UPS shares down six per cent on Q4 loss January 31, 2017 The package delivery giant United Parcel Service reported a final quarter net loss of $244m in 2016. Revenue increased by five per cent, up to $16.93bn. Dividends totaling $2.8bn were paid in 2016, which also saw 25.5m shares repurchased by UPS for roughly $2.7bn. Reduced revenue in the domestic US package business was partly to [...]
London is set for its largest oil company listing on the Alternative Investment Market in two years January 31, 2017 London is set for its biggest oil and gas listing since 2014 as Diversified Gas & Oil gears up for a float on the Alternative Investment Market (Aim) Friday. Diversified, a US-based firm that operates around 7,500 gas and oil producing wells in the Appalachian Basin, raised $50m (£39.7m) in capital. It produces 4,700 barrels of oil equivalent [...]
There’s a new top dog at First Direct January 31, 2017 HSBC-owned First Direct has promoted its head of contact centres to head of the bank. Joe Gordon will replace Tracy Garrad, who, subject to regulatory approval, will be taking up the role of chief executive of HSBC in the Channel Islands and Isle of Man. "I can't wait to lead a bank that's recognised as one of the top [...]
PwC US chairman reassures staff over Trump travel ban January 31, 2017 The US chairman and senior partner of professional services giant PwC has become one of the latest business names to reassure staff over Donald Trump's travel ban over seven Muslim majority countries. In a message posted on Facebook, Tim Ryan wrote: I want to thank all those who have reached out to me in the [...]
Zoopla is splurging £120m on this property data company January 31, 2017 Online property giant Zoopla has unveiled plans to buy property data company Hometrack for £120m. In a statement after the market closed today, Zoopla Property Group, which also owns the likes of USwitch and PrimeLocation, said the transaction will take place on a cash-free, debt-free basis. Zoopla will pay £108m when the deal completes, and £6m [...]
Nostrum’s shares rise as its operations pull ahead of expectations January 31, 2017 Nostrum Oil and Gas' shares are up after the firm's cost cutting measures and production levels exceeded expectations in its 2016 operational update. The figures In the oil firm's full-year operational update, average daily production was 40,351 barrels of oil equivalent per day (boepd), which was slightly above guidance of 40,000 boepd. Average production was higher in [...]
Vote Leave chief Matthew Elliot has joined a top think tank January 31, 2017 The chief executive of the official Brexit campaign group has joined think tank The Legatum Institute to focus on a future trading relationship between the US and the UK. Matthew Elliot served as chief executive of Vote Leave during the referendum campaign, and previously founded the TaxPayers' Alliance campaign group. He will join Legatium as [...]
MPs’ gambling report criticised by bookies January 31, 2017 A report into fixed odds betting terminals (FOBTs) has been criticised by bookmakers as a biased inquiry and a threat to jobs. Backed by a cross-party group of MPs, the report has recommended that the maximum stake on FOBTs be reduced from £100 to £2 in a bid to reduce addiction to gambling and antisocial [...]
HMRC lays out plans to scrap yearly tax return and replace it with continuous online reporting January 31, 2017 The annual tax return will be a thing of the past by 2020, according to HMRC – potentially saving the taxman over £8bn per year. Under the government's proposals – part of its Making Tax Digital project – taxpayers will keep the Revenue updated online on a continuous basis, rather than filing a yearly return. [...]
Diageo investing €25m in new Irish whiskey brand January 31, 2017 The world’s largest spirits producer will launch a new whiskey brand “Roe & Co” in March with bottles expected to retail at around £30. Until a new facility is completed at the company’s Guinness HQ in Dublin, Roe & Co will be produced from whiskies sourced across the firm’s Irish distilleries. The investment marks a [...]