Carry on shopping: Alibaba defies China slowdown with fourth quarter revenue May 5, 2016 Alibaba, the Chinese ecommerce giant, has defied the country's economic slowdown, reporting expectation-busting revenue. The Amazon of China's sales rose 39 per cent in the fourth quarter to 24.2bn yuan (£2.55bn) smashing estimates of around 23bn yuan, while income came in at 5.3bn yuan, a rise of 81 per cent. "Whatever they are doing must be working, and [...]
Oil price jumps after Canadian production is threatened by wildfires sweeping the country May 5, 2016 The price of oil has been pushed up today after wildfires ravaging Canada’s oil-sands district forced companies to put production on hold. Meanwhile, fighting in Libya weighed on output around the Middle East and North Africa. US benchmark West Texas Intermediate climbed three per cent to $45.12 a barrel, adding to gains made yesterday. Read more: Crude oil surge [...]
UK banks would face a squeeze on their balance sheets after Brexit May 5, 2016 Profits at the UK’s largest banks would be squeezed if the UK votes to leave the European Union, a top credit ratings agency has said today. Moody’s has warned that Brexit would hit demand for loans, potentially reduce the value of banks’ balance sheets and heap pressure onto London’s fragile investment banking sector. “Uncertainty before [...]
Provident Financial has a good feeling about 2016 May 5, 2016 Provident Financial revealed that it had a good feeling about the year to come in an interim management statement today, with profit in all sectors of its business either in line with or exceeding its targets. According to the lender, its Vanquis Bank brand, which offers credit cards to people with a less than immaculate credit [...]
London fintech star Azimo lands millions from Rakuten May 5, 2016 More money is pouring into London fintech as one of its star startups has landed new investment from Japan's biggest ecommerce firm Rakuten, among others. Digital money transfer firm Azimo has raised $15m (£10.3M) in a new round, bringing its total investment to $47m. The new cash will be used to fuel expansion in Asia. “We serve a growing community of hardworking migrants who are [...]
Accountants say the government needs to play the numbers game to solve the productivity puzzle May 5, 2016 The government should set itself a “productivity target” to boost UK growth and hold itself accountable for the performance of the economy, the Institute of Chartered Accountants in England and Wales (ICAEW) has argued. In the latest report into the productivity puzzle, the number crunchers said the government should be aiming to boost productivity by [...]
Centrica wants to raise £750m to buy two companies and pay down debt May 5, 2016 Update: Centrica's share price dropped more than 10 per cent today on the news it is issuing 350m shares – around seven per cent of current share capital – to help finance two major acquisitions and pay down debt. British Gas' parent company is hoping to raise £350m needed to complete the purchase of two companies and a further [...]
Sage Group transformation leads to revenue boost May 5, 2016 Sage Group's endeavours to makeover its business model are paying off, after the company reported a boost to revenue in its half-year results today. However, investors were less thrilled by what the announcement had to offer, with shares in the company trading down 3.2 per cent at 585p shortly after 12pm London time. [stockChart code="SGE" date="2016-05-05 [...]
Amir Khan v Saul ‘Canelo’ Alvarez purse: British fighter in line for biggest pay cheque of his career to date May 5, 2016 Amir Khan will pick up the biggest purse of any British boxer for five years when he takes on Saul 'Canelo' Alvarez on Saturday night. The Bolton boxer will take home around £9m from the Las Vegas bout — the largest pay cheque earned by a Brit fighter since David Haye made £15m from his 2011 defeat [...]
EU referendum: Survey shows that firms will stop hiring because of vote, but only if the UK votes for Brexit May 5, 2016 Employers say that jobs will be at risk if Britain votes to leave the European Union, but few are actually cutting back on hiring in the run-up to the vote, according to a new survey by recruitment firm Reed. A clear majority – 85 per cent – of businesses said that the EU referendum had [...]