Debenhams share price dips as 21 per cent fall in profits revealed October 23, 2014 Debenhams' share price opened lower this morning, after the retailer revealed a 20.6 per cent fall in pre-tax profit for the last year. Over the 12 months to August 30, the department store chain saw underlying pre-tax profit drop to £110.3m, in line with expectations, while reported pre-tax profit fell 23.9 per cent to [...]
Foxtons share price plummets as it issues profit warning on cooling London house prices October 23, 2014 What a difference a year makes. Just over a year after its massively oversubscribed IPO, shares in Foxtons have plummeted more than 16 per cent after it issued a profit warning saying "constrained" growth in London's housing market is likely to hit volumes in its second half. The upmarket estate agent, known for its trendy, [...]
GlaxoSmithKline considers £17bn HIV wonder drugs split with Viiv Healthcare IPO October 22, 2014 Pharma giant GlaxoSmithKline (GSK) is considering floating its HIV drugs business in a move that would see Viiv Healthcare among the top 40 companies in the FTSE 100 with a market valuation of up to £17bn. Chief executive Andrew Witty told reporters yesterday: “In line with our commitment to identifying ways to realise shareholder value, [...]
Supermarket backing sends Fitbug shares running riot October 22, 2014 FITBUG, a little-known Aim-listed firm that makes wearable fitness trackers, saw its shares rocket more than 350 per cent yesterday, after revealing that Sainsbury’s and a leading US retail chain would begin stocking its products next month. The Fitbug Orb (pictured), which retails for £49.95 and connects to a smartphone app to track daily routines [...]
Andrew Bailey to the US: Hit bankers, not the banks October 22, 2014 JAILING, fining and firing more individual bankers is a better way to punish bad behaviour than hitting banks with crippling fines which could risk their stability, Bank of England regulators told MPs yesterday. In an attack on US regulators and their mega-fines, prudential regulation authority (PRA) head Andrew Bailey argued it is more important to [...]
No more nights on the tiles as City workers face Cinderella curfews October 22, 2014 NO ENTERTAINING clients past midnight and a ban on doing shots are just two of the new rules investment banks are imposing on their employees, according to employment law firm, GQ Employment Law. The law firm has suggested a tightening of codes of conduct at some financial institutions in a bid to change public perceptions [...]
Cameron urges EU Ebola action October 22, 2014 DAVID Cameron will put pressure on European leaders to do more to fight the spread of the deadly Ebola virus at a meeting of EU member states in Brussels today. The Prime Minister is said to be frustrated that member states had not pledged more cash to fight the spread of the disease, which originated [...]
Policy makers are set to delay first rate hike October 22, 2014 A COOLING housing market, low inflation, and a troubled Eurozone made for more dovish tones at this months meeting of the monetary policy committee. The meeting was held on the 7 and 8 October but the minutes were made available yesterday. As in the previous three meetings the vote to hold rates was won by [...]
US inflation up on food costs October 22, 2014 US CONSUMER prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said yesterday its Consumer Price Index edged up 0.1 per cent last month as a rise in food and shelter costs offset a decline [...]
Lloyds to chop 9,000 staff to save more costs October 22, 2014 LLOYDS Bank is planning to cut another 9,000 jobs, on top of the 15,000 the lender has chopped since 2011, it emerged last night. The new round of cost cutting will hit another 10 per cent of the workforce, according to Sky News. Analysts believe the bank has far too many branches to be efficient. [...]