Exxon Mobil profits fall by over 50 per cent as the company continues to adjust to the new oil price normal February 2, 2016 Exxon Mobil, the erstwhile largest company in the world by market capitalisation, has posted a 58 per cent drop in quarterly profit as the languishing oil price continues to eat into the performance of the company. Exxon, which still holds the mantle of the world's largest publicly traded oil company, reported its fourth-quarter profit slipped [...]
Mattioli Woods share price edges down despite profit at the Aim-listed wealth management company inching up for its six months ended November 2015 February 2, 2016 Mattioli Woods has today revealed profit before tax of £2.8m for its six months ended November 2015, up 5.2 per cent from £2.7m for the same period the year before. Revenue for the wealth management and employee benefits company also rose to £19.9m, up 20 per cent from £16.6m the year before. Despite the uptick in [...]
Did David Cameron and Donald Tusk’s draft deal on EU membership help lift the pound? February 2, 2016 The pound has bounced back against the dollar after the publication of a draft agreement designed to keep the UK inside the 28-member EU. Currency experts any upward movement in sterling resulting from the deal was due more to the fact it reduced uncertainty, rather than the contents of the deal itself. The deal increases the chances of a summer [...]
Vodafone confirms renewed talks with Liberty Global over Netherlands assets February 2, 2016 Vodafone has revealed it’s in talks with cable group Liberty Global today, confirming months of takeover rumours. The telco giant is discussing the possibility of a joint venture with Liberty in the Netherlands that would bring together both firms’ assets in the country. The firms had been talking about a potential merger of their European [...]
St Modwen to put £620m Nine Elms Square up for sale, paving the way for next year’s biggest land deal February 2, 2016 St Modwen has announced plans to put its £616m Nine Elms Square residential scheme up for sale in what it predicts will mark one of the biggest land deals in the market this year or next. The regeneration specialist and its French joint venture partner Vinci are carrying out a complete overhaul of New Covent [...]
Tesco announces pay rise for staff, taking salaries (slightly) above National Living Wage February 2, 2016 Tesco is raising its hourly pay above the Living Wage threshold to £7.62, the supermarket announced this afternoon. The supermarket, which has just dropped its Bogof policy and is winding down the number of stores that operate for 24-hours, said the 3.1 per cent pay rise would come into effect across the UK "for all established colleagues". [...]
Big pharma Pfizer cuts 2016 outlook, as fourth quarter revenue beats expectations February 2, 2016 Pharmaceutical firm Pfizer has posted better-than-expected revenue in the fourth quarter, with revenue up seven per cent to $14bn in the fourth quarter, ahead of analyst estimates of $13.56bn. The company reported a profit of $613m, down from $1.23bn a year earlier. A surge in profit came from increased demand for its pneumonia vaccine and the acquisition [...]
Dow Chemical profit beats estimates as it benefits from the falling oil price February 2, 2016 The fall in oil price is not bad news for everyone it seems, as US firm Dow Chemical, which agreed in December to a historic merger with long time rival DuPont, has reported analyst beating fourth-quarter profits. The firm's chief executive, Andrew Liveris, announced in the firms earnings conference call he will step down from [...]
UBS share price falls 8 per cent after Swiss bank reports disappointing fourth-quarter results February 2, 2016 Shares in UBS fell 8 per cent this morning after the Swiss banking giant reported that investors had pulled billions of dollars in assets out of its flagship wealth management business in the fourth quarter of last year. The Zurich-based bank said that while the group's overall profits had increased, beating analyst expectations, the wealth management business recorded a 27 percent fall in [...]
Tata is having to rename its Zica cars because of the Zika virus outbreak February 2, 2016 Tata Motors has been forced to change the name of its soon-to-launch car Zica, because the name is too similar to that of the devastating Zika virus. The unfortunately named new Zica hatchback, shortened from Zippy Car and chosen before the outbreak of the virus, will now be rebranded. It's due to make its debut at the New Delhi [...]