UBS share price falls 8 per cent after Swiss bank reports disappointing fourth-quarter results February 2, 2016 Shares in UBS fell 8 per cent this morning after the Swiss banking giant reported that investors had pulled billions of dollars in assets out of its flagship wealth management business in the fourth quarter of last year. The Zurich-based bank said that while the group's overall profits had increased, beating analyst expectations, the wealth management business recorded a 27 percent fall in [...]
Tata is having to rename its Zica cars because of the Zika virus outbreak February 2, 2016 Tata Motors has been forced to change the name of its soon-to-launch car Zica, because the name is too similar to that of the devastating Zika virus. The unfortunately named new Zica hatchback, shortened from Zippy Car and chosen before the outbreak of the virus, will now be rebranded. It's due to make its debut at the New Delhi [...]
Financial watchdog warns firms over contracts for difference, following review of 10 sample firms February 2, 2016 The financial watchdog has warned that companies offering contracts for difference (CFDs) may not be doing enough to vet their clients before taking them on. The Financial Conduct Authority is concerned that financial companies are not doing enough to prevent financial crime or assess the suitability of their clients. There’s concern that CFDs are being [...]
Greene King’s chairman Tim Bridge set to retire in May 2016 after over 45 years with the hospitality company, Philip Yea lined up as successor February 2, 2016 Greene King has today announced that chairman Tim Bridge will be retiring on 1 May 2016, and Philip Yea has been lined up as his successor. Bridge has been with the hospitality giant for over 45 years, 11 of which he spent as chairman. Yea will join the board today as a non-executive director and will take [...]
Bye-bye BOGOF? Tesco finally winds down promotions in favour of simpler pricing strategy February 2, 2016 Tesco is winding down its focus on promotions such as the famous BOGOF – buy one get one free offers – instead offering customers clearer prices in the long term. It's the latest supermarket to follow in the footsteps of discounters Aldi and Lidl with low prices overall rather than deals which have been criticised as [...]
SABMiller and AB Inbev’s megabrew deal “won’t give European beer market a hangover” February 2, 2016 Don’t worry, there won’t be a hangover for European markets from AB InBev’s £71bn takeover of SABMiller. At least according to a new report from Moody’s, giving the megabrew deal its blessing by announcing that the merger is “unlikely to alter the competitive landscape of the European beer market over the next 12-24 months”. Moody’s [...]
Ocado share price jumps as it makes its second-ever profit – and says it is “confident” of signing a big deal February 2, 2016 Ocado has reported its second-ever pre-tax profit, which jumped 65 per cent in the year to the end of November. And the company was dropped a couple of hints which could relate to those rumours of a tie-up with a certain giant ecommerce site… The figures In a statement today, Ocado said gross retail sales rose to £1.1bn in 2015, up 14.7 per [...]
BP’s share price falls to six-year low as energy giant reveals worse-than-expected $2.2bn fourth quarter loss on back of falling oil prices February 2, 2016 BP's share price has fallen to its lowest level in nearly six years after posting worse-than-expected results this morning. Shares in the oil giant, whose replacement cost losses increased by 130 per cent, were down 9.5 per cent in mid-afternoon trading to 330 per share – the lowest in nearly six years, though still well [...]
TalkTalk share price jumps as revenues rise – but cyber attack cost it £60m February 2, 2016 Shareholders seemed impressed with TalkTalk's recovery from the cyber attack that devastated it in October – it's even retained its dividend. But the hack still cost it as much as £60m. The figures In a statement this morning, the company said revenues rose 1.8 per cent in the third quarter, with on-net revenues growing 4.5 per cent. But the company [...]
Sainsbury’s share price rises as it paves the way for Argos takeover with £1.3bn bid for Home Retail Group – and HRG board is backing the deal February 2, 2016 Sainsbury's has made an 11th hour offer for Home Retail Group, upping its bid to a total of £1.3bn. Under the terms of the deal, Home Retail Group investors will received 0.321 Sainsbury's shares and 55p in cash per share. They will also receive around 25p per share and a further 2.8p instead of the dividend due to [...]