Kainos heads for London market with value over £160m July 7, 2015 Kainos, a Belfast-based provider of IT services, has priced its IPO, giving it a value of more than £160m. Shares will be priced at 139p each. The offer is expected to raise £52.4m of gross proceeds, giving Kainos a valuation of roughly £161.3m. The company’s chief executive, Brendan Mooney, said in a statement: The task [...]
Asos shrugs off last year’s woes as sales soar 20 per cent July 7, 2015 Asos is surging ahead in the UK – but international growth and currency headwinds are still dampening the etailer's earnings. The figures: Retail sales were up an impressive 20 per cent for the four months to 30 June, with the UK up 27 per cent, while international sales were up 16 per cent. International sales [...]
Samsung’s profit declines for seventh consecutive quarter as flagship Galaxy S6 falls short of expectations July 7, 2015 The figures Operating profit missed forecasts at Korean electronics giant Samsung, expected to be 6.9tn won (£3.9bn) for the quarter to the end of June, it said in an earnings forecast today. That's down slightly from £4bn the same quarter last year, making it the seventh consecutive quarterly decline for the firm. Profits were still [...]
Greek debt crisis: Mario Draghi turns up the heat on banks July 6, 2015 The Eurozone’s central bank piled more pressure on Greece ahead of today’s crucial summits, by making it harder for the country’s struggling banks to access emergency loans. The move, revealed yesterday, is not expected to push any Greek banks to the brink, but was widely seen as a turning of the screws on Greece that [...]
Oil price drops to three-month low on worries over Eurozone July 6, 2015 Oil prices fell below $60 a barrel yesterday, as the shockwaves from the Greek “no” vote pushed prices further down. Yesterday marked the first time since April that internationally traded Brent crude fell so low, at one point dipping to as little as $56.50 a barrel. US benchmark West Texas Intermediate was also trading at [...]
George Osborne to overhaul Sunday trading hours in biggest shakeup for 20 years July 6, 2015 Shops and supermarkets could be allowed to open for longer on Sundays in one of the biggest shakeup of trading laws in 20 years. Chancellor George Osborne will use tomorrow’s Budget to unveil plans to devolve powers to mayors or councils to decide for themselves what the rule over trading hours should be in their [...]
George Osborne: Greek crisis could go from bad to worse July 6, 2015 Chancellor George Osborne has warned that the economic crisis in Greece has reached a “critical moment” with far-reaching consequences for the UK economy. “No-one should be under any illusions,” Osborne said yesterday in the House of Commons. “The situation risks going from bad to worse,” he added. “Britain will be affected the longer the Greek crisis [...]
Business group shocked by new weaker manufacturing figures July 6, 2015 A leading business group has said that it is surprised by new figures out today showing a sharp slowdown in UK manufacturing. The British Chambers of Commerce (BCC) quarterly economic survey (QES), based on responses from nearly 7,500 firms, recorded drops in all the key manufacturing balances in the second quarter, with most balances lower than [...]
American Apparel warns it may need more funds as costs are cut July 6, 2015 American Apparel, the troubled clothing chain embroiled in a legal battle with its founder and former chief executive Dov Charney, announced plans yesterday to slash around $30m (£19m) of costs in a bid to reverse sharp losses and turn itself around. The company said it will close underperforming stores and would cut jobs in order [...]
Velocys share price sinks after boss Roy Lipski is suspended July 6, 2015 Roy Lipski, chief executive of UK gas-to-liquid technology company Velocys, has been suspended pending an investigation into allegations of serious misconduct. Lipski has been head of Velocys, which operates in the US and the UK, since 2008 and has raised over $215m (£138m) from institutional investors since 2006. Velocys, which is majority owned by Russian [...]