The French economy returned to growth in the third quarter, but it’s far from formidable October 28, 2016 The French economy grew again in the third quarter of this year, after contracting in the second quarter – suggesting things are beginning to look up across the Channel. Figures from French statistics authority Insee showed GDP grew 0.2 per cent between July and September, up from a 0.1 per cent contraction in the quarter [...]
UBS’ share price rises after profiting from record US wealth management returns October 28, 2016 Records aplenty fell at UBS this morning after announcing bumper third quarter results that beat expectations, but its share price was more conservative, climbing one per cent in morning trading. Adjusted profit before tax was SFr1.3bn (£1.1bn), up a stonking 33 per cent compared to 2015. Read more: UBS spending over £830m on IT system overhaul The [...]
AB InBev’s not toasting Brazil as brewer posts drop in profit and cuts revenue forecast October 28, 2016 Anheuser-Busch InBev has been celebrating the £79bn takeover of SABMiller earlier this month, but Brazil spoiled the party for its third quarter results. The world's biggest brewer reported a surprise drop in third-quarter profit and cut its revenue forecast. And it's all Brazil's fault apparently – one of the brewer's most important markets. Read more: AB InBev shares [...]
Jury awards cancer sufferer $70m following Johnson & Johnson lawsuit October 28, 2016 Johnson & Johnson has been ordered to pay $70m (£58m) of damages by a US jury following allegations prolonged use of its baby powder caused ovarian cancer. Filed in St Louis, the lawsuit accused Johnson & Johnson – whose corporate roots trace back to 1886 – of “negligent conduct” in the production and marketing of the world-famous product. Read [...]
BA owner International Consolidated Airlines (IAG) reports dip in revenue and cites Brexit-related sterling weakening and strikes had €162m impact October 28, 2016 International Consolidated Airlines Group (IAG) has reported a dip in profit during the third quarter of 2016, citing recent weakness in the pound and a slew of air traffic control strikes. The figures Operating profit in the three months to 30 September was down 3.6 per cent to €1.2bn (£1.1bn) from €1.25bn in the same [...]
Unicorn-drawn cabs are taking commuters to work from Canary Wharf DLR today October 28, 2016 It's a pretty miserable day today, but Canary Wharf commuters are about to get a blast of magic, thanks to a carriage which will take them to work – and is drawn by a pair of bonafide (kind of) unicorns. The "Unicab" is available to workers around Canary Wharf DLR station this morning, and will fit you and three [...]
Editor’s notes: Brexit has damaged economists, not the economy October 28, 2016 A couple of years ago I interviewed Saatchi & Saatchi’s global CEO, Robert Senior. As we discussed possible future advertising trends he said “my problem with futurologists is that they’re never held to account”. He meant that predictions of what life will be like in 100 years are very hard to hold up in front [...]
Employee rulings in New York and London to have “staggering” impact on the likes of Amazon and Uber October 28, 2016 Amazon has agreed to stump up $100,000 (£82,000) in back-pay to a New York delivery driver whose wage packet was deducted for lunch breaks he didn’t manage to take. In a ruling many American delivery contractors will welcome coming up to Christmas, the state attorney general said the settlement will mean short-term workers are entitled to receive [...]
The government’s Lloyds sale ignores its primary duty: The public October 28, 2016 Say what you like about Margaret Thatcher, but she knew how to say thanks. Critics will crow about the poll tax – but they are the same people who were given the chance to own a slice of British Gas as part of the Tell Sid campaign. Today’s Treasury leaders could learn a thing or [...]
London’s property market will be the last to recover from Brexit, say estate agents October 28, 2016 Estate agents are predicting that London's property market will be the last to recover from the Brexit vote. According to haart estate agents, branches 100 miles from the capital had an average 75 per cent increase in activity month-on-month in September, compared to an average rise of just 37 per cent in outlets 45 miles from the [...]