Paddy Power and Betfair share prices jump as they take a punt on merging to create the world’s biggest online gambling company August 26, 2015 Say hello to the world’s largest online gambling company – after Paddy Power and Betfair announced a potential merger. The two bookmakers have agreed a deal in principle that will create one of the world’s largest online gambling companies by revenue. Under the terms of the deal, Paddy Power will own 52 per cent of [...]
Advertising giant WPP beats expectations as Sir Martin Sorrell says he is still bullish on China August 26, 2015 WPP's share price fell more than one per cent this morning, despite beating expectations on both profit and like-for-likes. The figures The advertising giant reported headline profit before tax up 12.1 per cent to £596m – ahead of expectations that it would come in around £590m – and up 13.2 per cent on a constant [...]
M Local selloff: Morrisons’ ill-fated attempt to build a convenience arm has become a lesson for the industry August 26, 2015 It was a cold day in February 2013 when Morrisons’ former chief executive Dalton Philips was faced with a tough decision. Film rental chain Blockbuster had just collapsed and Morrisons was one of several suitors circling a portfolio of 50 stores administrators had put up for sale. Read more: It's a deal – Morrisons [...]
London property prices: The Shard skyscraper smashes record for office rents as Leonteq Securities takes entire 26th floor August 25, 2015 A letting at The Shard skyscraper in London Bridge has smashed price records for the South Bank and the City, as the hunt for office space in the capital heats up. German-listed IT company Leonteq Securities is understood to have struck a deal to take the entire 26th floor of the tower for over £90 [...]
BHP Billiton share price up six per cent despite pre-tax profits falling 61.7 per cent year-on-year August 25, 2015 BHP Billiton's share price was trading up to six per cent up in morning trading, leading the FTSE 100, despite reporting a significant fall in pre-tax profits for the year to the end of June, missing analysts' expectations, amid falling commodity prices. The figures BHP Biliton reported pre-tax profits of $8.67bn (£5.50bn), 61.7 per cent lower. The [...]
FTSE 100, Dax and Cac rise as hangover sets in after China stock market crash August 25, 2015 After making its worst losses since 2003 yesterday, the FTSE rose almost three per cent per cent in mid-morning trading, nudging back above 6,000. Meanwhile, the Dax rose 3.2 per cent and the Cac rose 3.1 per cent, suggesting that while European markets were nursing a hangover, the worst may be over. The rebound followed [...]
Supermarket wars: Big Four in big trouble as Tesco, Asda and Morrisons register more declines August 25, 2015 Tesco is still struggling to shrug off competition from the discount supermarkets, as data released this morning reveals yet more declines. While consumer spend within the grocery sector rose 0.9 per cent for the 12 weeks to 16 August, at Tesco it dropped by the same proportion. The price of a comparable basket of [...]
Petrofac share price rises despite first half loss as Shetland Islands rack up August 25, 2015 Petrofac shares were up 2.3 per cent up in early morning trading, despite having posted a loss for the first half of 2015 thanks costs at its Laggan-Tormore project. The figures Having issued a profit warning last November, Petrofac reported revenues of $3.2bn (£2.1bn) for the six months to the end of June, 25 per [...]
The bubble finally bursts on Black Monday: Tea, walnuts, garlic, now the Chinese stock market August 25, 2015 Fermented tea, garlic, preserved walnuts, and mahogany furniture. All of these have soared in price at one stage in the last ten years as wealthy Chinese have looked for places to store their assets and make a quick buck. “There are relatively few investment options,” says Mark Williams of Capital Economics. The walnut [...]
Black Monday: Equities bloodbath continues on US markets as Dow Jones and S&P 500 plummet August 24, 2015 US markets continued the trend set by global markets, plummeting in mid-morning trading, with the the S&P 500 and Dow Jones both trading more than four per cent down. That followed huge falls in Asia and Europe, with the FTSE 100 tumbling below 6,000 for the first time since 2012, while stocks in China fell [...]