Credit Suisse’s share price plummets as it posts first annual loss since 2008, plans 4,000 job cuts: Tidjane Thiam issues warning of global uncertainty February 4, 2016 Credit Suisse's share price plummeted this morning on news it is planning to cut 4,000 jobs following its first annual loss in eight years, alongside a warning that it is "not clear" when financial markets will start to rebound. The figures The Swiss lender has reported a pre-tax loss of CHF 2.42bn (£1.65bn) for the full year [...]
Metro Bank float may take the (dog) biscuit February 4, 2016 How much is a dog biscuit worth? A lot, if you believe the contents of documents sent to shareholders in Metro Bank ahead of its listing on the London Stock Exchange in March. Since its launch six years ago, the first new lender to hit UK high streets in more than a century has done a [...]
Stamp duty hike boosts rental demand for London’s top end homes February 4, 2016 The hike in stamp duty on top-end homes has sparked a surge in super-prime rental deals over the last year, new research shows, as well-heeled families put off plans to buy. Knight Frank said rental deals on properties charging £5,000-plus per week rose by 10 per cent in 2015 as people hold off buying following George [...]
Taylor Wimpey chief executive Pete Redfern launches a major review into UK home ownership with Labour shadow minister John Healey February 4, 2016 Taylor Wimpey chief executive Pete Redfern will today launch a major review into British home ownership, at the request of Labour shadow housing minister John Healey. The new, independent review will be carried out by Redfern and a panel of expert advisers, including former Monetary Policy Committee (MPC) member Kate Barker and Andy Gray, former managing [...]
XL Group profit jumps in 2015 following acquisition of Lloyd’s insurer Catlin February 3, 2016 Insurer XL Group has reported profit of $228.5m (£156.6m) for the final quarter of 2015, up from $139.5m in the same period of 2014, while profit for the full year increased to $1.2bn from $188.3m in the preceding 12 months. The Dublin-based, New York-listed firm, which purchased Lloyd's insurer Catlin Group for £2.7bn last year, posted gross [...]
Yum! Brands share price falls as investors left lukewarm by fourth quarter results February 3, 2016 Shares in Yum! Brands fell 1.41 per cent to $72.42 during after hours trading, with investors left feeling lukewarm on the release of its fourth quarter results. This came despite China's same-store sales rising two per cent in China, ahead of expects for a 1.9 per cent increase. The group's total revenue slumped 1.2 per cent to [...]
MPs turn up the heat on FRC over KPMG enquiry February 3, 2016 Influential MP and chairman of the Treasury select committee (TSC) Andrew Tyrie has increased the pressure on the accountancy watchdog over its supervision of big four auditor KPMG’s role in the collapse of HBOS. Last month the Financial Reporting Council said it would look into whether to open an investigation against KPMG, having previously decided not [...]
January sets the bar high for mega deals this year February 3, 2016 The start of 2016 has been the biggest since 2008 for merger and acquisition activity, according to deal data firm Mergermarket. A whopping $254.9bn worth of deals, up 6.7 per cent from the same period in 2015, have been done around the world to date this year with the latest deal to be announced, the takeover [...]
General Motor share price falls as car giant reports record quarterly and yearly profits February 3, 2016 Shares in US car manufacturer General Motors (GM) have dipped by as much as five per cent today, despite the company posting a record yearly profit of $9.7bn (£6.6bn) in 2015 – up from $2.8bn in 2014. Revenue for the quarter was flat at $39.6bn while full year revenue dipped to $152.4bn from $155.9bn. “It was [...]
Comcast posts 8.3 per cent jump in revenue as it adds 89,000 new video customers February 3, 2016 US media group Comcast reported an 8.5 per cent increase in revenue during the final quarter of 2015, up to $19.25bn (£13.16bn) from $17.73bn – and beating analysts' expectations of $18.76bn. Revenue for the full year was up 8.3 per cent to $74.5bn from $68.8bn, and operating income grew 7.3 per cent from $14.9bn to $16bn. The [...]