Estee Lauder cuts profit forecast amid coronavirus outbreak February 6, 2020 Cosmetics giant Estee Lauder has slashed its profit forecast for the year, citing the recent Coronavirus in epidemic, one of its key markets. The beauty brand said it expects adjusted earnings of $5.60 to $5.70 per share in 2020, down from a previous estimate of $5.85 to $5.93. Analysts were expecting earnings to reach $5.94 [...]
FTSE 100 close: London ends week deep in the red as Diageo shares crash after GDP flat November 10, 2023 No firms on the FTSE 100 rose by more than one per cent after the open on a sluggish morning with few corporate results, as Diageo' share price plummeted by more than nine per cent.
Snapchat’s UK boss Ed Couchman: Snap looks to snap back May 9, 2022 Five years ago, Snapchat’s parent firm Snap floated on the New York Stock Exchange in what was hailed as a milestone for the once-disruptor in the social media landscape. The plucky underdog – at least compared to other messaging and social media apps – listed at $24 a share in an IPO twelve times oversubscribed. [...]
JD.com revenue jumps as pandemic boosts online shopping August 23, 2021 Chinese retailer JD.com has beaten expectations for second-quarter sales as the pandemic continues to drive up demand for online shopping. The tech giant reported a 26 per cent rise in net revenue to 253.8bn yuan (£28.6bn) in the three months to the end of June, beating analyst consensus of 249.27bn yuan. Sales in its product [...]
Retail tech startup Rezolve eyes $750m price tag with fresh funding round March 16, 2021 Mobile shopping platform Rezolve is closing in on a fresh funding round backed by British taxpayers that would value the startup at $750m (£540m). Rezolve, founded by tech entrepreneur Dan Wagner, is finalising a $20m funding round from a string of new US-based investors. The new cash injection, which is backed by a company connected [...]
The Christmas Day Quiz: City A.M. tests out your grey matter December 24, 2022 It’s the Christmas Quiz you’ve been waiting for! Each year City A.M. publishes Deloitte’s economics team’s festive brainteasers, produced as part of their regular Monday briefing. Grab a pen – the answers are at the bottom, and come packed with plenty of extra details… 1. The nineteenth century Scottish historian and philosopher Thomas Carlyle dubbed [...]
The Christmas Quiz: Twelve questions to test your grey matter December 14, 2022 Roll up, roll up, for the City A.M. quiz in association with Deloitte's economics team. Twelve questions, all (just about) related to business and economics
Heart and Seoul in South Korea, as the nation reopens for tourism April 25, 2022 The baby octopus floats in its tank, blissfully ignorant, until, all too soon, its time comes. The tiny, wrinkled old woman, who, I later learn, has been manning this particular food stall in Seoul’s colourful, noisy, aromatic Gwangjang market for over thirty-two years, yanks it out unceremoniously and whacks it down onto the steel surface. [...]
High street redundancies: Which retailers have cut jobs in the pandemic so far? February 13, 2021 Thousands of high street jobs have evaporated during the coronavirus pandemic, as retail chains have fallen under the pressure of lockdown restrictions on trading. The UK high street, which was already struggling before the pandemic, is set to look very different when shoppers return after lockdown following high profile collapses that have cost many retail [...]
Debenhams to close five stores after dispute with landlord Hammerson May 7, 2020 Debenhams has announced it will permanently close five stores in Hammerson shopping centres after it was unable to reach an agreement with the landlord, with Next swooping in to rent some of the vacant space. The department store chain will shut its stores at Hammerson’s Birmingham Bullring, Leicester, Reading, Croydon and Glasgow Silverburn sites, affecting [...]