Activist investor pushes for boost to Steinhoff’s offer for Poundland August 7, 2016 US activist hedge fund Elliott Advisors is threatening to derail Steinhoff’s £597m bid for Poundland unless the offer is improved. Elliott increased its stake in Poundland to around 17.5 per cent just days after Poundland’s board agreed to the 222p a share cash takeover offer. Read more: Steinhoff increases Poundland holding despite Brexit vote The offer [...]
Commercial and City property prices crumble following Brexit vote August 7, 2016 The extent of damage to commercial property prices caused by the UK vote to quit the European Union will be laid bare this week. Analysts at UBS Asset Management expect figures from Investment Property Databank to show on Friday that commercial property values fell by four per cent in July with the value of City offices [...]
Kellogg’s profit snaps, crackles, and pops up August 4, 2016 Corn Flakes and Rice Krispies maker Kellogg's has pushed up its 2016 profit forecast after saving more than expected from its cost cutting measures. In 2013 Kellogg laid out plans to save $475m annually by 2018 by cutting jobs and production costs. Kellogg’s sales costs fell 11.5 per cent to $2bn in the second quarter, [...]
Burger King owner dines out on meal deals and refreshed menu August 4, 2016 Restaurant Brands – the owner of Burger King – is struggling to hold its own in the fast food wars. Revenue unexpectedly fell in its latest quarter as exchange rates dragged on profit and sales slowed at existing venues. Despite luke-warm sales, the company managed to increase earnings by cutting costs. Total revenue in the quarter [...]
SeaWorld backlash drags on its earnings as turnaround continues August 4, 2016 Controversial theme park operator SeaWorld Entertainment has missed earnings expectations for its eleventh quarter in a row. SeaWorld reported second-quarter earnings of $17.8m, or 21 cents a share, from $5.8m in the same period a year ago. Revenue fell to $371.1m from $391.6m, missing the analyst consensus of $375.2m, as attendance declined 7.6 per cent. [...]
Toyota profits hit a speed bump on a stronger yen and lower US sales August 4, 2016 Profit at Japanese car manufacturer Toyota have fallen by 15 per cent in its first quarter due to a stronger yen and stalling US sales. Full-year earnings forecasts have also been lowered to 1.45 trillion yen (£10.8bn) for the financial year ending in March 2017, down slightly from the May forecast of 1.5 trillion yen. [...]
Losses mount for one-time mobile king Nokia August 4, 2016 Finnish telecoms hardware builder Nokia – once a name synonymous with the lucrative mobile phone market – has posted a net loss of €665m (£555m) for its latest quarter. In the same period last year it posted net profit of €347m before it acquired rival hardware supplier Alcatel-Lucent SA. This is Nokia's second quarterly loss in a row, and it has vowed it will now step up cost [...]
Before the bell: What you need to know before the US market open August 4, 2016 The Bank of England has cut interest rates and markets are loving it. Here's what you need to know before the US market open at 2:30pm London time. US stock futures are pointing up ahead of the open. The S&P is up by 0.15 per cent, the Nasdaq is up by 0.05 per cent, while [...]
Here’s how the market reacted to the Bank of England’s interest rate cut August 4, 2016 Bank of England governor Mark Carney has gone above and beyond market expectations with a massive stimulus package and taken an axe to interest rates. The Bank’s monetary policy committed (MPC) voted unanimously to lower interest rates to 0.25 per cent and extended its quantitative easing programme that will add £170bn of cash into the economy, warning growth in the [...]
Silicon Valley star gets green light for moon landing mission August 3, 2016 The US government has given a Silicon Valley-based company permission to send a robotic lander to the moon next year for a two-week mission. This is the first time a private space mission has been cleared to fly beyond Earth’s orbit, almost half a century since Neil Armstrong walked on the Moon’s surface. Moon Express is [...]
