How important is the EU to UK trade? June 26, 2015 The European Union is larger than any individual economy in the world, surpassing the USA, China and other Bric economies. Yet, the growth of non-EU economies has outpaced the growth of EU economies, largely driven by the growth of these Bric economies, meaning the EU’s share of global GDP has fallen from 30 per cent [...]
The UK’s latest unicorn: Sophos prices its $1bn IPO June 26, 2015 Shares in Sophos, one of the UK's few tech "unicorns", launched its IPO today, valuing it at £1.01bn. Read more: The hunt for London's unicorn tech startups Shares in the cyber security giant began conditional trading at 225p each this morning, raising $125m (£79.3m), with an over-allotment option that could net it another £52.8m. The [...]
Co-operative appoints two new non-exec directors in governance shake-up June 26, 2015 The Co-operative Group has appointed two new non-executive directors to its board, following changes made last year to the company's governance nominations. Read more: Co-operative Group returns to profit amid turnaround plan Stevie Spring is joining the group from ITG Group and Children in Need, while Peter Plumb is coming from Moneysupermarket.com. In [...]
Tesco’s share price soars after reporting smallest decline in more than a year June 26, 2015 Tesco's share price climbed 3.6 per cent this morning as investors digested what appear to be the first signs of a turnaround under new chief executive Dave Lewis. The troubled supermarket has reported its smallest declines in more than a year, while volumes are up. The figures Tesco has stemmed its declines – group [...]
Regulators list problems with Poundland’s £55m 99p Stores merger June 25, 2015 Britain’s competition watchdog unveiled a list of issues it is exploring around Poundland’s £55m merger with 99p Stores after the discount chain agreed to push ahead with an in-depth probe last month. Poundland, which floated on the stock market last year, announced in February that it was going to buy 99p Stores. However, the Competition [...]
Wood Group is ahead of target on savings plan as it warns on finances June 25, 2015 Oil and gas services company Wood Group said yesterday that its financial performance in the first half of 2015 will be down on the same period in 2014, as a result of the “challenging” conditions in the market. The firm said in a trading update that it is making savings “significantly in excess of [...]
Equities down over Greece – New York Report June 25, 2015 AUS Supreme Court ruling upholding tax subsidies boosted US hospital stocks to record highs yesterday, while global equity markets edged lower on lingering worries over Greece. The Dow Jones industrial average fell 75.71 points, or 0.42 per cent, to 17,890.36, the S&P 500 lost 6.27 points, or 0.3 per cent, to 2,102.31 and the Nasdaq [...]
Greek crisis: Merkel says talks “going backwards” as finance ministers fail to agree June 25, 2015 There were worrying signs of a damaging stalemate at talks between Greece and its creditors, as Angela Merkel played down chances of a deal on Thursday. Merkel said: We still haven't made the necessary progress; in some places it looks like we're even going backwards. Greek Prime Minister Alexis Tsipras was again unable to agree [...]
IMF will “not extend Greece repayment deadline” if it fails to pay on 30 June June 25, 2015 The International Monetary Fund (IMF) will not extend a repayment deadline for Greece if it fails to pay up on 30 June, the organisation's spokesman said today. Read more: Eurogroup negotiations break up "indefinitely" During a bi-weekly press conference, Gerry Rice said the fund would not extend the repayment deadline, even if a deal was [...]
Uber protests France: Taxi drivers block roads and burn tyres in Paris June 25, 2015 French taxi drivers have blocked roads to airports and stations in Paris with cars and burning tyres as part of huge protests against Uber. Read more: Boris Johnson says Uber drivers must pass black cab style Knowledge test The protest force is made up of thousands of drivers, as conflict between taxi drivers and the taxi [...]