Bunzl reports growth in profit and revenue as it brings business acquisitions total to 22 February 29, 2016 Outsourcer and distribution group Bunzl today reported profit and revenue growth as its acquisition spree spread further. In 2015, the company’s adjusted operating profit was £366.5m, up from £341.8m in 2014. Its total revenue was £6.5bn, up from £6.2bn. The London-based group also revealed it has spent £327m acquiring 22 businesses, including the today's takeover of [...]
US shale gas industry sets sights on oil prices recovering to $40 February 29, 2016 Two of the largest US shale gas producers have said oil recovering to $40 per barrel will reverse the ailing industry’s fortunes. Continental Resources could increase capital spending if US crude reaches low-to mid-$40s, allowing it to boost production by 10 per cent next year, chief financial officer John Hart said last week. Whiting Petroleum also [...]
Quindell buyer Slater and Gordon’s share price plummets on $958m loss largely due to a huge UK writedown February 29, 2016 The company which bought embattled Quindell almost a year ago has reported a nearly AUD$1bn loss today, driven by a huge writedown of its UK assets. Slater & Gordon shares nearly halved after it posted a $958m (£492m) loss for the six months ended December 31st, primarily due to a $814.2m writedown on its acquisition of the professional services arm [...]
China creates 100bn yuan fund to cut jobs in steel, coal sectors February 29, 2016 China announced today that it's created a 100bn yuan fund to lay off nearly two million workers in its embattled coal and steel sectors. Yin Weimin, the minister for human resources and social security, told a news conference that 1.3m workers in the coal sector could lose their jobs, in addition to 500,000 from the steel [...]
FTSE 100 effective tax rate falls to 22.6 per cent – the lowest level since the recession February 29, 2016 The average effective tax rate paid by FTSE 100 companies has fallen to 22.6 per cent, the lowest level since the recession, according to research published today by accountancy group UHY Hacker Young. The effective tax rate, which is the average percentage at which overall company profits are taxed, is down a quarter from 30.1 per cent [...]
Yu Energy sets sights on £7.5m flotation on London Stock Exchange by end of March February 29, 2016 Yu Energy, an independent gas and electricity supplier that focuses on SMEs, has announced it will float on Aim, in conjunction with a placing to raise around £7.5m of new capital. The junior market listing is expected to take place before the end of March. Shore Capital is acting as the sole adviser. Yu Energy was [...]
IG Group offers customers commission free trading on ETFs and cuts rates on stockbroking trades February 29, 2016 Online trading firm IG Group has made a push to become more competitive and attract new business with an offer of commission free exchange traded fund (ETF) purchases on ISAs and cuts to commission rates on stockbroking trades. The group said the "changes come as IG Group continues to grow and develop its stockbroking offer, and [...]
Businesses in Marble Arch team up to launch improvement district February 29, 2016 Businesses in Marble Arch and Edgware Road have backed plans to invest £2.5m in sprucing up the west London area after launching a new business improvement district (BID). Over 78 per cent of businesses, retailers, restaurant and hotels from Marble Arch and northern Park Lane voted in favour of setting up the new group to [...]
Un frappucino, per favore! Starbucks to open in Italy February 29, 2016 Starbucks hopes to win over a nation of coffee lovers after announcing plans today to expand into Italy. The Seattle-based coffee chain said it has signed a licensing deal with Italian entrepreneur Antonio Percassi to open stores in cities across the country, with the first cafe due to open in Milan in early 2017. Percassi's eponymous firm operates several franchises and has overseen the [...]
One million retail jobs at risk from rising wages and tax costs, warns British Retail Consortium February 29, 2016 One million retail jobs could disappear in the next decade as high street shops across the country struggle to cope with drastic changes in shopping habits and rising costs. The British Retail Consortium (BRC) has warned that government policies including the new national living wage, the apprenticeship levy and rising business rates will add as much as £14bn [...]