Retail sales run out of steam in February despite half-term and Valentine’s Day boost March 8, 2016 RETAIL sales slowed in February after a strong start to the year that was boosted by the January sales. Like-for-like sales rose by 0.1 per cent last month compared with February in 2015, when they had increased 0.2 per cent, according to the British Retail Consortium (BRC) and KPMG’s monthly data released today. The February [...]
Fast-food company Shake Shack reports revenue and profit growth in fourth quarter March 7, 2016 Shake Shack today reported total revenue of $51.1m (£35.8m) for the fourth quarter of 2015, up 46.8 per cent year on year. The figures The fast food chain also reported a sales increase of 49.2 per cent to $49.3m. And the company reported its operating profit up 88.1 per cent to $13.9m. Read more: Shake [...]
Oil gushes past $40 per barrel March 7, 2016 The price of oil has surged over $40 per barrel for the first time this year, as shifting sentiment raises hopes that a 20-month price rout is finally coming to an end. Crude has climbed by almost 50 per cent from lows of $27 a barrel after sliding US production and discussions between Saudi Arabia [...]
Urban Outfitters share price rockets as clothing company reports $1bn in sales in fourth quarter March 7, 2016 Urban Outfitters shares have jumped by almost six per cent in after hours trading, after the retail group announced fourth quarter earnings that beat expectations. Net income dropped to $73m (£51m) in the fourth quarter of the 2016 fiscal year, from $80m one year earlier, equivalent to 61 cents per share. Wall Street was expecting the [...]
Private jet mobile revolution drives sales: Meet Clive Jackson, the man behind Victor, the Uber of the skies March 7, 2016 Mobile apps have become the latest driver of growth for private jet hire, opening up a whole new market of corporate and private customers. Just as Uber has changed the way taxis operate, mobile app booking is absorbing market share from private jet brokers who have traditionally matched customers to companies. Founded in London in 2011, [...]
Federal Reserve vice chair Stanley Fischer says an increase in inflation is stirring March 7, 2016 Inflation in the US could be about to begin rising back up to its two per cent target, the vice chair of the Federal Reserve said today. Stanley Fischer said he disagreed with the idea that the link between unemployment and inflation had be severed. "Since the US economy is now below our two per cent inflation target, and [...]
Social mobility in the City: Almost one in ten Deloitte staff members received free school meals, as Big Four firm reveals the socio-economic and educational background of its staff March 7, 2016 Big Four accountancy firm Deloitte has today published the socio-economic and educational background information for its staff in a bid to improve social mobility. Findings from the data include that almost one in ten (nine per cent) staff members received free meals while at school and more than half (51 per cent) were the first in [...]
Shares in Old Mutual soar on speculation over potential break-up March 7, 2016 Shares in Old Mutual soared today on news that the company is “considering all options” after speculation that the group would be broken up into four businesses. The savings and investment firm’s stock closed up 6.9 per cent at 192.1p. Old Mutual said last week that it was pursuing a strategic review, as announced when [...]
Bailout mission chiefs to return to Athens as Eurogroup chief Jeroen Dijsselbloem says it time to talk about Greek debt relief March 7, 2016 Mission chiefs from Greece's creditors will return to Athens as soon as tomorrow to race to complete the current stage of the country's €86bn (£67bn) bailout programme. After crunch talks in Brussels, Jeroen Dijsselbloem, president of the group of Eurozone finance ministers, said: The mission chiefs will return to Athens. There is enough common ground for their mission to continue. [...]
Bank of England to offer extra lending to banks around the time of the EU referendum March 7, 2016 The Bank of England today announced it will offer extra lending to banks in the weeks around the EU referendum to stave off the impact of uncertainty on the financial system. Banks will be offered three additional so-called long-term repo operations. They involve swapping cash for eligible collateral, mostly government debt, which is swapped back at a later date. The [...]