Britain’s biggest landowner, Duke of Westminster, dies aged 64 August 9, 2016 Gerald Cavendish Grosvenor, Britain’s biggest landowner, has died aged 64 due to a sudden illness. The billionaire, known to be worth £8.3bn, owned swathes of land in London. According to Forbes, he's the third richest person in the UK and the 68th richest billionaire in the world. Read more: Britain ranked fifth richest country in the world [...]
Watch is going on? Fossil shares jump despite rocky revenue performance August 9, 2016 US watchmaker and retailer Fossil’s share price jumped in after-hours trading despite the company reporting some rocky revenue figures. The figures Worldwide net sales during the three months to 2 July were down seven per cent to $54.6m (£42m). Fossil said the fall was driven by a “decline in the company’s multi-brand licenced watch portfolio [...]
The BFG and Finding Dory boost Walt Disney results August 9, 2016 Walt Disney’s second quarter was boosted by the BFG, Jungle Book and Finding Dory. The figures Revenue for the three months to 2 July came in at $14.3bn (£11bn), up nine per cent year-on-year, and slightly ahead of Wall Street expectations. Diluted earnings per share, meanwhile, were up 10 per cent to $1.59, and net [...]
Investors give Yelp a good rating as online review firm beats expectations August 9, 2016 Online review company Yelp’s share price leapt in after-hours trading on Tuesday after it beat analyst expectations in the second quarter of 2016. The figures The US company reported net revenue of $173.4m (£133m) in the three months to 30 June, up 30 per cent. Wall Street had expected a turnover of $169.8m. Some $151.9m of this came [...]
Coach misses expectations as it tightens supply to boost brand August 9, 2016 Luxury handbag maker Coach has narrowly missed analysts’ estimates for its latest quarter. Sales rose two per cent at North America stores open at least a year, the first quarterly rise in over three years. The rise was put down to higher online sales. Analysts on average had expected a 1.8 per cent rise. Net [...]
Rare Pokemon mean prizes in Canary Wharf August 9, 2016 Office managers in Canary Wharf can blame the Canary Wharf Group if some staff members have been spending even more time playing Pokemon Go this week. The group that oversees development of the Wharf is tempting workers to ditch their duties by offering rewards for those who hunt down and share tweets of rare Pokemon [...]
Brexit is an opportunity to build a points-based migration system that actually works without crippling the economy August 9, 2016 The debate over free movement rages on since its starring role in the Brexit campaign. With the status of current EU migrants and future talent unclear, a new level of business uncertainty is engulfing UK employers. From tech and creative startups through to the NHS, organisations up and down the country are unsure about what [...]
The CMA missed its opportunity to level the playing field for challengers and end the banking oligopoly August 9, 2016 To deal with a problem, first you need to recognise it. While yesterday’s final report from the Competition and Markets Authority (CMA) on UK retail and SME banking identifies the problems of the market, it has fallen short when it comes to making recommendations that will address the underlying issues. The report makes several constructive suggestions [...]
Pension lifeboat deficits reach new highs in July August 9, 2016 Not wanting to be outdone on reporting record deficit numbers the Pension Protection Fund (PPF) today released its funding position that revealed deficits had reached £408bn. Growing by £24bn during July, the PPF deficits were at their highest ever level. But the aggregate proportion of assets to liabilities was not as low as in May 2012. The explanation from the PPF [...]
Pensions deficits have grown at a rate of £2bn a day since rate cut August 9, 2016 The Bank of England's interest rate cut last week has already cost Britain's largest companies a further £10bn in order to manage their pension deficits. According to data prepared by pension specialist Mercer, the aggregate deficit of the largest 350 listed companies has increased from £139bn go £149bn in the five days since Mark Carney's announcement to adjust Britain's [...]