Passenger numbers and profits fly higher at IAG, but shares drop on Brussels fears April 29, 2016 Profits soared at British Airways owner International Airlines Group (IAG) in the first three months of the year, but it wasn't enough to offset warnings of a slowdown over the next few months, which sent shares down four per cent The FTSE 100 airline giant, which was formed by the merger of British Airways with Spanish [...]
City A.M. Unregulated podcast, Episode Five: BHS isn’t a sign of a dying high street -but are Philip Green or Dominic Chappell to blame? April 29, 2016 Unlicensed and off-the-leash, this is City A.M. Unregulated. A no-holds-barred, uncensored look at the stories breaking the news and the markets across the globe. There was one story that dominated the news this week, after not one but two retailers were forced to call in the administrators. After a difficult few days on the high-street Unregulated's regular [...]
Profits slip at AstraZeneca as expiring patents take their toll April 29, 2016 Profits have dropped at pharmaceutical giant AstraZeneca as the company ramped up its spending on research and development to counter upcoming expiring patents. The figures Net profit at AstraZeneca dropped by 12 per cent to $1.2bn in the three months to the end of March, bringing earnings per share in at $0.95, slightly below expectations of $0.96. Revenues [...]
MegaBrew: Now AB InBev offers to sell SABMiller’s Central and Eastern European brands to make the deal happen April 29, 2016 Anheuser-Busch InBev has told the European Commission it will sell all of SABMiller's Central and Eastern European brands, alongside those already being touted, in order to push through with the Megabrew deal. SABMiller's businesses in Hungary, Romania, Czech Republic, Slovakia and Poland will be put up for sale, in addition to Peroni, Grolsch and Meantime and their [...]
RBS’s share price drops as losses widen more than expected to £968m April 29, 2016 Losses at Royal Bank of Scotland have widened more than expected in the first quarter of 2016, as the bank confirmed it will have to consider alternatives for its plan to offload William & Glyn. Shares dropped by more than two per cent to 239p in response to the news. The figures RBS made an attributable [...]
Now generation rent faces financial “time bomb” after managing to jump on the property ladder April 29, 2016 Generation rent hasn't totally given up hope of ever owning their own home – yet, anyway. But as well as the average age of the first time buyer rising to 30.4 years old, there's a new burden for them to shoulder, as worry is shifting to how and when they will pay for it all as they get older. One in [...]
US shares finish lower as economy looks less solid after weak GDP figures April 29, 2016 Suddenly, things might not be looking so rosy for the US economy. Markets fell last night after GDP growth for the first quarter came in at a miserly 0.5 per cent – down from 1.4 per cent in the final three months of 2015, and well off expectations. Some poor earnings figures from its tech giants [...]
Dobson fuels City’s spring of discontent April 29, 2016 Appearances can be deceptive. At first glance, yesterday’s vote on Michael Dobson’s accession to the chairmanship of Schroders resembled a conventional boardroom coronation – but then it would, wouldn’t it? Just 15 per cent of investors in the fund management group opposed his re-election to the board, but with 47 per cent of the company, [...]
City Moves for 29 March 2016 | Who’s switching jobs April 29, 2016 Corinthia London Five-star hotel, Corinthia London, has announced the appointment of Stephane Trycionka, as director of sales & marketing. With 11 years of experience in the luxury hotel industry, Stephane joins from his role as director of sales & marketing at the Hotel Metropole Monte-Carlo in Monaco, where he was responsible for improving the performance [...]
Seven reasons Brexiteers are wrong to think EU exit negotiations would be easy April 29, 2016 Some eurosceptics think that Brexit negotiations would be a piece of cake. But if Britain decides to leave the EU, it will have no choice but to invoke Article 50 of the Treaty on European Union. That will set in motion a complicated procedure that puts the departing member state at a disadvantage. The Leave [...]