Paddy Power results: The five best quotes – Donald Trump, Ashley Madison, Greek debt crisis August 26, 2015 It's that time of year in the corporate earnings calendar when Paddy Power tells the City what's been going on, and business has been a little like Donald Trump's hair and Jeremy Clarkson's steak throwing skills in the first half of the year. Read more: Paddy Power earnings jump as it unveils Betfair merger There was [...]
Uber partners with University of Arizona to beef up its research into self-driving cars August 26, 2015 Uber’s getting serious about driverless cars, after the ride-hailing app teamed up with the University of Arizona to research new technology for autonomous cars. The strategic partnership between the two will focus on the optics systems needed to make driverless cars safe for roads, according to a statement from Uber: We’ll work with some of [...]
Paddy Power and Betfair share prices jump as they take a punt on merging to create the world’s biggest online gambling company August 26, 2015 Say hello to the world’s largest online gambling company – after Paddy Power and Betfair announced a potential merger. The two bookmakers have agreed a deal in principle that will create one of the world’s largest online gambling companies by revenue. Under the terms of the deal, Paddy Power will own 52 per cent of [...]
Advertising giant WPP beats expectations as Sir Martin Sorrell says he is still bullish on China August 26, 2015 WPP's share price fell more than one per cent this morning, despite beating expectations on both profit and like-for-likes. The figures The advertising giant reported headline profit before tax up 12.1 per cent to £596m – ahead of expectations that it would come in around £590m – and up 13.2 per cent on a constant [...]
M Local selloff: Morrisons’ ill-fated attempt to build a convenience arm has become a lesson for the industry August 26, 2015 It was a cold day in February 2013 when Morrisons’ former chief executive Dalton Philips was faced with a tough decision. Film rental chain Blockbuster had just collapsed and Morrisons was one of several suitors circling a portfolio of 50 stores administrators had put up for sale. Read more: It's a deal – Morrisons [...]
London property prices: The Shard skyscraper smashes record for office rents as Leonteq Securities takes entire 26th floor August 25, 2015 A letting at The Shard skyscraper in London Bridge has smashed price records for the South Bank and the City, as the hunt for office space in the capital heats up. German-listed IT company Leonteq Securities is understood to have struck a deal to take the entire 26th floor of the tower for over £90 [...]
BHP Billiton share price up six per cent despite pre-tax profits falling 61.7 per cent year-on-year August 25, 2015 BHP Billiton's share price was trading up to six per cent up in morning trading, leading the FTSE 100, despite reporting a significant fall in pre-tax profits for the year to the end of June, missing analysts' expectations, amid falling commodity prices. The figures BHP Biliton reported pre-tax profits of $8.67bn (£5.50bn), 61.7 per cent lower. The [...]
FTSE 100, Dax and Cac rise as hangover sets in after China stock market crash August 25, 2015 After making its worst losses since 2003 yesterday, the FTSE rose almost three per cent per cent in mid-morning trading, nudging back above 6,000. Meanwhile, the Dax rose 3.2 per cent and the Cac rose 3.1 per cent, suggesting that while European markets were nursing a hangover, the worst may be over. The rebound followed [...]
Supermarket wars: Big Four in big trouble as Tesco, Asda and Morrisons register more declines August 25, 2015 Tesco is still struggling to shrug off competition from the discount supermarkets, as data released this morning reveals yet more declines. While consumer spend within the grocery sector rose 0.9 per cent for the 12 weeks to 16 August, at Tesco it dropped by the same proportion. The price of a comparable basket of [...]
Petrofac share price rises despite first half loss as Shetland Islands rack up August 25, 2015 Petrofac shares were up 2.3 per cent up in early morning trading, despite having posted a loss for the first half of 2015 thanks costs at its Laggan-Tormore project. The figures Having issued a profit warning last November, Petrofac reported revenues of $3.2bn (£2.1bn) for the six months to the end of June, 25 per [...]