Macy’s to shutter 15 per cent of US stores as it looks to grow online August 11, 2016 US department store chain Macy’s is to shut around 100 stores – some 15 per cent of its total – as it battles falling foot traffic. The stores slated to be closed represent around four per cent of its declining revenue. Macy’s shares climbed on the news, ending the session up in New York, though are down [...]
Valeant shares take a hit after reports of criminal investigation over Philidor ties August 11, 2016 Valeant Pharmaceuticals' shares have slumped by almost 10 per cent today following reports it’s the target of a criminal probe. The investigation relates to whether Valeant hid its relationship with a specialty mail-order pharmacy that helped boost its drug sales. It's alleged Valeant defrauded insurers by hiding its close relationship with the now defunct Philidor, the Wall Street Journal reported. The embattled drugmaker – whose shares have [...]
Novartis faces potential South Korea sales ban after executive dodgy dealings August 11, 2016 One of the world's largest drug producers, Novartis, is facing a sales ban in South Korea due to an ongoing scandal over kickbacks – known in the industry as rebates – that has engulfed its senior executives. Six former and current Novartis executives – including former South Korean chief executive Moon Hak-sun – have been indicted on charges of [...]
Alibaba’s shares are on a tear after a huge revenue jump August 11, 2016 Alibaba certainly isn't feeling the effects of the Chinese slowdown just yet. Shares in Alibaba – the world's largest retailer – have climbed by almost six per cent in the US pre-market after it posted revenue far ahead of expectations. Alibaba's shares were already up around seven per cent so far this year. A rise in revenue was bolstered [...]
Before the bell: What you need to know before the US market open August 11, 2016 Oil is falling and Australia's government is taking steps to stop Chinese firms from taking a controlling stake in its largest energy network: here's what you need to know before the market open at 2:30pm. US futures are pointing to a strong open. The S&P is up by 0.21 per cent, the Nasdaq is 0.24 per [...]
Can we get a witness? Ed Sheeran facing copyright suit over Marvin Gaye classic August 10, 2016 Ed Sheeran has been hit with a copyright suit in the US over claims his smash hit Thinking Out Loud rips off the Marvin Gaye classic Let's Get It On. The suit has been brought by descendants of the late Ed Townsend, who wrote the 1973 hit with Gaye and held the copyright. The lawsuit, filed yesterday US federal court [...]
Royal Mail’s pension scheme under pressure as costs set to double August 10, 2016 Royal Mail's pension scheme is facing closure after it warned trade unions and workers the plan will be "unaffordable" in as little as two years. Costs to maintain the fund are expected to balloon to over £900m by March of 2018, more than double the £400m currently. Royal Mail is now negotiating with trade unions over what [...]
Perform kicks off live sports streaming service in three European countries August 10, 2016 UK-based media company Perform has launched its live sports video streaming service in Germany, Austria, and Switzerland. DAZN – inexplicably pronounced Da Zone – is described by Perform as the world’s first dedicated live sports streaming service and allows subscribers to watch games on demand. Football is expected to be the services' top draw with the English Premier League, Italy's Serie A, Frances' Ligue [...]
Midatech Pharma’s strong sales give its share price a shot in the arm August 10, 2016 London-listed pharma firm Midatech shares have soared today after it reported a 10-fold revenue increase for its first fiscal half. Shares surged by almost 20 per cent after the London market open before paring back gains and are trading around 12 per cent higher at pixel time. Midatech – which is focused on the US after acquiring Nasdaq-listed [...]
