Adidas tees up and prepares its golf brands for sale May 4, 2016 Adidas has confirmed plans to sell its loss-making golf business after putting it up for review last year. The German sportswear group said it will start seeking out buyers for its TaylorMade, Adams and Ashworth golf brands. However, it plans to keep Adidas-branded golf shoes and clothing, which account for about 40 per cent of the business. "TaylorMade [...]
At the open: FTSE 100 falls as gold and oil lose their shine May 4, 2016 There was no "dead cat bounce" on European markets this morning as they continued to crash, hitting three-week lows on the back of a smorgasbord of mediocre economic data. The FTSE 100 sunk 0.6 per cent in the first few hours of the day to stand at 6,150.48. The German Dax is now more than 100 [...]
Construction industry grows at its slowest pace in three years May 4, 2016 The makers and manufacturers are marching a little slower than they once were – and a great deal slower than chancellor George Osborne would like. Fresh purchasing managers' index (PMI) figures for the construction sector out this morning showed that the building industry expanded at its slowest pace since June 2013 last month. That comes off [...]
Brexit would spell the end to UK manufacturing May 4, 2016 Britain's already embattled manufacturing sector would be left fighting for its long-term survival if Britain votes to leave the European Union. Asked about its survival prospects outside of the EU, professor Marco Taisch, chairman of the World Manufacturing Forum, told City A.M: "It's a matter of time. It can survive for five to seven years, but long-term it can't." [...]
Are emerging markets getting their mojo back? May 4, 2016 Emerging markets may be getting some of their mojo back after a tough couple of years. So says Goldman Sachs Asset Management (GSAM), citing a rally in emerging market bonds. Yacov Arnopolin, a portfolio manager for the GSAM emerging markets debt team, is encouraged that the recent interest in emerging markets has been broad-based and [...]
Even the national living wage can’t stop shops from cutting prices May 4, 2016 Prices on the high-street fell in April, despite the introduction of the living wage, according to the latest shop price index from the British Retail Consortium (BRC), published today. Retailers cut prices by 1.7 per cent over the past year — the same rate of discounting as a month earlier and the 36th consecutive period of falling [...]
World Bank warns area covering two-thirds of world population at risk of growth slowdown May 3, 2016 Water shortages could knock as much as six per cent off the size of the world’s largest economies over the next three decades, the World Bank has said in a new report published today. An area that includes more than four billion people, covering China, India, the middle east and sub-Saharan Africa, will suffer shrinking [...]
Property wealth is worth more than pension savings for more than half of over-55s May 3, 2016 Over 55 year-olds have more wealth locked up in their property than their total pension savings combined, a new survey shows. The study, by high net worth adviser Bower Private Clients, found that 58 per cent of over 55 year-olds estimate that their mortgage-free home is worth more than the combined value of their and their partner’s pension [...]
Business secretary Sajid Javid orders investigation into BHS collapse May 3, 2016 Business secretary Sajid Javid has ordered a government investigation into the collapse of high street retailer BHS and the conduct of the directors involved. BHS entered administration in April after running out of cash. Speaking in the House of Commons, Javid confirmed that he has written to the chief executive of the Insolvency Service, Sarah Albon, instructing her to [...]
At the close: FTSE 100 goes away in May as miners prove the movers May 3, 2016 Traders are superstitious folk, and today – the first day of trading in the month of May – they headed for the hills as the FTSE 100 tumbled to a three-week low. The bluechip index closed down 0.9 per cent on the day at 6,185 in a bad day all round for Europe. The German Dax [...]