US and Europe are driving profits at Fiat Chrysler sending the share price higher April 26, 2016 Fiat Chrysler has reported first-quarter profit almost doubled to €1.3bn (£1bn) on the first three months of last year, up 88 per cent. The company, owner of the Jeep and Ram brands, has been focusing on higher-priced sport-utility vehicles (SUVs) and pickup trucks in the US. Sales of Jeeps globally rose 15 per cent compared to the same quarter last year. Car [...]
Obama effect holding steady as sterling soars against the dollar April 26, 2016 The pound has soared against the dollar today, smashing through the $1.46 mark and extending a run of gains that has caused sterling to rise by six per cent in the past 10 weeks. This afternoon, the pound was trading at $1.4614, up 0.91 per cent on the day. Sterling's gains were mirrored against the euro, where it was [...]
Blasphemy: Now we can buy low-sugar, low-calorie “skinny” prosecco thanks to Thomson & Scott April 26, 2016 The Italians will be appalled. British drinks company Thomson & Scott has launched a new Skinny Prosecco – a low-calorie, low-sugar version of prosecco to cater to health-conscious drinkers. It should come as no surprise that drink makers are capitalising on remaking prosecco, as for over a year the fizz has been outselling champagne in the UK. [...]
EU referendum: Vote Leave are not doing themselves any favours as Tyrie calls non-appearance in front of MPs “unacceptable” April 26, 2016 Vote Leave is not doing itself any favours. The official group campaigning to leave the EU has incurred the ire of the Treasury Select Committee's chairman after cancelling a scheduled appearance in front of MPs. Matthew Elliott, the chief executive of Vote Leave has declined to give evidence in front of the committee tomorrow because of [...]
Standard Chartered’s share price leaps as troubled bank begins to show signs of turnaround April 26, 2016 Standard Chartered's share price leaped more than 10 per cent today, as the beleaguered bank revealed green shoots in its turnaround plan. The figures This time three months ago, StanChart was revealing an $876m (£601bn) underlying pre-tax loss, today it has reported a profit of $539m. Compared to the fourth quarter of 2015, operating pre-tax profit was up 264 per [...]
Renewables-focused E.On eyes profit of up to €1bn in 2016 April 26, 2016 E.On set its sights today on net income of up to €1bn (£775m) this year as Germany's largest utilities company pushed forward on plans to spin-off its power plant and trading businesses to focus on renewable energy and distribution grids. E.On will list 53.4 per cent of its power plant and trading business, Uniper, providing it secures enough shareholder support at [...]
AB InBev snaps up Italian craft brewer a week after it agreed sale of Peroni, Grolsch and Meantime April 26, 2016 AB InBev has gulped down an Italian craft beer brand, only a week after it agreed to sell the premium Italian lager brand Peroni as part of its takeover of SABMiller. The world's largest brewer snapped up Italy's Birra del Borgo for an undisclosed sum, a week after it agreed a $2.55bn bid from Japan's Asahi [...]
Thomson Reuters expects to complete sale of $3bn-valued intellectual property and science units this year April 26, 2016 Thomson Reuters expects to sell off its intellectual property and science units, which have been valued at around $3bn (£2.1bn), this year. The US media company said in its first quarter report, released today, that a sale process has been launched and a deal is due to complete in the second half of 2016. The figures Thomson [...]
Cobham shares plunge as it scrambles to secure emergency funding April 26, 2016 Cobham shares plunged as much as 21.5 per cent this morning after the engineering group issued a profit warning and launched a £500m emergency rights issue. Its push into the commercial market to offset slowing government defence spending on both sides of the Atlantic by snapping up US communications equipment maker Aeroflex two years ago has failed [...]
British American Tobacco posts revenue and volume growth in first quarter trading updates but warns profits are likely to come in second half of the year April 26, 2016 British American Tobacco posted healthy revenue and volume growth in the first quarter of 2016, but has warned its profits could be weighted to the second half of the year due to the impact of currency headwinds. The figures Revenue at the world's second largest cigarette company increased by 1.7 per cent at current rates of [...]