Banking exports will pass £100bn in next decade, but government’s £1 trillion target still some way off April 21, 2016 The government will spectacularly miss its target to increase the value of UK exports to £1 trillion by the end of the decade, a new report has said, as the City of London looks set to continue punching above its weight on the global stage. In a report launched today, Barclays said that the value [...]
Nearly 60,000 companies hit by National Living Wage already in “significant financial distress”, insolvency firm warns April 20, 2016 The National Living Wage (NLW) risks tipping thousands of vulnerable companies over the edge as they struggle to absorb higher staff costs, one of the UK’s leading insolvency firms has warned. More than 1.8m workers were given a pay rise on 1 April after a new minimum wage came into force, requiring employers to pay at least £7.20 per [...]
No party for Barbie as Mattel losses widen April 20, 2016 Toymaker Mattel's losses widened as children continued to grow tired of some of its iconic brands such as Barbie. Mattel posted a loss of $73.2m (£51.1m) in the three months ended 31 March, more than the loss of $58.2m a year earlier. Net sales fell 5.8 per cent to $869.4m during this period, down from $922.7m [...]
Brent crude and WTI: Oil hits fresh 2016 high on smaller-than-expected US crude stockpiles April 20, 2016 Oil prices hit a fresh 2016 high today, after smaller-than-expected US crude stockpiles quelled oversupply fears sparked by an earlier estimate. Analysts, traders and commentators are keeping a close eye on oil data out of the US for signs that the market is starting to rebalance, with inventories being drawn down as shale gas producers are forced [...]
Fintech and regulatory pressures are transforming bond markets April 20, 2016 Fintech is speeding up "unprecedented" changes that are underway in Europe’s bond markets. Technological advances are accelerating the automation of bond trading, according to a report by the International Capital Market Association (ICMA). Regulatory pressures are also reducing the capacity for broker-dealers to hold, finance or hedge trading positions, the traditional source of bond market liquidity. "Many believe this [...]
Coca-Cola share price falls as first quarter figures prove hard to swallow April 20, 2016 Coca-Cola saw the popularity of its namesake fizzy drinks slide in key markets globally during the first quarter, reflecting a mix of changing tastes, challenging economic conditions and a shifting business strategy. The world's biggest beverage maker said that sales volume for soft drinks like Diet Coke and Cherry Coke that bear its name declined in North America, [...]
New M&S boss Steve Rowe reshuffles womenswear team “to reflect way customers shop” April 20, 2016 Marks & Spencer's new chief executive Steve Rowe has reshuffled the retailer's womenswear teams after pledging to revive the fortunes of the troubled clothing division. The company confirmed it has made some alterations to the way the teams are set up across design, buying and merchandising, resulting in changes to around 200 people's roles. The change means that whereas before a [...]
The Silicon Valley slowdown comes to Europe: IPOs, M&A and investment fell at the start of the year April 20, 2016 The year started off with several high profile tech deals in the UK, however investment in venture-backed startups across the continent fell and M&A and IPOs fizzled out. Here are the six things you need to know about VC investment right now. 1. Investment falls Investment across Europe plummeted at the start of the year, the latest figures from [...]
At the close: Can’t stop the FTSE 100 as oil price bounce sends London into the green April 20, 2016 It was on the back foot all day, but the FTSE 100 finally landed some punches in the final rounds of the day to power through the 6,400 barrier and close up 0.08 per cent – setting a new 2016 high in the process. After starting on the ropes following a predictably downbeat open this morning, it looked like talk [...]
Anglo American braces for investor revolt over executive pay April 20, 2016 FTSE 100-listed miner Anglo American is bracing for an investor revolt over execs' pay packets at its annual shareholder meeting tomorrow. Shareholder interest group, ShareSoc, has urged investors to vote against chief executive Mark Cutifani's reward package, which is worth £3.4m. Advisory firm Institutional Shareholder Services (ISS), representing about 20 per cent of shareholders in UK [...]