Maersk shares sink as profits take a hit from impairment charges February 8, 2017 Shares in Maersk sank in morning trading after the company reported a huge loss in 2016 due to impairment charges caused by oversupply and low demand. The figures AP Moller-Maersk fell to the bottom of the Stoxx 600 index this morning after reporting an annual loss of $1.9bn (£1.5bn) compared with a profit of $925m the previous year. The Danish shipping [...]
Delays on London overground due to train incident at Dalston Kingsland February 8, 2017 There are severe delays on the London Overground network due to a fire alert at Dalston earlier this morning which left a number of people injured, with four taken to hospital. A workman’s drill which had overheated started smoking. Firefighters extinguished the battery and placed it in a bucket of sand. A London Fire Brigade spokesperson said [...]
L’Oréal explores sale of The Body Shop February 8, 2017 French cosmetics group L'Oréal is considering selling The Body Shop for €1bn (£851m), according to reports. L'Oréal acquired The Body Shop 11 years ago for £652.3m, but is now working with bankers at Lazard to sell the struggling skincare range, according to the Financial Times. It is thought Lazard and L'Oréal are exploring various options for the future of [...]
Tailbacks as far as Fenchurch Street as Bishopsgate is closed after collision February 8, 2017 Tailbacks spread as far as Fenchurch Street this morning, after the northbound lane on Bishopsgate was closed following a collision between a van and a motorcycle. City of London police tweeted that the motorcyclist had been taken to hospital in a "serious condition" after the collision. #Bishopsgate is closed northbound due to a collision between [...]
RSA inks deal to dispose of £834m of UK legacy insurance liabilities February 8, 2017 RSA announced this morning it has signed contracts to dispose of £834m of UK legacy insurance liabilities to Enstar Group. The FTSE 100-listed insurer said the transaction "initially takes the form of a reinsurance agreement", effective from 31 December 2016. The group also said the deal was a boon to its capital position and added [...]
Rio Tinto announces $500m share buyback as profits rise on iron ore price rises February 8, 2017 Rio Tinto has announced a $500m (£400m) share buyback programme after full-year profits rose. The figures The miner reported underlying earnings jumped to $5.1bn (£4.1bn), up 12 per cent from $4.5bn in 2015. Earnings per share jumped even further, with a 14 per cent rise to $2.83. Rio Tinto also cut $1.6bn of costs in [...]
Emirates is riding out turbulence in the airline sector and its brand is even jumping ahead of British Airways February 8, 2017 Ryanair's recent profit drop underlines how tough the airline sector is currently. It’s a good time to have a closer look at one airline whose consumer perception is standing up well in a highly competitive industry – Emirates. Our recent YouGov BrandIndex brand rankings point towards the success the high-end airline has enjoyed over the [...]
Brexit has humiliated Britain’s failed economic soothsayers February 8, 2017 The Trojan prophetess, Cassandra, was given powers of foresight by Apollo, the Greek god of culture, in a bid to seduce her. She refused him and, as one version of the legend goes, he spat into her mouth to inflict a curse that no one would ever believe what she said. She prophesied doom and [...]
Projections that the Chinese economy will overtake America’s any time soon are fanciful February 8, 2017 Possibly the single most important of the tensions stoked up by President Trump is the rivalry between the United States and China. Economic strength will be the ultimate determinant of this struggle for the position of Top Nation. Comparisons of the size of economies, particularly ones at very different levels of income per head, are fraught [...]
Punish HMRC for arbitrarily bullying the victims of our complex tax code February 8, 2017 A good rule of thumb for a system or process: if you sat down and designed it from scratch, would it look like it does now? Ask that question of the tax system and the answer, of course, is a resounding “no”. It is a hideously complicated mess that punishes families and businesses, while destroying [...]