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 [...]
Topshop logistics workers are going on strike February 15, 2017 Workers at a Topshop logistics centre are set to on strike over wages. Employees at sites in Solihull and Leeds have voted to walk out on 24 February and 26 February. The action comes after staff at the Solihull hub went on strike in the run up to Christmas. Read more: Flopshop: Arcadia Group brand Topshop's sales [...]
Italian oil producer Saffron Energy gears up for an Aim listing February 15, 2017 The London Stock Exchange's junior float market is set to gain another new energy firm this month. Saffron Energy, which was established in November 2016 to acquire Northsun Italia, is a producer and explorer of natural gas based in Northern Italy. It announced last night it is expecting to launch its initial public offering (IPO) on 24 February on the Alternative [...]
Productivity rises consecutively for a year but slow growth will provide little boost to UK wages February 15, 2017 Productivity in the UK recorded a year of consecutive improvements for the first time in more than five years, despite slowing slightly in the final three months of 2016. Output per hour grew by 0.3 per cent in the three months to December, according to preliminary estimates by the Office for National Statistics (ONS), a slowdown [...]
Unite wants Nissan-style assurances for Vauxhall plants in the UK after raising job concerns over Peugeot and GM deal February 15, 2017 Unite union is seeking assurances for UK car plants in line with Nissan's, after PSA and General Motors confirmed they were in talks over a possible sale of GM's European business. The news has led to concerns over job losses in both Germany and the UK. The German economy minister Brigitte Zypries said unions should have [...]
ABN Amro profits leap in fourth quarter, beating analysts’ expectations February 15, 2017 ABN Amro beat expectations today by reporting its fourth quarter profits grew by more than a fifth. The figures The Dutch lender reported profits of €1.8bn (£1.5bn) for its 2016 full year, down six per cent on €1.9bn the year before. However, profits for the fourth quarter alone sprung up to €333m, an increase of 23 per cent [...]
Another Southern rail strike is going ahead: RMT announces 24-hour walkout next week February 15, 2017 The RMT union has announced a fresh 24-hour strike on Southern rail will take place on Wednesday 22 February in the long-running staffing dispute. Conductors will strike for 24 hours between 00:01 and 23:59, after fresh talks broke down yesterday. Read more: Days lost to strike action soared 89 per cent last year Mick Cash, RMT [...]