August 28, 2018 Shares in Countrywide plunged more than seven per cent this morning, as the flagging estate agent received the green light for an emergency £140m shareholder cash-call. Countrywide led the market’s fallers in early morning trading, with shares dropping to 13.96p, having fallen dramatically from their 130p value one year ago. Read more: Rising cost pressures [...]
Lloyds stock lift as it completes £1bn share buyback programme August 28, 2018 Lloyds Banking Group completed its buyback of £1bn of shares today. The London branch of investment bank UBS managed the buyback, which started on 8 March, paying for 1.6bn shares over the four-month process before selling them back to Lloyds. Read more: Paddy Power buys back £200m in shares The bank kicked off the buyback [...]
Elon Musk’s tough year is a lesson for entrepreneurs that business isn’t all fun and games August 28, 2018 Poor Elon Musk. It might be difficult to feel sympathy for a billionaire, but entrepreneurs everywhere would have felt a pang of compassion on reading Musk’s emotional interview with the New York Times last week. As he recounted the stresses and strains of his last 12 months as head of Tesla – which he calls the [...]
Rising cost pressures dent profits in Britain’s dominant services sector August 28, 2018 A dramatic rise in costs has dragged back profitability for Britain’s dominant services sector in spite of higher volumes, according to business group data to be published today. Costs for business and professional services firms, including lawyers, accountants and marketers, grew at the fastest pace since before the financial crisis in 2008 during the last [...]
Deloitte boosts partner profits as revenue hits £3.58bn August 28, 2018 Audit giant Deloitte handed its partners an average of £832,000 for the year ended 31 May, a 0.6 per cent year-on-year increase, it said today. Deloitte grew revenue 5.9 per cent to £3.58bn, marking its eighth consecutive year of growth. Read more: Former Arsenal shareholder settles lawsuit with Deloitte and Linklaters Its audit and risk advisory business grew [...]
Theresa May says no-deal Brexit isn’t ‘the end of the world’ August 28, 2018 Prime Minister Theresa May has suggested that a no-deal Brexit “wouldn’t be the end of the world”, despite the Treasury warning that such a scenario could reduce GDP by 10 per cent. She further claimed that chancellor Philip Hammond’s department’s prediction was “a work in progress” and re-iterated her claim that no-deal is a better [...]
Bunzl boosts profit and announces push into Norway August 28, 2018 FTSE 100-listed distribution group Bunzl posted a four per cent increase in half-year profit today as it announced an acquisition in Norway, its first in the country. The outsourcing and distribution business, now with operations in 31 countries, grew adjusted profit before tax to £257.9m, while revenue grew five per cent to £4.343bn. Read more: Bunzl [...]
Galantas Gold reports loss as Omagh processing plant starts up August 28, 2018 Northern Irish gold mining company Galantas Gold reported a loss for the first half today, but said that production will "ramp up" at its Omagh mine. Shares in the company fell more than two per cent in early trading. The figures Revenue reached $57,040 Canadian dollars (£34,135) in the second quarter, compared to $16,607 in the [...]
Toyota invests $500m in Uber to propel self-driving cars into reality August 28, 2018 Japanese motoring giant Toyota has renewed its dedication to creating a self-driving car network on our streets, to the tune of a $500m (£387.6m) investment in ride-hailing firm Uber. The company said late last night it will expand its partnership with Uber in an effort to bring to market "autonomous ride-sharing as a mobility service at scale", at a time [...]