Cost cuts and volatile currencies push up BNY Mellon’s profits April 22, 2015 Profits jumped 16 per cent at BNY Mellon in the first quarter, as the world’s largest custody bank benefited from increased foreign exchange trading. It also saw fee income rise as asset inflows improved, and managed to cut costs after coming under pressure from investors to create a leaner operation. Profits came in at [...]
Travis Perkins beats its target despite weakness in boiler sales April 22, 2015 Travis Perkins shares rose 2.8 per cent yesterday after Britain’s biggest supplier of building materials posted a 5.1 per cent rise in first-quarter like-for-like sales. The increase, which beat its target, was driven by growth in the general merchanting and contracts units, while its plumbing and heating division faced a 3.7 per cent fall, which [...]
Tesco’s share price is all over the place. Here’s why April 22, 2015 Shares in Tesco were up more than two per cent in early trading, brushing off the shock of a larger than expected loss of £6.38bn for the year. Despite the massive loss – the largest ever recorded by the supermarket and the sixth biggest of any UK company – investors initially remained confident in the ability [...]
McDonald’s share price jumps despite continued fall in sales April 22, 2015 The figures McDonald's share price shot upwards in early trading after the fast food giant announced a return of $1.4bn to shareholders through dividends and share repurchases. Yet the rising stock masks what was another poor quarter for Ronald and co. Sales at company-operated restaurants decreased by 13 per cent to $3.9bn in the first quarter [...]
Tesco: Here’s what the City and analysts are saying about record annual losses April 22, 2015 As the details of Tesco's losses and its turnaround plans sink in around the City, here's the initial take from analysts, business experts and even the man funding shareholder litigation against Tesco over the profit overstatement last year that triggered it all. Louise Cooper, CooperCity – "Tesco is like Miliband – it has two kitchen [...]
Tesco results: Three things you need to know after today’s annual loss announcement April 22, 2015 Tesco's results are out and there's a lot to take in – market reaction had been mixed this morning, initially up and now largely flat. Here are the three key things you need to know about Tesco this morning after shock losses at the supermarket. 1. How huge? This huge To put Tesco's £6.38bn loss [...]
Merrill Lynch International hit with record £13.2m fine as the FCA slams the “severity” of its misconduct April 22, 2015 Merrill Lynch International (MLI) has been fined £13.2m for failing to properly report a number of transactions between 2007 and 2014. This is the highest fine imposed by the FCA for this type of failing. The watchdog said the amount levelled at the firm “reflects the severity of MLI's misconduct, failure to adequately address [...]
Video: Here’s what Dave Lewis has to say about Tesco’s massive £6.4bn loss April 22, 2015 Tesco chief Dave Lewis has said he is not happy with the "significant" numbers in today's full-year results in which the supermarket reported record losses of £6.38bn. In a video discussing the latest figures alongside finance chief Alan Stewart, created by Tesco, when asked what's gone wrong, Lewis said the numbers were " significant" and [...]
Tesco: The decline and fall of the supermarket giant and its share price in one chart April 22, 2015 The business world is reacting to the news that Tesco has racked up a £6.38bn loss – one of the biggest losses ever made by a UK company. The beleaguered supermarket’s pre-tax losses for the year are even higher than the £5bn markets had been expecting. There was also a big hit from the writedown of [...]
Rolls-Royce share price opens higher as John Rishton stands down as chief executive to be succeeded by Warren East April 22, 2015 Shares in troubled engineering giant Rolls-Royce opened four per cent higher this morning, at 1,049p, after chief executive John Rishton announced his intention to stand down. Rishton, who has been with the company for four years with the company, was promoted to the top job four years ago. He'll step down on 2 July. He [...]