At the close: FTSE 100 index closes down on commodities and banks December 30, 2015 The FTSE 100 index closed down today over renewed fears of weakness in commodity markets and concerns over bank stocks after reports the Chinese central bank suspended a number of foreign banks from conducting some foreign exchange business. The UK's top blue-chip index shut 0.64 per cent down at 6,274 points, led lower by Glencore, [...]
Ocado share price tumbles and Amazon’s Pantry grocery delivery is to blame December 30, 2015 Shares in upmarket online grocery delivery company Ocado took a hammering in morning trading after news Amazon is expanding its fresh produce service, Pantry, pegging the retail giant as a serious contender in the already highly competitive food delivery market. Shares were down as much as 7.9 per cent on Wednesday, touching a 12 month intraday low of 299p per share, making a [...]
Economic impact of Storms Eva, Desmond and Frank could hit £3bn December 30, 2015 The UK economy could be dented by as much as £3bn by damage from Storms Eva, Desmond and Frank. PwC said economic losses from the storms Desmond and Eva will be between £1.6bn and £2.3bn, while insured losses will hit £900m-£1.2bn. "Based on the currently available information, our understanding is that Desmond and Eva combined had at least 11,500 [...]
Pharmaceuticals giant KalosBios files for bankruptcy after firing “pharma bro” Martin Shkreli as chief executive December 30, 2015 KalosBios, the company which ousted self-styled "pharma bro" Martin Shkreli as its chief executive earlier this month after he was arrested on charges of securities fraud, has filed for Chapter 11 bankruptcy. Reuters reported that the US pharma giant had listed assets and liabilities of between $1m and $10m in its filing with a court [...]
Facebook faces lawsuits over its growth forecasts ahead of IPO in 2012 December 30, 2015 A US judge has given the go-ahead to two lawsuits accusing Facebook of hiding concerns over growth forecasts ahead of its initial public offering (IPO) in 2012. Facebook floated around three-and-a-half years ago at $38 per share. But initial investors would've lost out after its share price fell as low as $17.55 a few months later, and stayed below the [...]
New buy-to-let rules are the biggest reason for rent rises in 2016 December 30, 2015 New rules introduced by the government for buy-to-let investors are the biggest reason that rents will rise next year, new research reveals. Nearly half of landlords surveyed by flatshare website spareroom.com said they will raise rent in 2016, with more than a third of them saying it was down to the increased costs incurred from new legislation, the [...]
Warren Buffett’s Berkshire Hathaway heading for worst year relative to rest of the US stock market since 2009 December 30, 2015 The Oracle of Omaha is set for his worst investment year since 2009. Shares in revered investment guru Warren Buffett's Berkshire Hathaway are down 11 per cent, in the same year Buffett celebrates his golden anniversary running the company. Berkshire Hathaway has suffered as a number of investments were hit by falling oil and gas prices. While the company doesn't [...]
Barclays share price falls as wealth management arm Barcap is slapped with $13.75m penalties December 30, 2015 Barclays shares slumped 0.7 per cent to 220.95p per share this morning, after a US regulator found its former wealth and investment management arm made unsuitable mutual fund switches between 2010 and 2015. The US financial industry regulatory authority (Finra) ordered Barclays Capital to pay more than $10m (£6.7m) in compensation to the customers affected, and a [...]
Sterling outperformed four out of five currencies this year – but exotic holidays to the Seychelles and the Maldives became more expensive December 30, 2015 The strong performing UK economy, a global commodity rout and the economic slowdown in China led to sterling outperforming four out of five currencies in the past year, giving British holidaymakers more bang for their buck when they're abroad. The pound increased in value against 48 of 61 currencies, including the euro, Brazilian real, Turkish lira and Australian dollar, [...]
CIPD: The Bank of England and the Office for Budget Responsibility are wrong about wage growth in 2016 December 30, 2015 Wage growth next year won't be as optimistic as the Bank of England and Office for Budget Responsibility (OBR) anticipate, the Chartered Institute for Personnel and Development (CIPD) has warned. Despite the introduction of the National Living Wage, wage growth will remain at two per cent in 2016, the organisation said – much lower than [...]