Fewer mall trips hit Michael Kors sales figures August 10, 2016 Michael Kors shares dropped on Wednesday as sales figures were hit by fewer mall trips. The figures The handbags, clothing and jewellery company’s net sales came in at $957.3m (£735.9m) in the three months to 2 July, up from $947.3m. Wholesale net sales fell by seven per cent to $394.4m from $424m. Total revenue was reported to be $987.9m, [...]
Markets impressed by steady performing Interserve August 10, 2016 Shares in support services provider Interserve leapt nearly 17 per cent today after unveiling resilient half-year results. Revenues and operating profit nudged two per cent higher compared to 2015 with interim dividends increasing by a similar amount. "Trading in the first half of the year, across the vast majority of our divisions and our regions, has been good, [...]
The RMT’s dangerous strikes are a cynical ploy to pave the way for rail renationalisation August 10, 2016 There is no general upsurge of industrial militancy in the UK: the latest figures show both numbers of stoppages and days lost to strikes remain low. The cluster of RMT actions – against Southern Railway/Govia Thameslink (now suspended), Virgin East Coast and Eurostar – will not be a harbinger of a new wave of damaging [...]
Paysafe looks to pocket profits by bolstering its digital wallet business August 10, 2016 Payment solutions company Paysafe has revealed it hopes to rake in the cash from its digital wallet business, including launching a new mobile-enabled wallet in September. Joel Leonoff, Paysafe president and chief executive, described the product in the pipeline as being focused on generic goods, including pharmaceutical products, groceries and alcohol. "What we're building and what we're [...]
No Man’s Sky review: Can this indie space explorer live up to its own galaxy-sized hype? August 10, 2016 No Man's Sky gives real thought to what it would be like to be marooned on an alien planet. What would it look like? How would it feel? British indie developer Hello Games has created an algorithm-based universe containing a mind-boggling number of planets to explore, far more than will ever be seen by human [...]
Royal Mail’s pension scheme under pressure as costs set to double August 10, 2016 Royal Mail's pension scheme is facing closure after it warned trade unions and workers the plan will be "unaffordable" in as little as two years. Costs to maintain the fund are expected to balloon to over £900m by March of 2018, more than double the £400m currently. Royal Mail is now negotiating with trade unions over what [...]
Harry Potter star fails to conjure up a win in tax case August 10, 2016 One of the stars of the Harry Potter movies has discovered magic is no match for the taxman, after losing his case at a tribunal. Rupert Grint had attempted to include two tax accounting periods in his filings for tax year 2009-10, which would have prevented a proportion of his income from being taxed at the [...]
Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger August 10, 2016 Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange. The German exchange said more than 75 per cent of shares have now been tendered in support of the deal. The firm had already received the 60 per cent support necessary. Read more: More European opposition, this [...]
City watchdog shuts bond manipulation investigation into Lloyds senior trader August 10, 2016 The City watchdog has today shut down an investigation into possible bond manipulation by a Lloyds Banking Group trader. In late 2015, The Financial Conduct Authority (FCA) launched an investigation into whether Tony Gray, head of gilts trading at the bank, had rigged the UK government bond market but has now decided there is no case for [...]
Toscafund urges Speedy Hire chairman to resign ahead of general meeting August 10, 2016 Activist investor Toscafund today published an open letter to Speedy Hire, reiterating its call for the industrial tools and equipment rental firm's chairman to resign. Toscafund believes Jan Astrand has failed to deliver during his time as executive chairman and lacks the "appropriate track record or attitude" to oversee the company's turnaround. It now wants him to resign ahead of [...]