China’s Alibaba begins its countdown to the world’s biggest shopping day of the year – Singles’ Day October 20, 2016 Chinese e-commerce giant Alibaba has started the countdown to its shopping festival Singles’ Day, the world’s biggest sales event of the year. The retailer has promised consumers a bonanza of pop stars, fashion shows, and virtual reality to whip them into a spending frenzy. The annual celebration of being single – now in to its [...]
American Airlines’ share price loses altitude after empty seats and higher labour costs weigh on profits October 20, 2016 The world's largest airline by revenue, American Airlines, has posted a 56 per cent drop in profit for its third quarter, but managed to beat analyst expectations. Shares took a hit however, falling some three per cent in New York after the announcement. The numbers AA's profit dropped out of the sky over the year, falling to $737m (£601m), [...]
Subscriber slump sends Verizon’s share price south October 20, 2016 Shares in US carrier Verizon have slumped after the company announced it had fallen far short of expected new subscribers. The miss adds to fears the mobile phone market is beginning to stagnate, with fewer consumers interested in incremental smartphone model upgrades. Shares in the company opened down over two per cent in New York. [...]
Before the bell: What you need to know before the US market open October 20, 2016 Markets are further backing a Clinton victory in the US presidential election next month after last night's final debate, while the European Central Bank is expected to keep policy on hold when it meets this afternoon. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing higher [...]
560,000 reasons why BuzzFeed won in 2015 October 19, 2016 The UK arm of US media company BuzzFeed quadrupled its profits last year, making around £560,000, alongside some huge investments. Accounts filed at Companies House show BuzzFeed grew its profits from £140,772 in 2014 to £558,408 last year. The filings don’t show revenue as firms bringing in less than £6.5m are not required to disclose [...]
BT comes under pressure from digital minister October 19, 2016 The minister for digital policy has said the government is committed to improving competition in the UK broadband market as watchdog Ofcom weighs the case for breaking up BT. Minister of state for digital and culture Matt Hancock said the government wanted to ensure “a fair market in which all providers can compete for business”. The [...]
Before the bell: What you need to know before the US market open October 19, 2016 The global economic picture is looking rosier as the UK labour market holds up in the face of the shock vote to quit the European Union and the Chinese economy is showing signs of stabilising. Here's what you need to know before the US market open at 2:30pm London time. US futures are mixed ahead of the [...]
Morgan Stanley says it has had a great third quarter as Wall Street’s winning week rolls on October 19, 2016 Morgan Stanley has extended the Wall Street winning streak, handily beating expectations in the third quarter and pulling in a profit rise of 62 per cent year-on-year. Alongside its big banking peers, it has benefited from a trading rebound in recent months. The numbers The firm reported diluted earnings per share of $0.81 on revenue of $8.91bn (£7.25bn), [...]
Lineker-backed insurer scores £1m in funding October 18, 2016 Internet of Things insurer Neos has hit the back of the net with £1m in initial seed funding, valuing the business at £8.4m. The company – a so-called insurtech startup – counts Match of the Day presenter Gary Lineker among its backers and the latest funding round adds insurtech fund Eos Venture Partners. Neos is [...]
Tyrie urges FCA to publish its report into RBS October 18, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has urged the financial watchdog to publish its report on Royal Bank of Scotland’s treatment of financially distressed business customers. Tyrie has written to the Financial Conduct Authority (FCA) chief executive Andrew Bailey, asking him when the report will be published. The calls follow [...]
