Historic Tesco loss sparks share price slump: Dave Lewis has to move from “drastic” to “dynamic” April 22, 2015 2007: TESCO’S PEAK MARKET SHARE 31.7% MARKET SHARE MARCH 2015 28.4% Shares in Tesco slumped by five per cent yesterday after the retail giant capped a year of profit warnings, accounting scandals and fraud investigations by posting one of the biggest losses in corporate history. Britain’s biggest supermarket made a statutory pre-tax loss of £6.4bn [...]
Deutsche Bank sets aside €1.5bn as Libor fine looms April 22, 2015 Giant German lender Deutsche Bank last night said it is putting aside €1.5bn (£1.1bn) to pay for litigation costs incurred in the first quarter of the year. But despite the extraordinary charge, the bank still expects to report a profit for the three-month period, on the back of “near-record revenues.” The figure is thought to [...]
Cost cuts and volatile currencies push up BNY Mellon’s profits April 22, 2015 Profits jumped 16 per cent at BNY Mellon in the first quarter, as the world’s largest custody bank benefited from increased foreign exchange trading. It also saw fee income rise as asset inflows improved, and managed to cut costs after coming under pressure from investors to create a leaner operation. Profits came in at [...]
Your Move: London rental prices have soared 27pc under David Cameron April 22, 2015 Residential rents in London have far outstripped the rate of inflation under the current government, according to a new report out today. Rent in the capital increased by 27.4 per cent since the last General Election, according to the latest Buy-to-Let index from estate agents Your Move and Reeds Rains. Consumer Price Inflation (CPI) increased [...]
Travis Perkins beats its target despite weakness in boiler sales April 22, 2015 Travis Perkins shares rose 2.8 per cent yesterday after Britain’s biggest supplier of building materials posted a 5.1 per cent rise in first-quarter like-for-like sales. The increase, which beat its target, was driven by growth in the general merchanting and contracts units, while its plumbing and heating division faced a 3.7 per cent fall, which [...]
Tesco’s share price is all over the place. Here’s why April 22, 2015 Shares in Tesco were up more than two per cent in early trading, brushing off the shock of a larger than expected loss of £6.38bn for the year. Despite the massive loss – the largest ever recorded by the supermarket and the sixth biggest of any UK company – investors initially remained confident in the ability [...]
McDonald’s share price jumps despite continued fall in sales April 22, 2015 The figures McDonald's share price shot upwards in early trading after the fast food giant announced a return of $1.4bn to shareholders through dividends and share repurchases. Yet the rising stock masks what was another poor quarter for Ronald and co. Sales at company-operated restaurants decreased by 13 per cent to $3.9bn in the first quarter [...]
Tesco: Here’s what the City and analysts are saying about record annual losses April 22, 2015 As the details of Tesco's losses and its turnaround plans sink in around the City, here's the initial take from analysts, business experts and even the man funding shareholder litigation against Tesco over the profit overstatement last year that triggered it all. Louise Cooper, CooperCity – "Tesco is like Miliband – it has two kitchen [...]
Tesco results: Three things you need to know after today’s annual loss announcement April 22, 2015 Tesco's results are out and there's a lot to take in – market reaction had been mixed this morning, initially up and now largely flat. Here are the three key things you need to know about Tesco this morning after shock losses at the supermarket. 1. How huge? This huge To put Tesco's £6.38bn loss [...]
Merrill Lynch International hit with record £13.2m fine as the FCA slams the “severity” of its misconduct April 22, 2015 Merrill Lynch International (MLI) has been fined £13.2m for failing to properly report a number of transactions between 2007 and 2014. This is the highest fine imposed by the FCA for this type of failing. The watchdog said the amount levelled at the firm “reflects the severity of MLI's misconduct, failure to adequately address [...]