Low oil prices lead to highest number of first-quarter profit warnings since 2009 April 26, 2015 The low price of oil has caused the number of profit warnings issued by UK-listed companies to go up, according to a report by Ernst & Young (EY). Since June last year, the price of the commodity has dropped by over 40 per cent and currently stands at $65 per barrel. It's an improvement from [...]
HSBC share price closes higher as it launches review into leaving UK April 24, 2015 Shares in HSBC closed more than three per cent up at 631.4p after the bank revealed it is investigating the possibility of leaving the UK. Chairman Douglas Flint said this morning that, spooked by a tighter regulatory environment, HSBC's board has launched a review into moving its headquarters out of the UK. More on this [...]
HSBC leaving the UK? Five charts showing why it might actually mean it this time April 24, 2015 HSBC chairman Douglas Flint raised eyebrows on markets today when he announced the bank's board had begun a review into whether it should continue to be headquartered in the UK. The news sent shares up more than three per cent as investors showed their appreciation for the (possible) move. More on this story: HSBC launches review [...]
Switzerland is voted the happiest country in the world, while the UK falls into 22nd place April 24, 2015 Chocolate, mountains and cheese go a long way when it comes to making us feel jolly, so it should come as little surprise that Switzerland, home to an abundance of all three, is ranked the happiest country in the world by a new poll. The latest edition of the World Happiness Index didn't just put [...]
Reckitt Benckiser beats expectations thanks to bumper sales of healthcare brands April 24, 2015 The figures Consumer goods giant Reckitt Benckiser (RB) has reported a five per cent rise in like-for-like sales, which hit £2.2bn during the first quarter. Health and hygiene enjoyed strong growth, with net revenue rising by 32 per cent and 42 per cent respectively in those categories. Why it's interesting A bad flu season (bad [...]
AstraZeneca share price dips despite rise in profits and unchanged outlook April 24, 2015 AstraZeneca had a successful start to the year, but competition means growth will be slow. The figures The Anglo-Swedish drug maker's operating profit went up by 15 per cent to $933m (£620m) during the first three months of the financial year, with revenue also rising by one per cent to $6bn. This is a [...]
Deutsche Bank wields axe after £1.7bn fine: Staff fired over Libor fixing scandal but top bosses stay April 23, 2015 Deutsche Bank was ordered to fire another seven staff yesterday for manipulating Libor submissions between 2005 and 2010 – but no top bosses have resigned over the scandal. The $2.5bn (£1.7bn) fine is far bigger than any previously levied on other banks, in part because Deutsche’s staff misled regulators and tried to cover up [...]
Barclays’ bosses warn investors of pain ahead as Libor scandal fines and legal bills roll in April 23, 2015 Huge fines and legal bills are on the way, Barclays’ outgoing chairman Sir David Walker warned shareholders at yesterday’s annual general meeting. Walker joined the bank almost three years ago in the wake of the Libor scandal, aiming to clean it up. While he said he has made great strides in that direction, the City [...]
Qataris clinch Claridges from Barclay brothers April 23, 2015 The Barclay brothers have sold off their stake in three of London’s five-star hotels, including Claridges. Sir Frederick and Sir David Barclay are reported to have sold their 64 per cent interest to Qatar’s Constellation Hotels, a business controlled by the country’s sovereign wealth fund. The sale was made for an undisclosed sum.
Pace chairman Allan Leighton to exit after Arris takeover April 23, 2015 Pace chairman Allan Leighton is set to leave the UK group once its £1.4bn takeover by a US rival is finalised, as shares in the set-top box maker closed 34 per cent higher yesterday. Leighton, chair of Pace since 2011, oversaw the cash-and-share offer by Georgia-based group Arris Group but will not seek a [...]