The S&P 500 and Dow Jones indices have hit a new high for 2016 as investors pile into banking stocks: JP Morgan, Bank of America, Morgan Stanley, Citigroup all climb April 13, 2016 US stocks have risen to highs for the year in New York, pushed on by investors piling into banking shares. Both the S&P 500 and the the Dow Jones Industrial Average reached fresh highs for 2016. The S&P 500 was up 0.7 per cent in early morning trading at 2,075.21 in early trading, while the Dow Jones Industrial [...]
What to expect from the big US bank results this week – JP Morgan, Wells Fargo, Bank of America, Citigroup, Morgan Stanley, and Goldman Sachs April 13, 2016 Investors will get their first look this week at just how bad 2016 is expected to be for some of the worlds biggest banks. JP Morgan Chase has already released results for its first quarter, managing to beat analyst expectations, though profits still bombed by seven per cent. A Reuters poll revealed that analysts are [...]
JP Morgan’s profit has dipped though it has still managed to beat analyst expectations in the first quarter April 13, 2016 JP Morgan has surprised investors with its latest results coming in ahead of expectations. Overall profits came in at $1.35 a per share, on revenue of $24.1bn (£16.92bn). Analysts were expecting earnings per share of $1.24 on revenue of $23.80bn, according to a Bloomberg poll. This time last year JP Morgan, the largest bank in [...]
Tough Mudder takes on Asia as part of global expansion plans April 12, 2016 Tough Mudder, a US based obstacle course organiser, is taking its brand of extreme events to Asia. On the sign up sheet for this year are China and the United Arab Emirates, with Japan, South Korea and Singapore hitting the trail in 2017. Tough Mudder, a privately held company based in New York, chased down $100m [...]
EY has now banked over $500m from the 2009 Nortel bankruptcy as legal fees continue to balloon April 12, 2016 EY, previously known as Ernst and Young, has now raked in over $500m (£354m) in fees from the collapse of Canadian tech giant Nortel over the last seven years, the London based accounting giant has confirmed. The total fees to all legal parties in the long-running case over how to divvy up the $7.3bn remnants of the [...]
UK space sector enters orbit with a 250 per cent increase in registered jobs year on year April 12, 2016 The UK's space industry is fast climbing into orbit with a huge leap in the number of jobs being advertised by recruiters. The sector has seen a 250 per cent jump in registered jobs in the first quarter of 2016, compared to the year before, according to specialist recruiters Huxley Engineering. Huxley reckons the space sector in the [...]
Italy’s €5bn bailout fund for ailing banks has failed to prevent further share sell offs April 12, 2016 Italy’s most sound financial institutions have poured cash into a €5bn (£4bn) bailout fund for the country's vulnerable lenders in an attempt to calm investor fears over the stability of the beleaguered sector. Shares in two of Italy’s most troubled banks bounced today however, with Monte dei Paschi di Siene and Banco Popolare shares climbing by 10 [...]
AB InBev gulps down Wetherspoons’ craft beer favourite US Devils Backbone Brewing as buying bender rolls on April 12, 2016 Anheuser-Busch InBev, the world's largest brewer more commonly known as AB InBev, has said it plans to swallow Wetherspoons' craft beer supplier Devils Backbone Brewing for an undisclosed price. The deal is expected to go through in the second quarter. The move is the latest a raft of forays into the quickly growing premium-priced craft beer market. [...]
Multinationals including Facebook, Google, and Amazon could be forced to make their EU tax documents public April 12, 2016 Multinationals such as Google, Amazon, and Facebook are in danger of being forced by the European Commission to disclose in exactly which European Union countries they pay tax and how much. Under the proposals, announced this afternoon by EU Financial Services Commissioner Jonathan Hill, all multinational companies with a turnover greater than €750m (£600m) would have to comply [...]
Fitch has downgraded Saudi Arabia’s credit rating due to expectations the oil price will stay low April 12, 2016 Saudi Arabia’s credit rating has been lowed be ratings agency Fitch due to the slump in the oil price expected to go on for longer than was previously thought. The kingdom’s rating was knocked down a notch to AA-, from AA previously. In a note Fitch warned that the low price of oil, expected by the agency to continue [...]
