Poor parcels and letters performance weighs on Royal Mail May 17, 2018 | City Talk It’s business as usual at Royal Mail after group revenue ticked up by 2% to £10.2 billion. The group’s continental business, GLS, continues to be the best performer, while UKPIL trundles along. Revenue at GLS jumped by 10%, while UKPIL saw no revenue growth. The British division has always lagged behind its continental counterpart because [...]
Mayfair Brexiteer among clutch of hedgies burnt by Ocado’s US-fuelled share surge May 17, 2018 One of Mayfair’s most revered short sellers today took a multi-million-pound hit from Ocado’s rocketing shares. Marshall Wace, which made millions from the collapse of Carillion, has one of the largest punts against the online retailer. With a net short position of one per cent, according to regulatory filings, Marshall Wace booked a paper loss [...]
Tesla enters deal with Australian miner Kidman Resources for three-year supply of lithium May 17, 2018 Electric car manufacturer Tesla has signed a deal with Australian mining company Kidman Resources to supply it with refined lithium hydroxide. The two companies announced today that they are entering into a three-year agreement for the supply of lithium hydroxide, a crucial metal in the production of lithium ion batteries used in electric vehicles (EVs). [...]
Royal Mail share price falls as record revenues fail to offset profit problems May 17, 2018 Royal Mail today blasted through the £10bn revenue barrier, as continued stellar growth overseas offset a stuttering performance in the UK. But shares fell five per cent this morning with investors disappointed by a sharp deterioration in annual profits, which were hurt by charges from the firm’s pension fund overhaul. Today’s results take the shine [...]
Microsoft follows Twitter, Facebook and Google in banning cryptocurrency advertising May 17, 2018 Microsoft has become the latest silicon valley firm to ban cryptocurrency advertising on its search engine Bing. It follows a number of other silicon valley giants, including Facebook, Twitter and Google also taking the same measures earlier this year. Read more: Bitcoin is down after Twitter announced a clampdown on crypto advertising The company’s advertiser [...]
William Hill and GVC share prices as they brace for shop closures from ‘unprecedented’ move to slash top stake on betting machines May 17, 2018 Bookmakers have started releasing initial forecasts on the impact of the government’s decision to cut the maximum stake on fixed odds betting terminals, with William Hill branding the move “unprecedented”. The government confirmed this morning that the maximum stake on fixed odds betting terminals will be cut to £2 – down from £100. Shares in [...]
UK government slashes fixed odds betting machines stake from £100 to £2 May 17, 2018 The government announced this morning that the maximum stakes on fixed odds betting terminals are to be cut from £100 to £2 to clamp down on the risk of “gambling-related harm”. Minister for sport and civil society Tracey Crouch announced the shake-up today, following a consultation with the public and the industry to try and [...]
Britain risks losing its appeal to overseas investors, unless we settle on Brexit and make a confident pitch to the world May 17, 2018 Last week, I was in Delhi, testing the water on how Indian business felt the Heads of Commonwealth Summit in London had gone a few weeks ago. The answer, it seemed, was very well, and there was real enthusiasm for the quick follow up by the Culture Secretary, Matt Hancock, who wasted no time in [...]
Rail nationalisation? It’s time Britain got on with a real privatisation instead May 17, 2018 Returning the east coast mainline to public ownership yesterday prompted the inevitable calls for full renationalisation of Britain’s rail network. As transport secretary Chris Grayling demanded Stagecoach hand back the keys, trainspotters purred at the prospect of the resurrection of the London and Northern Eastern Railway (LNER) livery. Meanwhile, the unions hailed the removal of [...]
DEBATE: In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? May 17, 2018 In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, says YES. Virtually all the FTSE 250 are audited by the Big Four. This cosy and complacent club has long, lucrative relationships with these companies. [...]