TJ Maxx owner scores highest store sales increase in two years August 21, 2018 Cut-price clothing retailer TJ Maxx’s owner today hailed double-digit growth in net sales and stronger growth in same-store sales than it’s experienced in two years. The figures TJX reported a 12 per cent year-on-year rise in net sales to $9.3bn (£7.2bn) for its second quarter results, eclipsing last year’s three per cent growth in revenue. [...]
Polymetal earnings up 46 per cent following production at Kazakhstan gold mine August 21, 2018 Precious metals producer Polymetal reported an earnings increase of 46 per cent for the first half of the year after the opening of its gold mine in Kazakhstan boosted production. The Russian gold and silver producer said its net income rose to $175m year-on-year after production began at its Kyzyl mine in June. The company [...]
British manufacturing strength bolstered by weak sterling and global economy August 21, 2018 Manufacturing activity slowed slightly over the summer but output remained well above normal levels as the strong global economy supported activity, according to a closely followed survey. The measure of manufacturers’ order books from the Confederation of British Industry (CBI) fell by four points, with a balance of seven per cent of the 379 firms [...]
The UK’s 2017-18 budget deficit hits an 11-year low August 21, 2018 The UK recorded its largest July surplus for 18 years last month, standing at £2bn, as ONS figures revealed robust deficit reduction in Britain’s finances. July’s surplus was double that from a year ago, with economic growth and high employment credited with fuelling the increase, handing Chancellor Philip Hammond cash he can put towards his [...]
Angling Direct shares rise as it reels in revenue growth August 21, 2018 Angling Direct beat its own expectations to reveal revenue growth had grown by more than 50 per cent year-on-year in a trading update today. The figures The fishing products retailer saw a 56 per cent year-on-year revenue increase to £22m, citing strong store and online sales despite the summer heatwave. E-commerce sales were up 60 per cent [...]
Greece’s bailout may have finished, but the economic pain still has a long way to run August 20, 2018 It is a landmark moment: Greece has finally received its last payment from the European Stability Mechanism, with an unprecedented €204bn (£183bn) in bailout loans delivered since 2012 as Europe grappled with a sovereign debt crisis. European Council president Donald Tusk was fulsome in his praise today. “You did it!” he said. “Congratulations to Greece [...]
Britons’ income from work surged in August as low unemployment made its mark August 20, 2018 Britons’ work income rose at its fastest pace on record in August, as historically low levels of unemployment helped household finances cope with inflation pressures. Data from IHS Markit’s published today showed the tenth consecutive month of employment income gains, in spite of an increase in the feeling of job insecurity. The figures will be [...]
Luxury retail app Farfetch is heading to Wall Street for a multi-billion dollar listing August 20, 2018 E-commerce marketplace Farfetch, which is based in the UK and specialises in luxury brands and high-end fashion, today filed an intention to list on the New York Stock Exchange. No details were given on the amount it expects to raise or the offer price per share, however analytics firm Pitchbook valued the listing to take [...]
Medium-sized businesses lead UK revenue growth overseas August 20, 2018 Mid-sized businesses are driving the UK's overseas revenue growth and have increased international turnover by 43 per cent over five years, new data has revealed. The increase, from £105bn to £151bn, exceeds that of FTSE 350 companies that have seen a four per cent decline in overseas turnover from £418bn to £402bn over the same period. London's mid-sized firms, [...]
French oil giant Total pulls out of Iran over US sanctions August 20, 2018 French oil giant Total has officially pulled out of Iran after the US threatened to impose sanctions on companies doing business in the country, according to Iranian state TV. The country's oil minister Bijan Zanganeh said the process to replace Total – due to develop phase 11 of the South Pars gas field project – was [...]