Moody’s downgrade for Sysco after US company’s acquisition of London-based food supplier Brakes March 23, 2016 Moody's has downgraded Sysco, citing the US company's acquisition of London-based food supplier Brakes for $3.1bn (£2.2bn). The ratings agency also believes Sysco will use Brakes as a platform to make further acquisitions in Europe in the near future. Sysco's long-term rating has been downgraded from A2 to A3 and short-term from Prime-1 to Prime-2, [...]
Burford Capital share price closes up after financial services company reveals revenues over $100m for the first time in its history March 23, 2016 Share price in Burford Capital closed up today after the financial services company reveals a boost to both its profits and revenues for the year ended December 2015. The company, which specialises in providing finance for litigation, announced profits before tax of $67.9m (£48.2m), up 19 per cent from $57.1m the year before, while revenues [...]
Nigeria expects oil output freeze deal at Doha meeting in April even without Iran March 23, 2016 Opec member Nigeria has said it expects oil producers to reach an output freeze deal at a meeting in Doha next month. "I expect that we will reach a conclusion on stabilisation, stabilise current production as of January," Emmanuel Ibe Kachikwu told Reuters in an interview in Abuja. Qatar has invited Opec and major non-Opec producers [...]
App develops next generation taxi payment allowing black cabs to accept chip and pin, contactless and Apple pay March 23, 2016 A new app that allows customers use chip and pin, contactless and Apple Pay when taking a black cab has launched. The app, aptly named cab:app, allows passengers to pay within 90 seconds in locations across the UK. While it will be mandatory for all black cabs in London to offer card and contactless payment from [...]
Profits slump for insurance market Lloyd’s of London despite growth in gross written premiums, as chief executive Inga Beale speaks out about terrorism March 23, 2016 Insurance market Lloyd's of London today announced that its profits had dipped slightly during 2015, although it had increased its gross written premiums. Lloyd's revealed pre-tax profits of £2.1bn, down compared with £3bn the year before, although the company said that it felt its profits remained significant despite a fall in returns on investments and increased [...]
Virgin America’s share price rockets after reports that it is considering a potential sale March 23, 2016 Shares in Virgin America surged on Wednesday afternoon after reports that it was considering a potential sale. The airline, backed by Richard Branson, was reported to be weighing up a potential sale after receiving interest, according to a report from Bloomberg. Virgin America's share price rose over 13 per cent on the news. The potential [...]
Letting agent in Kent puts too much faith in City commuters, after claiming it only takes 25 minutes to get to London March 23, 2016 A letting agent in Kent has raised City worker's eyebrows, underestimating the commute from Sevenoaks to the financial district as it plugs a new block of flats up for sale. The agent claims that you can get from its latest new-build to London Bridge in less than half an hour, but City commuters say that's not physically possible. [...]
Cheer up! Londoners are the country’s grumpiest people, as five suburbs make a shortlist of the UK’s unhappiest areas March 23, 2016 Cheer up! We all know the old stereotype about Londoners being an unfriendly bunch, but it turns out it's true, as the capital is home to some of the grumpiest folk in Britain. While rent prices aren't rising as sharply in Greater London compared to the centre, it seems a life in the zones isn't all [...]
Wine and Spirits Trade Association members say industry will benefit more from EU membership than Brexit March 23, 2016 The UK's alcohol industry would benefit more from Britain remaining in the European Union than leaving, the industry body Wine and Spirit Trade Association (WTSA) has said. Britain's wine and spirits industry is worth £45bn and supports nearly 600,000 jobs. The EU export market was worth £1.8bn in 2015. Staying in the EU was endorsed by 90 per cent [...]