Challenger bank TSB reports 440.5 per cent jump in pre-tax profit July 21, 2016 Challenger bank TSB has reported a massive jump in pre-tax profit for the six months to 30 June, as customer numbers increased to beat targets and lending went up by almost 30 per cent. The figures Statutory pre-tax profit went up 440.5 per cent compared to the first half of 2015, hitting £125.4m, compared with [...]
SABMiller reports revenue growth as it prepares for AB InBev takeover July 21, 2016 Drinks maker SABMiller has reported a two per cent rise in net producer revenue for the three months to 30 June, despite challenging trading in Africa hitting sales. On a reported basis, net producer revenue dropped four per cent. The group said this was "due to the adverse translational impact on our results of the [...]
Problems for BT broadband users across the UK: Services restored after usage problems this morning July 20, 2016 BT said this afternoon that it had fixed the broadband problems that affected around 10 per cent of its internet customers this morning. "We’re sorry that some BT and Plusnet customers experienced problems accessing some internet services this morning," the group said. "Around 10 per cent of customers’ internet usage was affected following power issues at [...]
Volkswagen shares jump on surprise trading update showing operating result ahead of expectations July 20, 2016 Motor manufacturer Volkswagen boosted its share price today with an ad-hoc trading update containing positive profit news. The company said its operating results before special items is "significantly higher than market expectations for the first half of 2016" at €7.5bn (£6.3bn), "despite the ongoing economic impact from the diesel issue". Volkswagen was engulfed in scandal last [...]
Rail lines reopen at Forest Hill after sinkhole is fixed July 20, 2016 Rail lines have reopened at Forest Hill station in South London, after two days of travel disruption due to a sinkhole under the tracks. Southern Rail said lines were open again but some train services have been "short formed due to stock displacement" – meaning there may be less seats for commuters. The sinkhole opened [...]
Man oh man: Man Group shares drop as Pimco poaches chief executive Manny Roman July 20, 2016 Investment group Pimco has raided rival Man Group for its new leader. Manny Roman has been appointed as Pimco's new chief executive, having held the same role at Man Group, the world's biggest listed hedge fund, for three years. He takes up his new role on 1 November and will be replaced at Man Group by current [...]
Sinkhole at Forest Hill disrupting rush hour commute with trains delayed going in and out of London Bridge July 19, 2016 A large sinkhole below a rail track near Forest Hill in south London has led to a number of train delays and cancellations between East Croydon and London Bridge. Southern Rail warned that lines will remain closed until the end of the day, with a reduced service running out of London Bridge, following travel chaos on [...]
IMF revises growth forecasts downwards and says global outlook has worsened after Brexit vote July 19, 2016 The UK's vote for Brexit has added "significant uncertainty to an already fragile global recovery", the International Monetary Fund (IMF) said in its World Economic Outlook (WEO) today – as it warned that Britain could potentially go into recession if negotiations with the EU do not proceed smoothly. The IMF said the result of the EU [...]
IG Group posts 17 per cent rise in trading revenue and hikes dividend for 2016 financial year July 19, 2016 Spreadbetter IG Group said today that it's feeling the benefits of recent market volatility – the group has hiked its dividend for the 2016 financial year, after posting revenue growth across all regions. The figures IG's net trading revenue was up 17 per cent to £456.3m, with pre-tax profit rising 23 per cent to hit £207.9m. Diluted earnings per [...]
Arm founder bemoans “sad day” for British tech market as Japanese firm SoftBank makes play for chipmaker July 18, 2016 Arm Holdings founder Hermann Hauser has described the news that the chip manufacturer is likely to be sold to Japan's SoftBank as "very sad". SoftBank has made a £24.3bn bid for Arm, which was spun out of Hauser's Acorn Computers in 1990. Hauser now runs Amadeus Capital Partners, which he co-founded in 1997. "Arm is [...]
