Firms must state Brexit risk audit regulator warns, as earnings season approaches February 8, 2016 Companies are being warned to include the cost of the UK quitting the European Union in their financial statements by the accounting regulator the Financial Reporting Council (FRC). Earnings season is gearing up in the UK, with most of the FTSE 100 blue chip firms set to publish their fourth quarter and full year results [...]
Deutsche Bank seeks to quell investor fears as it assures it can make debt repayments due in April February 8, 2016 Deutsche Bank moved to calm investors this evening, after it said it will have no problem making bond payments due in April. The bank, whose shares fell 9.5 per cent to €13.82 during trading in Frankfurt today, said its payment capacity was approximately €1bn, which it said was "sufficient to pay additional tier one (AT1) coupons of approximately €350m [...]
The Vix volatility index is spiking again as turmoil hits global equities markets February 8, 2016 The Vix – everyone's favourite measure of global market volatility – was up 17.3 per cent at 27.42 points in mid-afternoon trading in the US. The Vix has spiked several times in recent months as turbulence took hold of global markets. In January, it rose as high as 31.36 during intraday trading, while during so-called Black Monday in [...]
Elegant Hotels buys its sixth Barbados resort for £12.5m February 8, 2016 Elegant Hotels has added another luxury Barbados resort to its portfolio after agreeing to buy Waves Hotel and Spa on the island’s west coast for $18m (£12.5m). The company, which floated on Aim last year, now owns six Bajan resorts including The Colony Club, Crystal Cove and Turtle Bay as well Daphne’s, the beachfront restaurant [...]
US tech stocks Twitter, Facebook, Etsy, Groupon and Salesforce share prices fall, dragging Nasdaq to its lowest in 18 months February 8, 2016 Global market turmoil has hit tech stocks, with investor favourites Facebook, Twitter and Salesforce combining to drag the Nasdaq index to its lowest level since July 2014. In early afternoon trading in New York, Facebook was 5.5 per cent lower, at $98.33, while Salesforce was 8.5 per cent lower, at $53.53. That dragged the Nasdaq down 2.9 [...]
Yelp shares suspended in the US as results released early and the CFO quits February 8, 2016 Shares of review site Yelp have been suspended in the US following the firms fourth quarter earnings being leaked. The company told CNBC the results were released due to an error by PR Newswire. They were expected after the market close. Yelp reported a net loss of $22.2m in the fourth quarter, down from a profit of $32.7m in [...]
Twitter share price falls to fresh all-time low dropping under $15 for first time after algorithm change outrage February 8, 2016 Twitter is facing fresh misery as US markets opened, with its share price diving to fresh lows… again. Shares slipped more than four per cent lower to $14.87, stock under $15 for the first time ever, after speculation that the social network will make a major change to the way it works. Under pressure chief [...]
Axa to pay €75m for an eight per cent stake in Africa Internet Group (AIG) and plans to distribute insurance through Jumia online stores February 8, 2016 French insurance giant Axa agreed to pay €75m (£57.9m) today for an eight per cent stake in ecommerce company Africa Internet Group (AIG). As part of the deal, Axa will gain the right to exclusively provide insurance products through Jumia, an online shopping platform and AIG's main subsidiary. "Internet is creating unparalleled opportunities for consumers and businesses in Africa to [...]
Anglo American chief executive Mark Cutifani warns miners bracing for most challenging year yet February 8, 2016 Anglo American's chief executive, Mark Cutifani, has warned miners to brace for the most challenging year yet, as he forecast no immediate end to the commodity price rout which has hammered their balance sheets over the last 18 months. Speaking at a mining conference in Cape Town, Cutifani said some producers' refusal to cut production despite weak [...]
Marks and Spencer is narrowing the gap with high street rival Next, says Moody’s February 8, 2016 Marks & Spencer is closing in on its high street rival Next after boosting the profitability in its troubled clothing business by bringing more of its design in house and sourcing directly from suppliers, according to analysts at credit ratings agency Moody’s. In a note published the morning, Moody’s said Next’s credit profile is stronger [...]