British Gas set to cut 684 jobs in its services operations and close its Oldbury office April 20, 2016 British Gas, owned by multinational Centrica, has launched a consultation on whether to close its Oldbury office, putting 684 jobs at risk. The review is part of a plan announced by Centrica in July last year to cut 6,000 jobs by 2017, bringing its headcount down by a net of 4,000. The consultation is expected to last 45 days and [...]
Investor confidence defies market rebound, hitting fresh lows while public and corporate bonds turn negative April 20, 2016 Investor confidence has hit a record low for the second month in a row despite a recovery in markets almost across the board since February lows, according to the latest Lloyds Bank Investor Sentiment Index out today. The latest reading reveals that once again broad sentiment lags behind markets performance. Investor confidence may have been impacted last month by the surprise European [...]
Health retailer The Hut hails landmark year as earnings soar following a rise in overseas expansion April 19, 2016 Online health and beauty retailer The Hut Group, whose company tagline is "Attention to retail", has posted a rise in underlying earnings of 33 per cent to £30m in 2015. International sales soared to £167m, up 46 per cent after growing its international business and now accounts for more than 50 per cent of the groups sales. The group, backed by ex-Marks [...]
Grosvenor Group warns of lower returns and revenue profit in coming years April 19, 2016 Grosvenor, the privately-owned international property group which has existed since 1677, has cautioned of lower returns and revenue profit over the next few years after posting a 22 per cent fall in annual pre-tax profits to £527m. Revenue profit, the difference between revenue incomes and revenue expenses, climbed to £83.3m last year, from £80.1m in 2014, excluding the impact of property revaluation. Total [...]
Vix volatility index hits 2016 low as markets find their feet April 19, 2016 The Chicago Board Options Exchange (CBOE) Vix index, a measure of implied option volatility cost on the US S&P 500, has sunk to lows for 2016 after wild market swings earlier in the year sent the index soaring. Last night the Vix closed at 13.09, its lowest finish to a session since 17 August after China's 50 per cent stock market crash [...]
Harley-Davidson roars past earnings expectations in the first quarter, sending its share price higher April 19, 2016 Motorcycle maker Harley-Davidson has reported a slump in its first-quarter profit to $250.5m (£173m) from $269.8m in the same period last year. Earnings per share (EPS) hit the gas however, climbing 7.1 per cent to $1.36 from $1.27 last year, beating a poll of 19 analysts by Thomson Reuters who had expected $1.30 per share for the quarter. [...]
Ashmore’s share price climbs as it stems outflows on improved emerging market confidence April 19, 2016 Ashmore Group has posted outflows of $1.1bn (£764m) in the three months to the end of March, making it the emerging market focused asset manager's seventh consecutive quarter of net outflows. Assets under management rose by $1.9bn to $51.3bn, beating analyst expectations. This time last year the manager was looking after assets totalling $61.1bn, however. Ashmore's blended debt, external debt, corporate debt, [...]
Goldman Sachs has managed to beat low forecasts, though it posted a 56 per cent drop in profit April 19, 2016 Investment banking giant Goldman Sachs has reported a 56 per cent decline in profits for the first quarter, to $1.2bn (£834m), or $2.68 per share. The decline marks the fourth straight quarter of declining profit for the bank. Revenue for the first three months of the year came in at $6.34bn, down from $10.62bn in the first quarter last [...]
Philip Morris misses expectations but raises its full-year earnings forecast due to currency movements sending the premarket share price higher April 19, 2016 Philip Morris, the largest listed tobacco company in the world, has posted first-quarter earnings of $1.53bn (£1.06bn), but fallen short of analyst expectations. First-quarter earnings per share came in at 98 cents, missing analyst consensus of $1.11 according to a poll by Zacks Investment Research. Sales at the US cigarette giant, excluding excise taxes, fell 8.1 per cent to $6.08bn. Analysts had pencilled [...]
At the close: FTSE 100 closes flat after regaining ground from early losses, oil price pulls back after failed Doha talks April 18, 2016 UK equities closed slightly higher today, regaining ground from losses at the open. A late recovery in the oil price and metals gave a boost to commodity stocks. The blue-chip FTSE 100 index finished 0.2 per cent higher at 6,353.52 points, bouncing from a low of 6,261.71 shortly after the open as investors feared equity would follow [...]
