UK’s largest oil and gas engineer Amec clinches two North Sea contracts July 12, 2016 Amec Foster Wheeler said today that it has won two North Sea contracts with oil explorer Repsol Sinopec. The FTSE 250-listed firm has agreed to provide labour at seven offshore sites across Scotland, in addition to looking after the modifications and repairs. Read more: Oil further below $50 as economic storm clouds gather over Asia Both contracts are for [...]
Labour to decide if Jeremy Corbyn can automatically run while rival Angela Eagle calls for his resignation July 12, 2016 Labour's National Executive Committee (NEC) will today decide if incumbent Jeremy Corbyn will automatically be included on the leadership ballot while rival Angela Eagle has called for his resignation. Unions, largely supportive of Corbyn, want him on the ballot irrespective of whether he can gain the backing of 51 MPs, against the legal analysis commissioned by Labour. [...]
Hotel Chocolat shares up after reporting “better than socks” performance July 12, 2016 Hotel Chocolat’s shares were up nearly three per cent on Tuesday morning after it reported a 12 per cent increase in revenue. Newly listed on the alternative investment market (Aim), the company’s turnover totalled £92.6m in the year to 26 June. Hotel Chocolat said its Father’s Day campaign, Better than Socks, “performed particularly well”. Read [...]
Asos sales jump as customer numbers grow 24 per cent July 12, 2016 Online retailer Asos grew sales by 26 per cent in the four months to 30 June, pushing revenue up to £514.6m for the period. The company's share price was up 4.7 per cent in early trading. Sales in the UK were up 28 per cent, while US sales surged by 45 per cent. Sales in the [...]
SEC investigating Tesla over failure to disclose driverless car crash – reports July 12, 2016 The US Securities and Exchange Commission (SEC) is investigating Elon Musk's Tesla Motors – in particular, looking at whether the tech firm broke the law by failing to disclose a fatal accident involving one of its driverless cars in May. The accident, which happened in Florida on 7 May, resulted in the death of 40-year-old Joshua Brown. [...]
London-based private equity firm announces sale to Ardian July 12, 2016 London-based private equity firm Agilitas is to announce the sale of a portfolio company today. It is due to report the acquisition of Ionisos by private equity giant Ardian, which is based in Paris. Agilitas invested in the company, alongside management, in 2014. Read more: UK private equity firm 3i brushes up €102m from cosmetic [...]
Rental prices increased in June – but the market has been cooling off during the start of this year July 12, 2016 Rents kept increasing in the three months to June, but there are signs that the growth in the rental market slowed in the first half of 2016 as compared to last year. The average London renter now pays £1,575 per month, up 3.9 per cent on last year. Excluding Londoners, UK renters pay an average £773 [...]
It’s high time Southern Rail got its act together July 12, 2016 Commuters on the troubled Southern rail franchise have had enough, and rightly so. The London and south-east England service has been beset by delays and cancellations caused by engineering works and industrial action. Yesterday, long-suffering commuters demonstrated in Victoria station during the evening rush-hour in protest at the lamentable service they’re forced to endure. The protest [...]
City Moves for 12 July 2016 | Who’s switching jobs July 12, 2016 UBS UBS has appointed Chris Gibson-Smith vice chairman of corporate client solutions, EMEA.Chris brings to UBS more than 40 years' experience across a wide range of sectors including oil, aviation and banking. He has nearly 30 years’ cumulative FTSE 100 main board experience, 20 of which in the role of chairman. Most notably, Chris [...]
Consumer spending rises as Shoppers shrug off Brexit vote but uncertainty lingers July 12, 2016 Shoppers have so far shrugged off Britain's vote to leave the European Union, but its future impact remains mired in uncertainty. Consumer spending swelled 3.1 per cent on an annual basis in the second quarter, according to data from Barclaycard, as the last two months helped offset a less impressive performance in April. Read more: Investor confidence index drops [...]