Co-op Group set to announce 25 per cent hit on value of bank stake September 21, 2016 The Co-operative Group has taken a 25 per cent hit to the value of its stake in Co-op Bank, the company is expected to announce this week. As part of its half-year results on Friday, the group is poised to put a £145m value on its 20 per cent stake in the lender, down from £185m. The [...]
A divided Fed holds: US leaves interest rates unchanged as case for second rate hike in almost a decade strengthens September 21, 2016 The US Federal Reserve's rate-setting Federal Open Market Committee (FOMC) has voted to leave interest rates on hold but has set the scene for a hike before the end of 2016. The Fed raised its benchmark overnight interest rate to a range of 0.25 per cent to 0.50 per cent in December – the first rate hike [...]
Supercar maker McLaren denies Apple takeover talks September 21, 2016 British supercar maker McLaren has denied it is in talks with Apple after it was suggested the Californian tech giant had made a takeover approach for all or part of its business. The Financial Times reported today the tech giant had approached McLaren Technology Group about either an acquisition or to take a strategic investment in [...]
Wireless broadband provider Relish launches same-day broadband service September 21, 2016 Rising demand for same day delivery services has spread to the broadband market. London wireless broadband provider Relish has announced it will deliver its 4G router by same day delivery, if orders are placed before 12pm. The announcement comes amid rising criticism of how long it takes some of the UK's biggest internet service providers to get [...]
Majestic Wine issues profit warning after botched US marketing campaign September 21, 2016 Shares in Majestic Wine closed down by more than almost a quarter today after the booze merchant issued a profit warning, citing challenging trading conditions and a failed marketing drive in the US. The firm was expected to post £440m of revenues in the year to March 2017, up 10 per cent on its sales in the most recent [...]
First crude shipment in two years leaves major Libyan port September 21, 2016 A tanker set sail from the Libyan port of Ras Lanuf to Italy today, marking the first shipment from one of its key oil terminals since the civil war froze activity there two years ago. The port manager told Reuters that a second tanker is preparing to load at the terminal, stoking hopes that it will bring Libya a [...]
Morgan Stanley and Blackrock presidents warn Brexit will shrink London’s financial crown September 21, 2016 London's financial industry woke up this morning to a fresh warning that Brexit could cap the size of the sector in the City. Blackrock president Rob Kapito noted that multinationals with a UK presence would now be carefully considering their options relating to how much of their business they kept in the country. "I don't think [...]
Astrazeneca is withdrawing an EU marketing application for a cancer drug September 21, 2016 Big pharma firm AstraZeneca has been forced to withdraw a marketing application for a new cancer drug, due to disagreements with the European regulator. The drug Cediranib had been planned to be used in combination with chemotherapy to treat ovarian cancer but concerns over potential side effects raised by the by European Medicines Agency (EMA) have scuppered plans. The drug was shown to [...]
Rival European exchange warns London Stock Exchange-Deutsche Boerse merger would create a “virtual monopoly” September 21, 2016 The merger of the London Stock Exchange and Deutsche Boerse would create a “virtual monopoly”, the boss of a rival European exchange company has claimed. Euronext chief executive Stephane Boujnah said the fusion would create a company 10 times larger than his in second place. Read more: Rival exchange eyes from LSE merger "opportunities" as [...]
What you need to know about St Matthew the Apostole on Patron Saint of Bankers Day September 21, 2016 Today, 21 September, is St Matthew the Apostle's day. This may have passed most of you by, but if you work in the City it's more relevant than you realise – St Matthew is the patron saint of bankers. Here are three things you need to know about St Matthew, in case talk of him [...]