Advertising Standards Authority rules that Google links were misleading Ryanair customers March 2, 2016 The advertising watchdog has ruled that travel comparison site eDreams has been misleading customers through its Google advertisements. The Advertising Standards Authority has been looking into a series of complaints from consumers after Ryanair claimed the website was duping customers who believed they were booking directly with the airline. The budget Irish carrier has also called on search giant Google to remove eDreams [...]
The Co-operative commits £75m to slashing prices in supermarket battle March 2, 2016 The Co-operative Group is ploughing a further £75m into cutting prices of every day products in its latest bid to get ahead in the supermarket price war. The mutual, which has over 2,800 food stores across the UK, said it will slash the cost of over 200 of its own-brand British sourced meat and poultry products, with [...]
Fiat Chrysler recalls 2,500 jeeps in Russia due to safety concerns March 2, 2016 Fiat Chrysler has voluntarily recalled 2,496 cars in Russia, the Russian technical safety watchdog Rosstandart has confirmed. Those affected are the Jeep Cherokee and Jeep Commander vehicles made between 11 March 2005 and August 2007. The cars were sold up until 2008. In December last year Fiat was forced to issue a recall for 570,000 SUVs globally and in [...]
Abercrombie & Fitch results show sales slumped in full year although inched up slightly in fourth quarter ending January 2016 March 2, 2016 Abercrombie & Fitch has today reported that comparable sales have inched up slightly in its fourth quarter ended January 2016, but dropped for its full year. The fashion retailer revealed sales of $1.1bn (£780m) for its fourth quarter, up one per cent on a comparable basis but down one per cent on a reported basis. However, the [...]
Intertek share price dives as it swings to a loss on oil price rout March 2, 2016 Shares in London-listed Intertek slumped as much as 4.5 per cent to 2,868p per share today, after it swung to a loss in 2015. The figures: Intertek booked a £577m impairment charge in its industry services division on challenging trading conditions in the oil and gas industry, and reduced energy spending by its customers. The charge [...]
Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
Morrisons chairman Andrew Higginson joins Shore Capital as senior adviser March 2, 2016 Investment firm Shore Capital has signed up retail veteran and Morrisons chairman Andrew Higginson as a senior adviser to help bolster its expertise in consumer industries. Higginson, who is also currently chairman of home shopping group N Brown, joined Morrisons in 2014 to lead a shake-up at the supermarket following years of worsening sales. He previously spent 15 years on the [...]
Darty share price soars as Christo Wiese’s Steinhoff International wades in with £662m offer March 2, 2016 Shares in Darty have soared by nearly 10 per cent this morning after South African retail conglomerate Steinhoff International made a £662m offer for the UK-listed electrical chain – a move that could scupper its already agreed sale to French rival Fnac. Darty said it has received a cash offer of 125 pence per share from the [...]
Seadrill, EnQuest, Tullow Oil and Ithaca: Moody’s issues another warning over UK oil firms’ credit ratings March 2, 2016 Credit ratings agency Moody's has sounded the alarm over the effects of crumbling crude prices on oil companies' ratings, as it issued a series of credit rating cuts and downgrades for UK companies in the sector. Moody's downgraded independent explorer Seadrill's credit rating by three notches, citing the continued deterioration of the offshore drilling market. Independent explorer [...]
Rolls-Royce share price rises after it appoints new executive Bradley Singer from activist investor ValueAct March 2, 2016 Roll-Royce has appointed a new non-executive to its board from US-based activist investor ValueAct, as the company presses ahead with its turnaround plan. California-based hedge fund ValueAct raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent in December, fuelling expectations that it would seek a seat on the firm’s board and work with [...]