Fiat Chrysler defies global car industry woes, beating analyst forecasts July 31, 2019 Car manufacturing giant Fiat Chrysler surprised markets today by sticking to its full-year profit forecast after strong sales in its US pickup truck division helped defy an industry slowdown. The earnings were the car maker’s first since it failed to merge with Renault in June. Read more: Car industry investment grinds to a halt as [...]
Why it’s too risky for Mark Carney to move interest rates for Brexit July 31, 2019 The Bank of England risks upsetting the economy if it changes interest rates before there is more clarity about Brexit, some of the City’s top economists have warned. Ahead of the Bank’s key meeting tomorrow, City A.M.’s shadow monetary policy committee (MPC) has said worries over slowing economic growth are outweighed by growing concerns that [...]
Serco continues to power ahead of outsourcing crowd after US deal July 31, 2019 Serco shares rose today after it reported a nearly one-third jump in first-half underlying profit. The outsourcer, which has increasingly looked overseas in recent years, said the increase was in part down to revenue growth in North America. Read more: Serco fined £19m for government tagging contract fraud Shares rose five per cent today. The [...]
Airbus warns Europe to gear up for a no-deal Brexit July 31, 2019 Airbus has called on European governments to hasten their planning for a no-deal Brexit and bury the hatchet on a long-running subsidy spat with the US. Europe’s biggest plane maker issued a warning this morning about rising trade tensions, overshadowing a strong set of second-quarter profits which pushed Airbus’s share price up 0.4 per cent. [...]
Stock markets edge up after US and China call trade talks ‘constructive’ July 31, 2019 Both Washington and Beijing have described a round of trade talks as “constructive”, pushing global stock markets tentatively higher. Read more: Stock markets slide as Donald Trump lashes out at China before key meeting The White House said China had confirmed a commitment to buy agricultural products following the talks, which took place in Shanghai [...]
Direct Line profits drop after £16m blow from discount rate change July 31, 2019 Motor insurer Direct Line reported a 10.2 per cent drop in first-half profits today amid aims to cuts costs and as it took a hit from government changes to insurers’ discount rate. Read more: Insurers voice dismay over government change to personal injury discount rate The figures Operating profit sank to £274.3m for the six [...]
US private equity giant Carlyle abandons partnership structure July 31, 2019 US private equity giant Carlyle is abandoning its publicly-traded partnership structure to become a corporation in a move to improve its share price and attract new investors. The transition will spark an increase in the group’s tax bill, as under the partnership model it was exempt from paying corporate tax on some of its revenue. [...]
Body found in search for Indian coffee tycoon VG Siddhartha July 31, 2019 The body of missing Indian coffee tycoon VG Siddhartha has been found near a river on the outskirts of the city of Mangalore. Siddhartha – the founder of Starbucks rival Cafe Coffee Day – disappeared on Monday after reportedly walking away from his car and driver. Read more: Cafe Coffee Day founder goes missing The [...]
McDonald’s trials Fleet Street takeaway store for City workers July 31, 2019 McDonalds has today launched a trial takeaway-only store in Fleet Street targeting City workers on the move. The new “grab-and-go” format marks the fast food giant’s attempt to adapt to the needs of different customers during a difficult time for the restaurant sector. Read more: McDonald’s revenue and income falls The Fleet Street McDonald’s to [...]
Spotify fails to hit the right note as subscriber numbers miss expectations July 31, 2019 Spotify’s subscriber growth hit the lower end of its guidance in the second quarter, sending shares down in pre-market trading. The music streaming platform said it now has 108m premium subscribers, up 30 per cent on the year before. Read more: Music streaming firm Roxi plans London float as it looks to take on Spotify [...]