Chart: Departing CEO oversaw a 73 per cent drop in Centrica’s share price July 30, 2019 Iain Conn marked his departure from British-Gas owner Centrica this morning by slashing the dividend and launching an attack on the government’s energy price cap. The price cap was brought in at the start of 2019 to save consumers money. Read more: How long will luck last for Centrica’s 13% dividend yield? Conn said this [...]
BP powers ahead of analysts as oil major boosts profit by increasing output July 30, 2019 BP shares rose this morning as the oil giant’s second quarter profit beat expectations by increasing production volumes. The energy major reported that a seven per cent increase in oil and gas production counteracted this year’s fall in oil prices. Shares were up 3.3 per cent in early morning trading. The figures BP’s second quarter [...]
Ryanair boss Michael O’Leary blasts Boeing over 737 Max delays July 29, 2019 Ryanair could have no Boeing 737 Max jets available next year unless the aircraft manufacturer “gets its sh*t together,” said the airline’s boss, Michael O’Leary, this morning. The number of Max jets available to the Irish airline next summer could drop to zero, he said, unless the plane maker upgrades the jet so that authorities [...]
Hammerson makes £423m sale but retail troubles take a chunk out of income July 29, 2019 Hammerson this morning announced it has sold a 75 per cent stake in Parisian shopping centre Italie Deux for £423m. The retail property giant said the deal with Axa Investment Managers brought it to more than 90 per cent of its annual £500m disposal target. Hammerson also released its half-year results this morning. It reported [...]
Freefall: Boeing makes $3.4bn loss on 737 Max grounding in second quarter July 24, 2019 Boeing this afternoon posted a $3.4bn (£2.7bn) quarterly loss, as it continues to struggle with mounting costs relating to the grounded 737 Max plane. The massive losses come after Boeing’s surprise announcement last week that it would set aside $4.9bn (£3.9bn) to compensate airlines for the disruption caused by the jet’s grounding. Read more: Boeing [...]
Aston Martin revenue warning leaves shareholders shaken, not stirred July 24, 2019 A week before Aston Martin’s half-year results are due, the James Bond car maker has yet again used its license to kill the share price. The luxury manufacturer this morning cut its sales expectations to 6,300-6,500 vehicles, down from 7,100 to 7,300 cars. Read more: Aston Martin shares crash 24 per cent as it slashes [...]
Interserve names former Seadrill finance chief as new CFO July 23, 2019 Interserve has appointed former Rolls-Royce finance boss Mark Morris as its chief financial officer. Morris, who was previously finance boss at drilling contractor Seadrill, will join the outsourcer on 1 September. Read more: Interserve losses narrow to £111m Last year, he helped the firm through a major restructuring to keep the driller afloat. Seadrill, once [...]
‘Clouds gather’ for manufacturers as output hits lowest point since financial crisis July 23, 2019 British manufacturing output shrank at the fastest pace since the financial crisis over the last three months, according to research. Nineteen per cent of manufacturers reported that output rose while 30 per cent said it fell. This gave output a minus 11 per cent balance for the three months to mid-July. The Confederation of British [...]
Joules defies retail anguish with growth across the board July 23, 2019 Clothes store Joules this morning announced a double-figures spike in profit despite tough high street conditions. The full-year results will be the last for outgoing CEO Colin Porter, who said the firm was “well-positioned for continued success”. Read more: Joules lures in top Asda director as new chief executive The figures Pre-tax profit rose 14.9 [...]
UK house sales plummet in June, held back by Brexit ‘ball and chain’ July 23, 2019 House sales crashed 16.5 per cent in June, as the property market took a “wait-and-see” attitude to transactions amid Brexit uncertainty. Monthly HM Revenue and Customs (HMRC) figures showed British residential property sales fell to 84,490, more than one-sixth down on the same period last year. Read more: London house prices suffer worst plunge in [...]
