JPMorgan Chase kicks off US earnings season with record annual profit January 14, 2020 JPMorgan Chase brought in a record annual profit in 2019, its fourth-quarter results showed today, outstripping analysts’ expectations as it kicked off the US earnings season in fine style. The US’s biggest bank was boosted by a marked increase in bond trading as the global economy was shaken by the trade war between Washington and [...]
Watkin Jones enjoys strong contribution from build-to-rent division January 14, 2020 Housing developer Watkin Jones this morning said profit from its build-to-rent developments more than doubled. The 229-year-old company, which also makes student housing, saw overall profit slip because of exceptional costs. Pre-tax profit fell 8.5 per cent to £49.7m, while revenue grew 3.2 per cent to £374.8m. However, revenue from build-to-rent shot to £73.6m from [...]
UK housing market stable despite political uncertainty, says Taylor Wimpey January 14, 2020 Housebuilding firm Taylor Wimpey said the housing market remained stable last year, despite ongoing economic and political uncertainty. In a trading update this morning the company said that conditions were more challenging in London and the South East but demand for homes remained strong in the face of uncertainty caused by Brexit. Read more: New [...]
Grosvenor Group searches for new boss after UK CEO steps down early January 14, 2020 The Duke of Westminster’s property investment firm Grosvenor Group is searching for a new group chief executive after Craig McWilliam stepped down citing private reasons. McWilliam, who was chief executive of Grosvenor Britain & Ireland, was due to take on the group role next year. Read more: The Grosvenor Estate weights up move to become [...]
Dieselgate: Six Volkswagen executives charged with fraud in Germany January 14, 2020 Six Volkswagen executives have been charged with fraud, after they were accused of “deliberately misleading” authorities and customers in the months leading up to the diesel emissions scandal in 2015 by failing to tell authorities about cheating devices. The 876-page document does not name the people accused, but says three of them “knowingly and willingly [...]
Endeavour calls off merger talks with gold miner Centamin January 14, 2020 Endeavour has called off attempts to merge with London-listed miner Centamin, after it said it would not extend the deadline for the Canadian corporation to make an offer. Shares in the UK firm fell eight per cent after the announcement was made. The two firms have been in talks since early December, when Endeavour went [...]
Lekoil shares crash after firm admits it was victim of fraud January 14, 2020 Shares in West African exploratory firm Lekoil fell over 70 per cent today after the company revealed that it had been the victim of fraud by individuals purporting to be representatives of a Qatari equity fund. Yesterday Qatar Investment Authority (QIA) contacted the firm questioning the validity of a $184m loan Lekoil had announced with [...]
Mike Ashley’s Frasers Group urges PM to reform business rates system January 14, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has written to the Prime Minister to ask him to urgently review the business rates scheme. In a letter to Boris Johnson, Frasers Group finance chief Chris Wootton urged the government to reform the transitional relief system, which he said results in some stores “paying the [...]
Q&A: Why would cutting air passenger duty help Flybe – and how is it damaging? January 14, 2020 In a bid to save regional airline Flybe, chancellor Sajid Javid is meeting officials from the business and transport departments today. Prime Minister Boris Johnson has already shown he is against conventional bailouts for struggling companies – as he showed when he decided against keep Thomas Cook afloat in September. But one option still on [...]
Ex-Persimmon boss Jeff Fairburn appointed CEO of Yorkshire housebuilder January 14, 2020 The former boss of Persimmon Jeff Fairburn, who left the housebuilder in 2018 following controversy over his £75m bonus, has been appointed as chief executive of another development firm. Fairburn has taken on the chief executive role at Yorkshire housebuilder Berkeley DeVeer after buying a 50 per cent stake in the firm. Read more: Persimmon [...]