MPs urge government to do more to cut taxpayer costs for EU penalties April 27, 2016 A group of MPs has today criticised the government for not doing enough to shield taxpayers from fines paid to the European Commission. The report by the Public Accounts Committee (PAC) found that government had been hit with at least £650m in penalties over the last decade for spending EU funds improperly. "Government inaction on [...]
Nearly half of consumers with a zero per cent credit card have been hit by high interest rates April 27, 2016 Nearly half (49 per cent) of all consumers with a zero per cent credit card have been hit with high interest rates when their introductory deal has ended. On average credit card holders have incurred £267 in charges when the interest-free period has ended, a total of £623m across the UK. Nearly a third (31 [...]
Suitors wanted: Investors circle as Austin Reed becomes the latest retailer to tumble into administration April 26, 2016 Austin Reed has become the second retailer to enter administration in as many days, following the collapse of BHS on Monday. Yesterday, AlixPartners’ Peter Saville, Kevin Coates and Catherine William-son were named joint administrators of the firm, after months of challenging market conditions and cash flow problems. Two names have emerged as potential rescuers of the [...]
Canon profit drops by 7.7 per cent as sales tumble April 26, 2016 Japanese camera manufacturer Canon has reported a slowdown in sales during the three months to 31 March, as demand declined across its product ranges. Net sales dropped by seven per cent to ¥767bn (£4.9bn) in the first quarter, down from ¥858bn during the same period of last year. Operating profit plummeted by 39.4 per cent, to ¥45.7bn [...]
AT&T’s share price dips despite beating expectations April 26, 2016 AT&T's share price has fallen in after-hours trading after the telecoms group posted first quarter profit ahead of expectations. Shares were trading more than 1.5 per cent lower after the results were announced. The largest US telecoms group by market capitalisation posted adjusted earnings per share of $0.72, $0.03 ahead of expectations. Meanwhile, revenues were [...]
eBay share price rises as online auction site posts four per cent jump in revenue during first quarter of 2016 April 26, 2016 Shares in online retailer eBay rose by over 1.7 per cent in after hours trading as the company revealed a jump in revenue during the first three months of the year. Sales went up by four per cent, from $2.06bn (£1.41bn) in the first quarter of 2015, to $2.14bn, and gross profit went from $1.65bn to [...]
Apple’s share price falls more than seven per cent in after hours trading after disappointing results April 26, 2016 Apple posted a sharp fall in revenue, pushing its share price down by more than seven per cent in after hours trading. Revenue was reported at $50.6bn (£34.7bn), below the expected $52bn, and 13 per cent down on the $58bn reported in the same quarter a year ago. Earnings per share for the second quarter were [...]
Twitter share price jumps then plunges back down on first quarter numbers April 26, 2016 Twitter’s shares initially jumped in after hours trading last night, before nosediving 11 per cent below their closing price, after the firm missed revenue estimates and cut its forecast for the second quarter. The social network increased revenue by 36 per cent compared to the same period of last year, to $595m (£408m) from $436m. [...]
Supermarkets brace for fresh CMA criticism in latest phase of pricing super-complaint investigation April 26, 2016 The competition watchdog is expected to crack down on pricing in the UK’s supermarkets tomorrow morning. The Competition and Markets Authority (CMA) is set to publish the latest phase of its response to a so-called super-complaint raised last year about predatory pricing tactics by major grocers. Earlier it was reported by Sky News that Asda has been [...]
London Stock Exchange clarifies Xavier Rolet’s language after talks with the Takeover Panel ahead of merger with Deutsche Boerse AG and confirms it hasn’t held talks about ICE’s strategy April 26, 2016 The London Stock Exchange (LSE) has clarified arguments made by its chief executive in recent interviews, following discussions with the Takeover Panel. Yesterday evening the LSE released a statement to clarify Xavier Rolet's comments in the press about the Intercontinental Exchange (ICE), which could still gatecrash the merger with Deutsche Boerse AG. One clarification related to [...]