As the mining sector’s demand for tyres increases, Michelin’s earnings are set to get a boost February 14, 2017 Demand for outsize earthmover tyres stemming from the mining sector is set to boost France's Michelin this year. The French tyre maker said it made a 4.5 per cent gain in operating profit for 2016. The full-year operating margin lifted to 12.9 per cent from 12.2 per cent as operating income increased to €2.69bn (£2.28bn). Despite [...]
More than 200 MPs would back John Bercow “no confidence” motion says the MP trying to unseat the speaker February 14, 2017 More than 200 MPs support a motion of no confidence on House of Commons speaker John Bercow, according to the Tory MP trying to unseat him. Southend MP James Duddridge tabled a motion decrying the speaker last week, and has today told City A.M. he is confident of widespread support. A vote has yet to [...]
British Airways cabin crew announce four fresh days of strikes will go ahead from 22 February February 14, 2017 British Airways cabin crew will stage yet another batch of strikes in an ongoing pay dispute with the airline, Unite union announced today. Four strikes will be held from 22 February, after Unite warned more walkouts would occur should BA not settle the row over "poverty pay". There have been 11 days of strikes since the [...]
Behind the deal: Biggest IPO of 2017 so far is another triumph for boutique investment bank Zeus February 14, 2017 Actuarial and consulting firm Xafinity today announced plans for the biggest UK float of 2017 so far. Weighing in at £190m, the first premium main market listing of the year marks another triumph for boutique investment bank Zeus Capital, which acted as financial adviser, bookrunner and sole broker. Skiing, mountain biking and initial public offerings Read [...]
Federal Reserve’s Janet Yellen sets course for rate rises if economy continues to perform well February 14, 2017 The US dollar jumped in value as Federal Reserve chair Janet Yellen told Congress a delay in raising interest rates could be “unwise” if the US economy continues to perform well, despite uncertainty around the outlook. However, Yellen said it was “too early” to know what policies US President Donald Trump’s administration would follow or [...]
Almost half of financial advisers think Mifid II will hurt the industry, but a similar proportion aren’t sure what it will mean for them February 14, 2017 Almost half of financial advisers are worried a tougher set of rules for the sector, which are due to come into force in less than a year, will hurt their industry, but a similar proportion also still don't know what it will mean for their own business. Financial firms will have to comply with the [...]
T-Mobile adds 8m US customers for third year in a row and beats market expectations February 14, 2017 T-Mobile, the third largest mobile phone operator in the US, today beat market expectations with "rock-solid" full-year results. The firm said it had added a total of 2.1m customers in the final three months of the year, taking the total number of new customers to 8.2m in 2016. Read more: Vodafone sells Dutch broadband operations [...]
Russia’s Aeroflot trumps American heavyweights as the world’s most powerful airline brand February 14, 2017 Forget Emirates, American Airlines and British Airways. When it comes to the world's most powerful airline brand, another name has taken the crown. According to Brand Finance, which recently announced its annual Global 500 list featuring Lego, Google and co., Russian carrier Aeroflot is the world's most powerful airline brand. It carries an AAA brand rating [...]
Beleaguered Greek economy shrinks at end of 2016 as government hires Rothschild to advise on debt load February 14, 2017 The Greek economy shrank in the last three months of 2016, heaping more misery on the beleaguered country as it attempts to avoid a government default. Greece’s GDP fell by 0.4 per cent in the final quarter, according to the Hellenic Statistical Authority, a steep fall from growth of 0.9 per cent in the three [...]
Pendragon’s boss thinks the others will ultimately agree with his forecasts despite shares falling on full-year figures February 14, 2017 Shares in Pendragon, the UK's largest car dealership, today fell by two per cent – having dropped over five per cent earlier in the day – after the firm revealed its full-year figures. But the FTSE 250 firm's boss steadfastly stuck to his predication that car sales would not fall during 2017. The figures Sales of new cars [...]