Ikea bows to pressure from authorities and recalls 1.7m chests of drawers in China July 12, 2016 Ikea has recalled 1.66m chests and dressers in China from its popular Malm range over concerns the furniture pieces pose a danger to children. The recall covers pieces produced in the range between 1999 and 2016, which can be hazardous if not fixed properly to walls. In June Ikea was forced to recall 29m dressers [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Before the bell: What you need to know before the US market open July 12, 2016 Major US markets are on a tear hitting record highs and the UK blue-chip index is in bull market territory. Here's what you need to know before the US market open at 2:30pm London time. It seems nothing can stop the equity ball rolling now, with futures pointing yet higher ahead of the open. The [...]
The Irish economy grew by a whopping 26 per cent last year – but economists are not impressed July 12, 2016 The Irish economy grew by an impressive 26 per cent last year, soaring past estimates of 7.8 per cent gross domestic product (GDP) growth – but only after the capital stocks of a number of companies that relocated to the country were included in the state's balance sheet. Revised figures from Ireland's Central Statistics Office (CSO) show GDP was [...]
AMC Theatres set to buy Odeon cinema chain in £921m deal July 12, 2016 AMC Theatres has agreed to buy Odeon from private equity group Terra Firma Capital Partners for £921m. The deal to buy Odeon and UCI Cinemas Group is the largest to be agreed since the UK voted to leave the EU last month. It will make AMC Entertainment Holdings, which owns AMC Theatres, the largest cinema operator [...]
Begbies Traynor swings into profit by pinpointing property to overcome lacklustre insolvency market July 12, 2016 Begbies Traynor revealed a reverse in fortunes today, swinging into a profit in its most recent financial year. The figures The business recovery and property services consultants reported a profit before tax from continuing operations of £558,000 for the year to April, up from a loss of £723,000 the year before. Meanwhile, the company brought in [...]
Bookies odds: Who will be in Theresa May’s cabinet? July 12, 2016 As Prime Minister David Cameron chairs his last cabinet, the UK's bookies have been busy at work compiling who will make up Theresa May's new team. Ladbrokes' data wonks have been busy calculating odds and this is what we have so far. They have Chris Graying as a strong favourite home secretary, offering odds of 2/1 on [...]
Bank of England was warned over property fund trading suspensions after Brexit July 12, 2016 The Bank of England was warned that property funds could be suspended in the aftermath of a Brexit vote. The Financial Policy Committee (FPC), which is chaired by BoE governor Mark Carney, was briefed by the Financial Conduct Authority (FCA) that the “extent of outflows from these funds and on the possibility that funds could suspend [...]
Shire shares are surging after it won approval for a new dry eye treatment July 12, 2016 Big pharma firm Shire's shares are shining today after it gained regulatory approval for a new dry eye treatment. Shares jumped by 4.8 per cent at the open, though have fallen back to around 3.1 per cent higher at pixel time. Shire is planning to make the drug, called Xiidra, available up to 16m people in the US that have been [...]
Farnborough Airshow: Tui Group finalises £1.1bn order for carbon efficient Boeing planes July 12, 2016 Tourism group Tui has finalised an order with US plane-making giant Boeing worth £1.1bn, the companies announced today. The deal is to buy 10 737 MAX 8 jets and one 787-9 Dreamliner, including an option for a second 787-9. David Burling, member of the executive board and responsible for Tui Group airlines, said: "We are committed to [...]