Problems lie ahead for Adidas as it threatens to quit sponsoring IAAF, faces questions on Fifa and battles rival Nike for market share February 3, 2016 As if the sporting world hasn’t been floored by the goings on at Fifa, now Adidas has threatened to pull the plug on its sponsorship of the IAAF (the International Association of Athletics) due to an alleged doping scandal. The issue for Adidas is what other considerations its bosses had when making the decision. There is anxiety [...]
EU referendum: David Cameron’s EU reform gamble ahead of in/out referendum divides City opinion February 2, 2016 A draft deal to reform Britain’s relationship with the European Union has fiercely divided the Square Mile, prompting cheers from big business groups and drawing sharp criticisms from sceptical economists and industry leaders. European Council President Donald Tusk tabled a tentative agreement yesterday for a “new settlement” for the UK in the EU, and in [...]
Arthur J Gallagher reports jump in revenue driven by brokerage and risk management performances February 2, 2016 US insurance broker Arthur J Gallagher has posted 10 per cent growth in revenue for the final quarter of 2015, up to $1.03bn (£715bn) from $938.4m in the same period of 2014. For the full year, revenue was up 17 per cent, from $3.5bn to $4.1bn. The Illinois-based company, which has its UK headquarters in [...]
Match Group shares fall as profits plunge and revenue per user drops February 2, 2016 Shares in Tinder parent company Match Group have fallen 7.3 per cent in after hours trading, as the firm reported a 26 per cent drop in profit during the final quarter of 2015, from $48.3m (£33.5m) to $35.6m. Total revenue rose by 12 per cent, from $239m in the fourth quarter of 2014 to $267.6m. [...]
HSBC’s Saudi Arabia subsidiary hired senior compliance staff with bogus business degrees February 2, 2016 HSBC Saudia Arabia, a subsidiary of the British bank, hired two senior compliance staff with unaccredited business degrees – meaning they are unqualified to apply for even an entry-level position at the firm. And an investigation by Channel 4 News has revealed that these are just two among dozens of Saudi staff working at international finance [...]
Royal Caribbean share price sinks as cruise company misses revenue estimates and forecasts dip in profit February 2, 2016 Shares in Royal Caribbean Cruises have tumbled by as much as 16.3 per cent today, after the firm missed expectations in its results for the final three months of 2015 – and warned that profits for the current quarter are likely to come in well below analysts' expectations. Revenue rose 4.4 per cent to $1.9bn [...]
City Moves for 2 February 2016 | Who’s switching jobs February 2, 2016 Brewin Dolphin Brewin Dolphin, an independent provider of personalised, discretionary wealth management services, has announced that Heather Sonnet has joined the company to launch a new office in Cambridge to cater for the growing number of people in the area seeking financial planning and investment advice. Heather, who joins from Almary Green Investments, is a [...]
EU referendum: David Cameron still faces a tough task in Europe February 2, 2016 Emergency brakes. Red cards. It isn’t difficult to see why David Cameron is picking the most dramatic policy names when boasting of his government’s alleged progress in changing the terms of Britain’s relationship with the EU. Number 10’s clear preference is for a referendum this June, and all efforts are now focused on presenting a bold [...]
Sainsbury’s set for £1.3bn Argos deal: Supermarket and Home Retail Group could announce agreement today February 1, 2016 Sainsbury's is close to clinching a £1.3bn deal to buy Home Retail Group after improving its offer ahead of today’s deadline. The supermarket chain made an initial bid of around £1bn for the Argos owner in November, saying a combination of the two businesses would create a retail empire to rival John Lewis and Amazon. [...]
Standard & Poor’s downgrades BHP Billiton and places ratings on watch due to low commodity prices February 1, 2016 The ongoing commodities rout has prompted ratings agency Standard & Poor's (S&P) to lower its long term credit ratings on mining firm BHP Billiton from A+ to A, and place the company on CreditWatch with "negative implications". S&P said its decision to downgrade the miner followed a "recent update to our price assumptions for most commodities, [...]
