FTSE 100 gives up gains for the year August 15, 2015 Britain's top share index has given up its gain for this year, after a choppy week in equity markets. The blue-chip FTSE 100 index finished the week 0.27 per cent lower at 6,550.77. It closed at 6,556.10 at the end of 2014, although it had risen to a record 7,122.74 points in late April. Oil companies led [...]
Universities must work more closely with employers if today’s school leavers are going to flourish August 14, 2015 As another generation of young people receive their A level results, record numbers are expected to head to university next month. This is undoubtedly good news as it’s estimated that people with degrees earn around £200,000 more over their lifetime than those who did not attend university. However, it’s important that people embarking upon [...]
HSBC, Barclays and RBS among nine banks signing up to $2bn US foreign exchange settlement August 14, 2015 Nine banks including HSBC, Barclays and Royal Bank of Scotland (RBS) have agreed a $2bn (£1.3bn) settlement with US investors over currency rigging-accusations. Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS also signed up to the deal, according to lawyers negotiating on behalf of the investors. A statement by law firm [...]
BP could face fine of up to $48m for natural gas market manipulation after Hurricane Ike in Texas August 14, 2015 UK oil giant BP could face a $48m fine for manipulating markets in Texas in 2008, after a US judge ruled that it had natural gas prices after a hurricane in the Gulf of Mexico sent prices tumbling. The US Federal Energy Regulatory Commission (FERC) accused BP of manipulating the market to squeeze profits illegally, [...]
US giants get UK makeover: More Britons in top roles at US companies as Coca-Cola names James Quincey president and COO August 13, 2015 Britons are taking the helm at US companies, with Coca-Cola the latest to follow in this trend. The soda giant promoted London-based James Quincey to president and chief operating officer of the company, a promotion that comes hot on the heels of Watford-born Steve Easterbrook taking over at McDonald’s. A Coke veteran of 19 years, [...]
World’s longest non-stop flight: Emirates airline announces Dubai-Panama flight, taking 17 hours August 13, 2015 If you can’t get enough of flying, you’re in for a real treat: the world’s longest non-stop flight is about to take off. Starting next spring, Emirates airline will fly non-stop between Dubai and Panama City, covering a cool 8,252 miles. You’d better hope there’s decent in-flight entertainment on board, though, because the trip will [...]
Smartphone maker HTC to cut 15 per cent of workforce after disappointing sales August 13, 2015 HTC announced today it would be axing 2,250 jobs, or 15 per cent of its workforce, after disappointing investors with yet another batch of sub-par results. The struggling Taiwanese smartphone maker’s sales missed expectations in the second quarter, and are forecast to drop further still in the months to come. Last week's earnings report reported [...]
Tui Group share price leaps despite profit hit from Tunisia terror attack August 13, 2015 Shares in Tui Group jumped 7.5 per cent to 1,118p after results posted this morning showed a rise in profits – despite the terror attack in Tunisia and uncertainty over the Greek debt hitting its revenues. The figures Tui Group reported net income of €49.4m (£35.2m) in the three months to June 30, having made a [...]
What’s in a name? Why Google’s transition to Alphabet is great news for investors August 13, 2015 Companies change names and rebrand when they wish to turn over a new leaf, or refresh their perception amongst key stakeholders. Some work, some don’t – just think about Britain’s Royal Mail and its short-lived rebranding to “Consignia”. That name change quickly got lost in the post. And remember PwC’s abortive attempt to switch to [...]
Cineworld profits rise to monster levels thanks to Jurassic World and Fifty Shades August 13, 2015 Shares in Cineworld rallied this morning after the UK’s largest cinema operator revealed an 11.5 per cent jump in revenues, saying it was performing ahead of plans thanks to box office hits including Fifty Shades of Grey and Jurassic Park. Total revenues, when factoring in the European chain Cinema City it acquired last year, reached [...]