EU fines Qualcomm €242m for ‘crushing’ 3G competitor July 18, 2019 Chipmaker Qualcomm must pay €242m for abusing its market dominance to crush a competitor in the 3G market, the EU ruled today. The European Commission said Qualcomm used its iron grip on the chip market to force Icera out of the sector in a breach of antritrust rules. Read more: Apple settles landmark $27bn legal [...]
Wealth management arm helps Morgan Stanley to beat profit estimates July 18, 2019 Morgan Stanley reported a dip in profits during the last three months, but followed several of its big banking peers this week by trumping Wall Street estimates. Read more: Danske Bank misses profit estimate after troubled 12 months The US multinational group posted earnings of $2.2bn (£1.76bn), or $1.23 a share, falling from $1.30 per [...]
Anglo American on track for 2019 targets as production rises July 18, 2019 Anglo American increased its production by two per cent in the second quarter, it announced today, aided by a ramp up in its Brazilian iron ore operations. Read more: Anglo American gears up for takeover fight with mining tycoon Anil Agarwal Yet diamond production at the FTSE 100 firm’s De Beers unit dropped 14 per [...]
Tory rebels vote with Labour in bid to prevent a no-deal Brexit July 18, 2019 Rebel Tory MPs helped defeat their own government today in a bid to stop the next Prime Minister suspending parliament to force through a no-deal Brexit. Margot James resigned as digital minister after voting with Labour and ensuring the government lost by 41 votes – with 315 MPs backing the plan to stop parliament being [...]
Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
Voyager Air grounds plans for London Stock Exchange listing July 18, 2019 An aircraft leasing firm has stalled its planned initial public offering (IPO), becoming the second major company in a fortnight to put off its float in London. Voyager Air has halted its ambition to raise $200m ($160m) through an IPO on the London Stock Exchange, blaming “currently unfavourable” market conditions for the move. Read more: [...]
There’s no ‘war chest’ for extra spending, watchdog warns PM hopefuls July 18, 2019 Boris Johnson and Jeremy Hunt have been warned there is no “war-chest or pot of money” that would make big spending increases “a free lunch” by the UK’s budget watchdog. Read more: No-deal Brexit could cause ‘full blown’ recession in 2020 The Office for Budget Responsibility (OBR) said today that the next prime minister must [...]
Shares in Reach spike after it confirms JPI Media takeover talks July 18, 2019 Shares in media group Reach jumped as much as nine per cent this morning after it confirmed it is in early talks to buy assets from i newspaper owner JPI Media. The Daily Mirror publisher today said it is in discussions with JPI Media, which owns hundreds of regional titles across the UK, but warned [...]
Vodafone gets the green light for $22bn Liberty Global acquisition July 18, 2019 Vodafone has secured approval from EU regulators for its $22bn (£17.6bn) takeover of Liberty Global assets. The European Commission today said it has approved the merger on the condition that Vodafone complies with a string of commitments. Read more: Shareholders poised to oppose Vodafone pay report in dividend row The deal will see Vodafone take [...]
Asos profit warning: Three factors behind online retailer’s fall from grace July 18, 2019 Shares in fast fashion retailer Asos plummeted this morning as the online marketplace warned that profits will be lower than expected this year. The company blamed this morning’s profit warning – its second in just over six months – on operational issues at new warehouse facilities in Europe and the US. Operational issues plague retail [...]