Business leaders lash out at government’s lack of Brexit plans June 29, 2016 Business leaders and industry groups turned on the government yesterday over its apparent lack of contingency plans in the aftermath of the Brexit vote. Following a meeting hosted by business secretary Sajid Javid the director general of the CBI, Carolyn Fairbairn, warned that the government was a “long way” from having a clear plan for [...]
Oracle and BT team up for UK cloud push June 28, 2016 US software giant Oracle has entered into a partnership with BT to grow its cloud computing business. Oracle customers will be able to get on to it’s cloud through BT’s network. BT’s so-called cloud of clouds was launched in April last year and has already partnered with Amazon, Microsoft Azure, Salesforce and Cisco. After a [...]
Pharma giant AstraZeneca has won approval for new antibiotic in fight against drug resistance, sending its share price higher for the eighth straight day June 28, 2016 The European Commission has granted marketing authorisation for pharmaceutical giant AstraZeneca for a new antibiotic. The news sent Cambridge-based Astra's share price higher for the eighth straight day, climbing 3.3 per cent and making its gains since the close on Thursday 10 per cent. Pharma companies are often seen as a safe haven in times of market turmoil. Read more: Profits slip [...]
Bitcoin holds on to its Brexit boost June 28, 2016 The bitcoin price has traded higher since the UK voted to quit the European Union last Friday. The world’s most popular cryptocurrency was trading at $647 at London’s market close today, having fallen below $600 late on Thursday when it looked likely the UK would vote to remain to the EU. Bitcoin hit a high [...]
At the close: FTSE 100 climbs out of the Brexit bloodbath after major losses in recent sessions June 28, 2016 The FTSE 100 bounced back today, as investors bought back into a market that had been heavily sold off in previous sessions. Just nine stocks finished in negative territory, pushing the blue-chip index up by 2.6 per cent to 6,140.39 points. Falls of over five per cent in the last two sessions had wiped nearly £100bn in value of from company market capitalisations. Insurers [...]
Addison Lee is buying rival Tristar as part of its US expansion strategy June 28, 2016 Addison Lee, the UK private car hire company owned by private equity giant Carlyle, is buying rival Tristar. The financial details of the deal were not disclosed, but City sources put the valuation at around £30m. Tristar, which operates the largest luxury car fleet in the UK, has revenues of £50m per year. Read more: Addison Lee is taking the [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Before the bell: What you need to know before the US market open June 28, 2016 The Brexit rollercoaster is still going full tilt, unbalancing global markets, currencies and politics. Here's what you need to know before the US open at 2:30pm London time. Major US markets are pointing up ahead of the open, with the S&P up by 0.97 per cent in the pre-market. The tech-heavy Nasdaq is up by 0.99 per [...]
UK firms lagging other countries in use of big data June 28, 2016 Businesses are failing to make the most of big data despite technological advances, according to accountancy giant PwC. Research has shown the UK to be lagging behind other major economies in using data as part of daily business operations. Less than a third of UK organisations (30 per cent) claim to be highly data-driven, compared [...]
At the close: Markets take a clobbering as sterling slides and uncertainty reigns June 27, 2016 Traders and investors were left bloodied by a volatile session on the markets today. The FTSE has closed down 2.55 per cent at 5,982.20, with a fifth of FTSE 100 companies racking up double digit price falls. The internationally focused blue-chip index outperformed mid-caps however as the FTSE 250 – mostly made up of companies that trade in the [...]
