JPMorgan reports third quarter profits up 22 per cent due to tax benefits October 13, 2015 JPMorgan Chase & Co. has reported third quarter profits rising 22 per cent due to $2.2bn (£1.44bn) in tax benefits. The company said in a statement that the quarter reflected the tax benefits "due to the resolution of tax audits and the release of deferred taxes". Net income rose 22 per cent to $6.8bn from [...]
Cammell Laird beats off rivals to win £200m Polar research ship deal October 13, 2015 Cammell Laird has won a government contract to build a state-of-the-art £200m polar research ship, securing hundreds of jobs at its Birkenhead shipyard in Merseyside. The 187 year-old company beat off competition from rivals in Europe and the far east to win the deal to build what the government claims will be one of the [...]
SABMiller and AB InBev merger: Don’t be surprised if your favourite “craft beer” brand is now owned by the world’s largest brewer October 13, 2015 You know that delicious craft ale you enjoy? There's a chance it's now owned by the world's largest brewer, after SABMiller and AB InBev agreed the terms on a deal to create an $11bn megabrewer, with SABMiller submitting to an offer of £44 per share. Between them, the two companies 224 beer brands, including some of [...]
Barclays on Jes Staley appointment: “We haven’t hired a new chief executive yet” October 13, 2015 Almost 24 hours after it was first hinted at, Barclays has finally issued a statement – insisting it hasn't hired Jes Staley as its new chief executive. In a stock market notification today, it said the process of hiring a new boss "has not yet concluded", adding that the company "will provide a further update [...]
Flybe’s share price rises on promising results as budget airline’s turnaround plan gains momentum October 13, 2015 Flybe's share price soared today on the back of results suggesting the budget airline was gaining momentum in its turnaround. The figures There was a 13 per cent increase in passenger revenues over the three months to the end of September, but around a one per cent decrease in revenue per seat. Passenger numbers increased 1.7 [...]
The Volkswagen scandal gets the Hollywood treatment as Leonardo DiCaprio and Paramount are to turn it into a film October 13, 2015 The Wolf of Wall Street is turning his attention to saving the planet, after Leonardo DiCaprio snapped up the film rights to a new book on the Volkswagen emissions scandal. DiCaprio's film company Appian Way will be in the driving seat, turning an as-yet unnamed and unpublished book on the scandal by New York Times journalist Jack Ewing on [...]
Here’s why investors should’ve bet on stock market floats last year: IPOs beat the FTSE 100 in 2014 October 13, 2015 Plucky investors looking to make a quick buck should've stomached the risk and brought companies that floated last year, as their shares outperformed the FTSE 100. New research by accounting firm Deloitte shows that the 30 IPOs which completed in 2014 generated an average return of 12.4 per cent, outperforming the FTSE 100 by 14.4 [...]
Asda poaches Sainsbury’s executive Roger Burnley to be chief operating officer October 13, 2015 Asda has poached one of rival Sainsbury’s top executives as competition among the supermarket chains heats up. Sainsbury’s retail and operations director Roger Burnley is jumping ship to take up the role of chief operating officer at Asda, the Walmart-owned group announced this morning. The appointment comes after Asda reported its worst ever quarterly result in the 16 [...]
Volkswagen cuts annual investment by €1bn to counter emissions scandal losses October 13, 2015 Volkswagen its slashing annual investment by €1bn in order to counter losses it will suffer as a result of its emissions scandal. In a statement this morning, the German car maker said it was changing its strategy for diesel cars, saying they “will be equipped with exhaust emissions systems that use the best environmental technology”. Read [...]
Royal Mail share sale: The government has missed an opportunity by excluding retail investors from this privatisation October 13, 2015 News the government has sold its remaining 14 per cent stake in Royal Mail to institutional and professional investors goes against the clear popularity and demand for retail offerings in privatisations. Registrations of interest for next year’s Lloyds Banking Group share offer are already in the hundreds of thousands. It would seem wild horses couldn’t drag [...]