Diageo sells wine brands including Blossom Hill to Australian group Treasury Wine Estates for $552m October 13, 2015 Diageo has agreed to sell its major wine interests, including UK brand Blossom Hill, to Australian firm Treasury Wine Estates for $552m (£362m). The drinks company will offload its UK-based Percy Fox business, which also includes the Piat d'Or brand, as well as US-based Chateau and Estate Wines, in a deal expected to conclude by [...]
JPMorgan reports third quarter profits up 22 per cent due to tax benefits October 13, 2015 JPMorgan Chase & Co. has reported third quarter profits rising 22 per cent due to $2.2bn (£1.44bn) in tax benefits. The company said in a statement that the quarter reflected the tax benefits "due to the resolution of tax audits and the release of deferred taxes". Net income rose 22 per cent to $6.8bn from [...]
Cammell Laird beats off rivals to win £200m Polar research ship deal October 13, 2015 Cammell Laird has won a government contract to build a state-of-the-art £200m polar research ship, securing hundreds of jobs at its Birkenhead shipyard in Merseyside. The 187 year-old company beat off competition from rivals in Europe and the far east to win the deal to build what the government claims will be one of the [...]
Iran comes closer to opening economy as parliament approves nuclear deal October 13, 2015 Iran has moved a step closer to opening up its economy for business, after its parliament passed a bill approving a nuclear deal with six world powers this morning. The deal, which requires Iran to curb its uranium enrichment programme in return for an easing of economic sanctions, was passed with 161 votes in favour, [...]
Nine amazing facts about the world’s wealth right now according to Credit Suisse’s 2015 Global Wealth Report October 13, 2015 Credit Suisse has published its annual Global Wealth Report, one of the most comprehensive tools analysing the changing face of wealth across the world over the last 15 years – and how that will change over the next five years. Here are the nine key things you need to know. 1. Global wealth has fallen [...]
SABMiller and AB InBev merger: Don’t be surprised if your favourite “craft beer” brand is now owned by the world’s largest brewer October 13, 2015 You know that delicious craft ale you enjoy? There's a chance it's now owned by the world's largest brewer, after SABMiller and AB InBev agreed the terms on a deal to create an $11bn megabrewer, with SABMiller submitting to an offer of £44 per share. Between them, the two companies 224 beer brands, including some of [...]
Barclays on Jes Staley appointment: “We haven’t hired a new chief executive yet” October 13, 2015 Almost 24 hours after it was first hinted at, Barclays has finally issued a statement – insisting it hasn't hired Jes Staley as its new chief executive. In a stock market notification today, it said the process of hiring a new boss "has not yet concluded", adding that the company "will provide a further update [...]
London house prices: This is how frenzied demand for London’s super prime homes became between 2007 and 2014 October 13, 2015 London's super-prime residential market may have cooled somewhat over the last year since tougher stamp duty rules came into force earlier the year. But new research seen today by City A.M. reveals just how frenzied the sales of £10m-plus homes in the capital’s golden postcodes surrounding Hyde Park has become since the financial crisis. Read [...]
Flybe’s share price rises on promising results as budget airline’s turnaround plan gains momentum October 13, 2015 Flybe's share price soared today on the back of results suggesting the budget airline was gaining momentum in its turnaround. The figures There was a 13 per cent increase in passenger revenues over the three months to the end of September, but around a one per cent decrease in revenue per seat. Passenger numbers increased 1.7 [...]
German investor sentiment hit by VW scandal and declining emerging markets October 13, 2015 German investor confidence plunged in October, as the VW emissions scandal and slow growth in emerging markets took their toll. Thank tank ZEW put its monthly measure of economic sentiment at 1.9 – a fall of 10.2 points from 12.1 in September, and the lowest level it has reached since this time last year. The [...]