Burberry sues US retailer JC Penney accusing it of trademark infringement over coats, jackets and scarves allegedly featuring the “Burberry check” pattern February 9, 2016 British luxury fashion brand Burberry has filed a complaint against US retailer JC Penney, accusing it of trademark infringement for selling coats and jackets bearing exact copies of the "Burberry check" pattern. Burberry has accused the company of illegally selling quilted jackets with the pattern, as well as "scarf coats" in which scarves carrying the pattern were sold [...]
Standard & Poor’s lowers ratings on four US banks with large energy exposures as oil prices stay weak February 9, 2016 Standard & Poor's (S&P) has lowered its long-term issuer credit ratings on four US regional banks with large energy exposures. The ratings agency took action after a review of banks with large energy loan portfolios as a percentage of both total loans and Tier 1 capital. "We are in the early innings of the downturn, [...]
Brave or foolhardy? US Foods shrugs off market turmoil to file for IPO February 9, 2016 US Foods, the US' second-largest food distributor, has just filed for a $100m (£69.1m) initial public offering (IPO) – despite two days of turbulent global trading. In a filing with the US Securities and Exchange Commission (SEC) today, US Foods said it will float on the New York Stock Exchange under the ticker symbol "USFD". The company [...]
UK house prices: The government’s revenues from stamp duty fell £620m in the first nine months of 2015 February 9, 2016 Changes to stamp duty by the government caused it to lose out on £620m of stamp duty revenues between January and October last year – and that's before changes to rules on buy-to-let properties come into force… Research by Knight Frank found the amount the Treasury made from stamp duty decreased 0.9 per cent between [...]
Oil skids lower, with the price of Brent crude hovering close to $30 while WTI crude falls six per cent February 9, 2016 Global oil price benchmark Brent crude fell 7.8 per cent to $30.32 per barrel in turbulent trading today today – hovering on the brink of the psychologically significant $30 mark. Meanwhile, US oil price benchmark WTI crude fell 5.9 per cent, crashing to $27.94 per barrel. Brent crude has traded above $30 since the end of January – but it was pushed [...]
Walt Disney Company share price drops despite record earnings in the first quarter driven by new Star Wars film as revenue misses expectations February 9, 2016 The Walt Disney Company has reported its highest ever quarterly earnings of $2.9bn (£2bn), up from $2.2bn in the first quarter of 2015, driven largely by the success of the latest Star Wars film. However, shares dropped by over four per cent in after hours trading as revenues of $15.2bn, up from $13.4bn, failed to [...]
US stocks on the Dow Jones, S&P 500 and Nasdaq close lower after a rollercoaster ride of a day February 9, 2016 US stocks finished lower after a nail-biting ride, following massive selloffs across other global markets. The Dow Jones closed 13 points – 0.08 per cent – lower, at 16,014 points, while the S&P 500 finished just over one point lower, at 1,852. The Nasdaq, which includes many of the US' largest tech stocks, fell 0.32 [...]
British Airways will start flying from Stansted in May 2016 – as BA boss Willie Walsh admits grudging admiration for Ryanair boss Michael O’Leary February 9, 2016 British Airways is adding a fourth London airport to its network and will start flying out of Stansted from 28 May onwards. The company's subsidiary BA CityFlyer will operate routes to Faro, Malaga, Palma and Ibiza out of the airport, located in Essex, which is a massive base to budget airline Ryanair. "Stansted is a growing airport [...]
Land Registry figures show London property sales fell almost 10 per cent in 2015, as UK house prices jumped February 9, 2016 The number of homes sold in the capital fell almost 10 per cent to just 103,772 in 2015, the first drop in four years, figures published today showed. Analysis of Land Registry figures by London Central Portfolio (LCP) showed prices in the capital increased 4.5 per cent during the year – less than half the 10.2 [...]
Pandora shares lose their shine after jeweller forecasts sales slowdown in 2016 February 9, 2016 Shares in Pandora have slumped by seven per cent after the Danish jewellery firm warned of a slowdown in revenue growth over the coming year. The charm bracelet-maker forecasts sales to rise by 14 per cent to 19bn Danish kroner (DKK) in 2016 compared with a jump of 28.9 per cent at local currencies to [...]