Thyssenkrupp swings to second quarter loss after scrapping Tata merger deal May 14, 2019 German steel conglomerate Thyssenkrupp posted a second quarter loss this morning, days after it was forced to ditch plans for a merger with India’s Tata Steel. Read more: EU scuppers Thyssenkrupp's European steel merger The figures The firm said it made a net loss attributable to shareholders of €99m (£85.9m) in the three months to [...]
Bayer shares hit after $2bn payout to couple in Roundup weedkiller case May 14, 2019 Shares in Bayer dropped today even as analysts said a $2bn (£1.5bn) damages payment awarded to a California couple who claim the company’s Roundup weedkiller gave them cancer is likely to be reduced. Alva and Alberta Pilliod said that using the chemical had contributed to their contracting non-Hodgkin’s lymphoma. Read more: Bayer considers appeal after [...]
MPs accuse government of using Brexit as an ‘excuse’ to avoid Russian sanctions May 14, 2019 More than 50 MPs have urged the government to stop using Brexit as an "excuse" not to impose sanctions against Russian figures accused of human rights violations. The head of the all party Russia group, Chris Bryant, has demanded action from foreign secretary Jeremy Hunt in the wake of the Novichok attack on Salisbury last year. Along with [...]
Metro Bank shares rebound from all-time lows after Whatsapp rumours quashed May 14, 2019 Metro Bank shares have rebounded today after plunging to all-time lows following false Whatsapp rumours of fresh financial turmoil. The challenger bank’s share price has risen 7.7 per cent this morning, returning to 511p – similar levels as yesterday morning. Read more: Metro Bank denies rumours of financial trouble ahead of fundraising But the stock [...]
Japanese property giant strikes £90m deal with Urban Splash to build thousands of new homes across the UK May 14, 2019 Japan’s largest housebuilder is entering the UK property market after signing a £90m deal with developers to deliver thousands of new homes across the country. In a joint venture with Homes England and Urban Splash, leading modular builder Sekisui House is planning to deliver 2,000 new residential homes a year for the next decade. Read [...]
Nissan forecasts worst earnings in 11 years amid Carlos Ghosn saga May 14, 2019 Nissan’s struggle to escape from the shadow of disgraced former chairman Carlos Ghosn was underscored today as the Japanese giant forecast its weakest profits in more than a decade. Read more: Ghosn ran up €11m in suspicious expenses, audit finds The car maker forecast a 28 per cent drop in annual operating profit, which would [...]
Botanical drinks startup with top City backers set for crowdfunding May 14, 2019 A botanical drinks startup which counts high-profile City veterans and celebrities among its backers is set to launch a £1m crowdfunding in its latest expansion drive. David Spencer-Percival, the serial entrepreneur who runs No.1 Rosemary Water, told City A.M. he is looking to lure in fresh capital amid a global product drive and the launch of [...]
Vodafone dividend cut: What does it mean for investors? May 14, 2019 It’s been a rough morning for Vodafone, which has slashed its dividend by 40 per cent in a bid to ease rising debts and a hefty loss for the full-year. Investors were braced for bad news after reports of a dividend cut were widely circulated ahead of the company’s announcement today. But despite the initial [...]
Shattered: Pottery maker Portmeirion Group shares plunge 25 per cent after profit warning May 14, 2019 Shares in pottery maker Portmeirion Group collapsed this morning after the firm issued a profit warning. Read more: Renishaw shares dive after second profit warning Shares fell more than 25 per cent to 910p as the country garden-themed pottery company told investors that sales were down 10 per cent for the first four months of [...]
City Moves for 14 May – Who’s switching jobs at Aviva Investors, Freedom Finance and Amundi? May 14, 2019 Today's City Moves includes Aviva Investors, Freedom Finance and Amundi. Aviva Investors Aviva Investors, the global asset management business of Aviva, has announced the addition of Stephanie Niven as a named manager to the Global Equity Endurance Fund. She will work alongside Giles Parkinson, who has been manager of the fund since its launch in [...]