Bit of a blip for BP as Deepwater Horizon disaster and low oil prices eat into profits July 26, 2016 BP revealed it had taken a bit of a financial knock in its most recent quarter today, as it battles low oil prices and aims to move on from the Deepwater Horizon tragedy. The figures The oil giant reported underlying replacement cost profit – the key measure of profitability for the sector – of $720m (£550.4m) for its [...]
A stimulus package for the UK this August just became more likely July 26, 2016 A new package of stimulus measures just became more likely the next time the Bank of England's Monetary Policy Committee (MPC) meets, after a key member indicated he had had a change of heart. The central bank shocked numerous people earlier this month when it opted to keep interest rates at 0.5 per cent. Many had speculated the rate would be cut [...]
Watchdogs need to learn new tricks: MPs slam regulators over handling of HBOS collapse July 26, 2016 MPs have today slammed the finance industry's watchdogs for their failings in handling the HBOS scandal. The report from the Treasury select committee criticised the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and, in particular, the FCA's predecessor – the Financial Services Authority (FSA) – for various shortcomings in conducting their review. In particular, the MPs highlighted the [...]
Feeling under pressure? Monte dei Paschi shares plummet ahead of European banking stress tests July 25, 2016 Investors may well be feeling the strain ahead of the European bank stress test results, as shares in troubled Monte dei Paschi have plunged more than eight per cent today. Shares in the Italian bank are down 8.2 per cent at €0.29 at time of writing and have lost over 80 per cent of their [...]
Julius Baer rides the wave of Brexit uncertainty to boost income July 25, 2016 Julius Baer has become the latest in a string of companies which has reported bumping up its bottom line on Brexit uncertainty, as it issued its half year results today. The figures The Swiss bank reported operating income of 1.4bn Swiss francs (£1.1bn), up just one per cent compared with the first half of 2015. However, the [...]
Bad news, renters: This tax change does not benefit you July 25, 2016 If you're renting your home and feel the property ladder is but a dream, you might want to look away now… The recently introduced additional stamp duty charge on second homes will ultimately wind up hurting renters, a pressure group has warned today. The TaxPayers' Alliance is calling on the new chancellor to scrap the [...]
Pokemon Oh: Shares in Nintendo tumble after electronics giant reveals game will have a limited impact on its bottom line July 25, 2016 Players may be catching all the Pokemon, but investors were less than impressed today after Nintendo revealed it would not be catching all the profits. The electronics giant issued a note on Friday to remind shareholders it owned just 32 per cent of the voting power in The Pokemon Company, the entity which will receive [...]
How Hiscox has benefited from Brexit July 25, 2016 Hiscox today has become one of the first companies to show how Brexit can benefit a bottom line, after currency shifts boosted its profits. The figures The insurer reported profits before tax of £206m for the half year to June, an increase of 52.5 per cent compared with £135.1m the year before, and gross premiums written [...]
Farewell Vestberg: Share price up as Ericsson chief exec steps down, effective immediately July 25, 2016 Ericsson's chief executive is stepping down from his role, effectively immediately, to make way for a fresher outlook, the company announced today. Hans Vestberg, who has been with the company for almost 30 years including seven at the helm, will be leaving all assignments as of today but will be on call during the next six [...]
Bon voyage? Ryanair to “pivot” growth away from UK and towards EU following Brexit vote July 25, 2016 Ryanair has confirmed it is shifting its strategy away from the UK in a trading statement this morning, which also revealed a modest boost to profits and revenue. The figures The company announced profits before tax for the three months to June of €286.5m (£239m), up three per cent on last year's €277.8m. Meanwhile, revenue also grew [...]
