Royal Mail’s share price rises as strong Christmas helps it deliver results in line with expectations January 21, 2016 Royal Mail's share price climbed this morning, after posting solid results covering the crucial Christmas period, giving the venerable institution confidence that full year figures will come in line with expectations. The figures Group revenue for the company – which is celebrating its 500th birthday this year – nudged up one per cent for the nine [...]
SABMiller’s sales hit hard by plunging emerging market currencies ahead of megabrew deal with AB InBev January 21, 2016 Currency headwinds are still causing SABMiller headaches ahead of its £71bn takeover by rival AB InBev, but the brewer is on a tear in emerging markets. The figures SABMIller’s revenue was down eight per cent in the three months to the end of December, and nine per cent in the year to date. On an [...]
Monitise to break even by the second half, despite restructuring costs hurting the bottom line in H1 January 21, 2016 Digital payments group Monitise has said cash flow will drop below guided levels as the cost of restructuring bites – but claims it will be turning a profit by the second half of the current financial year. In the six months to 31 December, the company said it expected revenues to come in at around £33m, while [...]
Advertising Standards slams telcos over broadband prices January 21, 2016 Apparently Britons are struggling to work out the cost of broadband contracts – but don’t worry, it’s not entirely due to a lack of mathematical ability. The Advertising Standards Authority (ASA) has teamed up with the communications watchdog Ofcom to censure broadband providers over the way they advertise their services. According to research commissioned by [...]
Budget fitness chain Pure Gym launches upmarket cycling studio in the City January 21, 2016 Budget fitness chain Pure Gym has gone upmarket after launching a luxury fixed cycling studio in the City. The company, which is eyeing a stock market float, said Pure Ride opened today at Moorgate will offer up to 60 cycling classes a week, including high-intensity workouts developed with Olympic cycling champion Sir Chris Hoy. Classes cost between £16 and £20 per session [...]
Deutsche Bank will make its first full year loss since 2008 as it faces huge legal and restructuring costs and challenging markets dry up revenues January 20, 2016 Deutsche Bank has warned investors it expects to report a €6.7bn (£5.15bn) loss for the fourth quarter of 2015. The €6.7bn net loss comes as a result of €1.2bn in legal costs, as well as €800,000 in restructuring fees and severance pay, mainly for the retail bank for private and business clients. The bank is expecting [...]
Report: Investors want High Street challenger Metro Bank to push ahead with £500m listing next month January 20, 2016 High street challenger Metro Bank is reportedly eyeing next month for a flotation, bolstered by demand from existing investors. Metro Bank has not officially set a date for an initial public offering (IPO), but sources close to the bank have repeatedly said the challenger remains on course to list this year. But the listing could [...]
Barclays cuts bonuses and jobs in London, New York and Asian Investment Banking divisions January 20, 2016 Barclays' Investment Banking division could see its bonuses cut by 10 per cent as cost cutting continues, it has been reported. As part of the ongoing restructuring at the investment bank, staff could see their bonuses fall 10 per cent compared to last year, according to Bloomberg reports. As previously announced, Barclays will pay bonus payments later than [...]
Job interview questions from some of the UK’s top accountancy firms, including PwC, Deloitte, KPMG and EY January 20, 2016 If yesterday's banking interview questions left you in a tizzy, maybe accountancy is more your cup of tea. City A.M. went back on careers website Glassdoor.com to find out just what calibre of questions wannabe bean counters and spreadsheet drafters could expect from their potential employers. PwC Senior accountant: If you were to be re-incarnated as an animal, [...]
KitKat’s four-finger shape cannot be a trademark says High Court in latest step in Nestle’s intellectual property battle January 20, 2016 Confectionery company Nestle suffered yet another knock today in its ongoing intellectual property battle against Cadbury after the High Court ruled that its four-finger KitKat design could not be registered as a trademark. The High Court decision follows a ruling last September from the Court of Justice of the European Union. The European court determined that, [...]