Profits and revenue fall at Primark’s parent company Associated British Foods – but will still pay a dividend November 3, 2015 Primark parent company Associated British Foods (ABF) has said it will still pay a dividend, despite falls in both profit and revenue for the year to 12 September. The figures Adjusted operating profit was down six per cent in real terms, or four per cent on a constant currency basis, to £1.09bn, while group revenue [...]
Standard Chartered share price plummets on 15,000 job cuts as part of $5.1bn-plan to rebuild troubled bank November 3, 2015 Standard Chartered is cutting 15,000 jobs as it looks to shore the business up after posting “disappointing” third quarter results this morning. The figures The Hong Kong bank reported revenues of $3.7bn for the quarter ending 30 September, down from $4.5bn for the same period last year. This fell short of the $4.1bn forecast by most [...]
Hey big spender! US firms splash out a record $1.8 trillion on M&A as 2015 marks return of the mega-deal November 3, 2015 US companies have spent a record $1.8 trillion on mergers and acquisitions (M&A) this year as they scramble to offload huge cash piles before an expected increase in interest rates. The figures, from Dealogic, include Visa Inc’s $23.4bn (£15bn) purchase of Visa Europe yesterday, the latest in a frenzy of multi-billion dollar mega deals signed off in [...]
UK businesses to face squeeze in rents over next 12 months November 3, 2015 UK business are predicted to come under increasing pressure from rising rents as the economy gathers pace and competition for space heats up, the Royal Institute of Chartered Surveyors (RICS) has warned. In its latest commercial market survey, RICS forecasts that UK rental values will jump by four per cent over the next 12 months. Businesses [...]
Fitbit sees revenue soar 168pc for its third quarter of 2015, but share prices plummet November 2, 2015 Fitbit has announced revenue of $409.3m for its third quarter of 2015, an increase of 168 per cent from $152.9m compared to the same period in 2014. “Fitbit’s third quarter results demonstrated the continued rapid growth of the Fitbit platform and our team’s ability to execute on the tremendous opportunity we see globally, as we [...]
SMEs take a hit on foreign exchange charges November 2, 2015 International payments could be taking their toll on small and medium sized businesses (SMEs) in the UK to the tune of £110m each year. Figures from foreign exchange company Moneycorp show SMEs are not efficiently managing currency risk, which is weighing on exports. Andy Reid, managing director of global payments at Moneycorp, said: “Currencies around [...]
Volkswagen emissions scandal hits sales in France November 2, 2015 The fallout from the Volkswagen emissions scandal is beginning to show up on sales reports. The German car maker recorded a drop in sales of VW branded cars of three per cent in France for October, figures out yesterday from the Committee of French Automobile Manufacturers (CCFA) showed. Sales of Volkswagen cars have been coming [...]
HSBC’s ringfence relief but HQ could still move November 2, 2015 Concerns that HSBC could lose control of its UK retail arm under ring-fencing rules have been “satisfactorily” dealt with according to the bank’s chief executive. New regulations to take effect in 2019 requiring banks to “ring-fence” their high street operations had caused the bank to worry it would have no say over the capital, dividends, [...]
Google Project Wing: Dave Vos says drones postal service will be delivering to your doorstep by 2017 November 2, 2015 Parcels from the postie might be a thing of the past, as a Google executive announced today that the company is aiming to start delivering packages by drone by 2017. Responding to an audience question at a conference for air traffic controllers, Dave Vos, project lead on Project Wing at Google, said he hoped the [...]
Property firm tapping into regional revival eyes £300m stock market listing November 2, 2015 A newly-formed real estate investment trust (Reit) hoping to cash in on the property market revival in the regions is poised to launch on London’s stock market with a value of around £274m. Regional Reit, a joint venture partnership between London & Scottish and hedge fund Toscafund, will tomorrow apply for a main market listing [...]