Wells Fargo has beaten expectations sending its share price higher, though profit fell seven per cent April 14, 2016 US bank Wells Fargo has reported that its profits dropped by seven per cent over the last three months compared to last year. The bank, the third-largest bank by assets in the US, posted profits of $5.5bn (£3.9bn), compared with $5.8bn in first quarter 2015. Revenue tracked upwards however, rising four per cent to $22.2bn. JP Morgan and [...]
Iran goes on production spree ahead of Opec meeting in Doha this weekend April 14, 2016 Shipments of crude oil out of Iran have increased by more than 600,000 barrels a day this month, according to Bloomberg data. The data showed Iran shipped more than two million barrels per day so far in April, compared to around 1.45m barrels a day in March. Iran has been squaring off with oil cartel Opec defacto leader Saudi Arabia [...]
Consumer goods giant Unilever warns over emerging market growth as it reports it’s on track to hit sales targets, share price tracks higher April 14, 2016 Anglo-Dutch multinational consumer goods giant Unilever, maker of many well known high street brands, has warned over future growth in emerging markets despite ratcheting up sales growth of 8.3 per cent in burgeoning economies over the last three months. Meanwhile European sales dropped by 0.6 per cent, put down to eurozone deflation and the price cutting war brought on by the [...]
Consumer goods giant Unilever warns over emerging market growth as it reports it’s on track to hit sales targets, share price tracks higher April 14, 2016 NULL
BlackRock’s profit has slumped by 20 per cent after struggling to deal with high levels of volatility in global markets April 14, 2016 US based BlackRock, the world's largest asset manager, failed to weather the global financial storm at the start of this year. The wild market swings, which saw the total value of the Chinese markets reduced by 50 per cent and the price of a barrel of crude oil sink to lows of $27 per barrel, knocked [...]
Bank of America’s profits fall as it misses analyst expectations on revenue April 14, 2016 Bank of America's first quarter net profit slumped by 13 per cent to $2.68bn from $3.1bn last year. It did though managed to match analysts expectations with earnings per share at $0.21, according to a Bloomberg poll. Revenue came in under expectations at $19.5bn, down from $20.9bn in the same period last year. Watchers had forecast revenue of $20.09bn. Shares climbed nearly four per cent [...]
RBS is axing 600 jobs and shuttering 32 NatWest branches, according to the Unite union April 14, 2016 Royal Bank of Scotland has told staff it will be making 600 job cuts and closing 32 branches in its NatWest subsidiary, according to the Unite union. The closures are broken down to 18 branch closures in the bank's northern region, and up to 217 job losses. A total of 220 branches will change their opening hours. In the Midlands [...]
London’s fintech bubble hasn’t burst yet as established financial institutions remain desperate to be involved with startups April 13, 2016 Suggestions that London’s fintech investment bubble is about to burst have been largely rebuffed and it would appear banks and other traditional financial institutions are still keen to fund new entrants to the industry. However many are in danger of buying into so-called innovation theatre, collecting a trophy cabinet of proof-of-concept fintech startups that bank customers neither need nor want, [...]
Property prices and need for more space are putting London’s future growth at risk, according to Centre for London think tank April 13, 2016 High property prices and the need for more space is putting London's future growth at risk, according to a report from think tank Centre for London. A growing demand for space is pushing startups and universities out of central London where they lack the support needed to compete on the global stage. These areas could [...]
At the close: FTSE pushed higher by banks and miners, as Tesco and Premier Foods fall April 13, 2016 Banks and miners moved the FTSE 100 higher today as data from China reassured investors over growth in the world’s second largest economy, adding more than 100 points to the index’s rise. The FTSE 100 ended the day at its highest for four months at 6,362.89 points, up 120.50 points, or 1.9 per cent. Tesco shed [...]
