Abercrombie & Fitch results show sales slumped in full year although inched up slightly in fourth quarter ending January 2016 March 2, 2016 Abercrombie & Fitch has today reported that comparable sales have inched up slightly in its fourth quarter ended January 2016, but dropped for its full year. The fashion retailer revealed sales of $1.1bn (£780m) for its fourth quarter, up one per cent on a comparable basis but down one per cent on a reported basis. However, the [...]
Intertek share price dives as it swings to a loss on oil price rout March 2, 2016 Shares in London-listed Intertek slumped as much as 4.5 per cent to 2,868p per share today, after it swung to a loss in 2015. The figures: Intertek booked a £577m impairment charge in its industry services division on challenging trading conditions in the oil and gas industry, and reduced energy spending by its customers. The charge [...]
Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
Morrisons chairman Andrew Higginson joins Shore Capital as senior adviser March 2, 2016 Investment firm Shore Capital has signed up retail veteran and Morrisons chairman Andrew Higginson as a senior adviser to help bolster its expertise in consumer industries. Higginson, who is also currently chairman of home shopping group N Brown, joined Morrisons in 2014 to lead a shake-up at the supermarket following years of worsening sales. He previously spent 15 years on the [...]
UK house prices are going to keep going up – Standard and Poor’s March 2, 2016 The UK's rapid house price growth will not end anytime soon, a major ratings agency said today. "Conditions for ongoing robust gains of UK residential property prices remain intact," Standard and Poor's said in a new report. Low mortgage rates and record high employment are fuelling demand, the report said. It added that "the search for yields in a [...]
Darty share price soars as Christo Wiese’s Steinhoff International wades in with £662m offer March 2, 2016 Shares in Darty have soared by nearly 10 per cent this morning after South African retail conglomerate Steinhoff International made a £662m offer for the UK-listed electrical chain – a move that could scupper its already agreed sale to French rival Fnac. Darty said it has received a cash offer of 125 pence per share from the [...]
Seadrill, EnQuest, Tullow Oil and Ithaca: Moody’s issues another warning over UK oil firms’ credit ratings March 2, 2016 Credit ratings agency Moody's has sounded the alarm over the effects of crumbling crude prices on oil companies' ratings, as it issued a series of credit rating cuts and downgrades for UK companies in the sector. Moody's downgraded independent explorer Seadrill's credit rating by three notches, citing the continued deterioration of the offshore drilling market. Independent explorer [...]
UK house prices: Construction sector slows as house building rises at slowest pace since 2013 March 2, 2016 A gauge of activity in the construction sector stooped to a 10-month low this morning as survey figures revealed Britain's house building recovery may have hit the brakes. Markit's construction purchasing managers' index fell to a score of 54.2 in February from the previous month's 55. Scores above 50 indicate growth but lower scores imply [...]
Russian oil production shows first sign of freeze deal March 2, 2016 Russian oil production was flat in February, in the first sign of the country's participation in a historic production freeze deal among some of the world's biggest producers. Energy Ministry data showed oil output held at the same rate in January of 10.88m barrels per day. In tonnes, it hit 43.064m compared to 46.006m in January, which [...]
The Shard inches closer to being filled after confirming second letting for 2016, with digital marketing agency Jellyfish due to move into level 22 soon March 2, 2016 One of the most iconic buildings on London's skyline inches closer to being filled today, after The Shard signed its second letting for the year. Digital marketing agency Jellyfish will later this year move its headquarters into a 9,017 sq ft office space on level 22 of the building near to London Bridge from its current base [...]