President of French private equity giant Ardian backs London to retain financial services dominance after Brexit February 15, 2017 The president and founder of private equity giant Ardian has backed London to retain its financial services dominance after Brexit. Dominique Senequier, whose firm has around $60bn in assets, also said on Wednesday night she does not expect the exiting process to be “brutal” for the City of London. “When you have such a financial city, you have [...]
Kraft Heinz has wrong ingredient as sales drop 3.7 per cent February 15, 2017 Kraft's share price fell in after-hours trading after its net profit missed forecasts. The figures Fourth quarter sales at the maker of Heinz ketchup and Kraft macaroni cheese fell 3.7 per cent, down from $7.12bn to $6.86bn. Read more: Bean there, done that: This is the Shard's newest tenant Net profit, however, increased year-on-year from $285m [...]
TripAdvisor’s shares fall after it misses revenue estimates February 15, 2017 Shares in TripAdvisor have fallen in after-hours trading after a disappointing set of results from the company. The figures Revenue for the full year ending 31 December 2016 fell one per cent annually to $1.48bn. Net income was $120m, down 39 per cent year-on-year. Read more: The taxman has unveiled the UK’s most outrageous expenses [...]
Westminster becomes first council to request higher retention of business rates for £409m investment programme February 15, 2017 Westminster council has become the first in the UK to urge the government to allow it to keep a higher proportion of its commercial property taxes. A conglomerate representing the West End has put in the application on behalf of the Westminster council and others, City A.M. can reveal. The West End Partnership (WEP), which represents [...]
Colliers International names London top city of influence February 15, 2017 London remains one of the most influential cities in the world despite predictions that its status would be eroded by the Brexit vote. According to a report from Colliers International, London and Paris are the most attractive cities in Europe for businesses in terms of talent, cost and location. But as London's labour laws are more relaxed [...]
Debenhams outed for not paying nearly 12,000 workers the national minimum wage February 15, 2017 Department store Debenhams has been outed for not paying its workers the national minimum and living wage. According to the department for business, energy and industrial strategy (BEIS), Debenhams underpaid 11,858 workers by £134,895 in total. Read more: Why the UK is falling out of love with fashion Debenhams said a payroll error has caused the problem and [...]
QinetiQ on track to make £106m profit target February 15, 2017 Defence manufacturer QinetiQ's share price was flat today after it said in a trading update that its profits would be in line with expectations for the full financial year. The figures The defence contractor said it was on track to make profits of around £106m this year. It said its European revenues were "steady" and that [...]
US crude stocks climb for the sixth week, this time nearly three times analysts’ forecasts February 15, 2017 Crude inventories in the US climbed for their sixth straight week – once again hitting unexpected levels. US stockpiles rose 9.5m barrels last week, the US Energy Information Administration (EIA) said. That was nearly three times analysts' forecasts. Oil prices rallied initially after the report was issued, but have since pared gains back to levels [...]
Watch your step: Shareholder activism is on the rise and UK companies are among the most vulnerable February 15, 2017 UK companies beware: activist investors may be coming for you. New global research out today has identified the UK as one of the most at-risk countries for shareholder activism. Outside of the US, the dominant market for activism, an FTI Consulting activism tracker found 342 global campaigns last year, compared with 70 in 2010. Read [...]
Italy needs banking reform to continue “weak” recovery says OECD February 15, 2017 Italy must reform its banking system if it is to continue on a “weak” path to recovery, according to the Organisation for Economic Co-operation and Development (OECD). The country should be prepared to force holders of Italian bank debt to lose money rather than using public funds to bail them out, according to a report [...]