Deutsche Bank more than €1bn in the red for 2016 – but it’s better than last year February 2, 2017 Deutsche Bank has racked up losses of more than €1bn after a difficult 2016, but still improved significantly on the year before. The figures The struggling German banking giant reported a net loss of €1.4bn (£1.2bn) for 2016, although that is a €5.4bn improvement on 2015's €6.8bn loss. The bank also recorded net losses of €1.9bn in its fourth quarter, again [...]
American Airlines has opened its first office in Cuba despite Trump uncertainty February 2, 2017 American Airlines has formally opened its first office in Havana, Cuba, despite uncertainty on US President Donald Trump's approach towards the country. It comes two months after the airline's first scheduled commercial flight from the US to Havana in over 50 years. The airline said the flight and the new office underlined the company's commitment to [...]
Podcast: Why virtual reality is about to rock your world February 2, 2017 This week the Unregulated podcast straps a black box to its face and immerses itself in the VR industry. From becoming a part of the Apollo 11 mission to assembling the parts of a human heart, we discover how VR will change the classroom, and office, of the future, how entrepreneurs can tap into opportunities in the field – [...]
AstraZeneca shares fall despite in line full-year earnings February 2, 2017 AstraZeneca shares slipped over one per cent after warning many of its patents will run out during 2017. The figures Fourth quarter revenues were down 13 per cent at $5.6bn with full year revenues lower by seven per cent at $23.0bn. Core operating profit was up by 30 per cent in the quarter at $2.0bn, [...]
Worldpay appoints Santander’s head of innovation Peter Jackson as new UK chief executive February 2, 2017 Worldpay has appointed Banco Santander's head of innovation as its new UK chief executive. Peter Jackson joins the FTSE 100 payment processing company on 1 March, replacing Dave Hobday who left Worldpay in December to head up the RAC. He will report to group chief executive Peter Jansen. Read more: Worldpay shrugs off Brexit concerns as bumper [...]
Here’s why Vodafone’s share price fell at the open February 2, 2017 Vodafone's share price dropped three per cent at the open after it said earnings would be in the lower end of its previous guidance. The figures In its trading update for the quarter ending 31 December, Vodafone said its organic service revenue had grown 1.7 per cent to €12.3bn (£10.5bn). But it said its full [...]
Durex owner Reckitt Benckiser is in talks to buy baby formula maker Mead Johnson for $16.7bn February 2, 2017 Reckitt Benckiser (RB), the company behind such household names as Durex, Cillit Bang and Nurofen, is in talks to buy a baby formula manufacturer for $16.7bn (£13.2bn). In a statement this morning, RB said it was in advanced talks with Mead Johnson to buy its shares at $90 each, valuing it at $16.7bn. The company [...]
Oculus rift: Facebook loses £394m virtual reality battle February 2, 2017 Tech giant Facebook has lost a $500m (£394m) court battle over the virtual reality technology behind it Oculus Rift headset. After a three week trial, the jury decided that Oculus – acquired by Facebook three years ago – was manufactured using computer code written by game developer Zenimax. Oculus said it would appeal against the "disappointing" decision. Damages [...]
The City’s importance to Europe helps Prime Minister Theresa May and the Brexit negotiations February 2, 2017 Listen carefully, and you can hear plenty of sensible European voices contributing to the great Brexit debate. Germany’s European affairs minister, Michael Roth, said recently that “Britain’s size, significance and its long membership of the EU” means there “will probably be a special status” for the UK post-Brexit. At the time, he was dismissed as [...]
Stop expecting central bankers to grow the economy: They can’t February 2, 2017 In 2008, monetary authorities around the world embarked on an unprecedented series of experiments. As economies tanked and governments throttled back on fiscal measures in the face of huge debts and deficits, people looked to central bankers to use monetary policy to stimulate economic growth. Since then we have seen a range of once outlandish tools [...]