Eight Vale employees arrested in probe into deadly Brazil dam disaster February 15, 2019 Eight employees of Brazilian mining company Vale were arrested today as part of an investigation into the deaths of at least 166 people who died after the collapse of one of its dams. The public prosecutors office of Minas Gerais state said it had arrested four Vale managers (two of them executives) and four members [...]
Stobart battle: Judge finds former boss Andrew Tinkler breached duties as a director February 15, 2019 The judge in the bitter court battle between the Stobart Group and former chief executive Andrew Tinkler ruled today that Tinkler had made four “serious” breaches of his duty as a director. His Honour Judge Russen QC said Tinkler breached his contractual and fiduciary duties in four ways: by agitating for the removal of the [...]
US-China trade talks end, but we still have no official outcome February 15, 2019 High levels trade talks between the US and China ended today with no official statement from either side. Earlier this week it was reported that US President Donald Trump was considering pushing back a 1 March deadline for US tariffs on China to ramp up by 60 days. Trump and Chinese President Xi Jinping are [...]
German insurance giant Allianz unveils record €11.5bn profit February 15, 2019 German insurer Allianz said today that its operating profit for 2018 was €11.5bn (£10.1bn), the highest in its history. Allianz had targeted operating profit of €10.6bn to €11.6bn so its result was in the upper end of its targeted range. Read more: Insurer Zurich boosts profit 20 per cent and hikes dividend The company attributed operating [...]
Go away, Jose: Mourinho and his team receive £19.6m pay off from Manchester United February 14, 2019 Former Manchester United manager Jose Mourinho and his coaching team received a £19.6m payoff after getting sacked from the club, its accounts reveal. The club’s quarterly accounts list the £19.6m payment under exceptional items describing it as “compensation to the former manager and certain members of the coaching staff for loss of office”. Mourinho was [...]
Lancashire Holdings braves fire and wind to deliver strong result February 14, 2019 Shares in Lancashire Holdings were up nearly five per cent today on strong financial results, despite a natural disaster-triggered fourth quarter loss. The Ftse 250 insurer boosted profit before tax to £33.6m, compared to a loss of £72.9m the previous year, and increased gross written premiums eight per cent to £638.5m, up from £591.6m the previous [...]
Shares in medical device company Convatec fall 20 per cent on ‘disappointing’ results February 14, 2019 Shares in medical products company Convatec plunged 20 per cent this morning after it unveiled a “disappointing” set of 2018 results. Adjusted earnings before interest and taxes (Ebit) fell six per cent year-on-year to $429.4m (£334.5m), despite a 3.8 per cent increase of reported revenue to $1.832bn. Its Ebit margin was 23.4 per cent, down [...]
Indivior boosts profits but warns of US market uncertainty for key drugs February 14, 2019 Ftse-250 pharmaceuticals company Indivior said today its operating profit increased 51 per cent to $292m (£228m) in 2018. The company said revenue fell eight per cent to $1.005bn, however it said this lower revenue was partially offset by a reduction in operating costs. Indivior did not give financial forecasts for the 2019 financial year due [...]
US considers 60-day extension to looming China tariff deadline February 14, 2019 US President Donald Trump is mulling a 60- day extension of the 1 March deadline for higher tariffs on Chinese imports, according to reports. Trump is considering an extension to the 1 March deadline for more than doubling tariffs on $200bn (£156bn) of Chinese exports in order to give the two sides more time to come to [...]
The EU should offer the UK Brexit concessions to protect its economy, German think tank says February 13, 2019 The EU should offer the UK concessions in the Brexit negotiations to avoid damaging its economy, a German think tank said. Gabriel Felbermayr, head of the IFO Institute, said “businesses are suffering already”. He said German exports to the UK had fallen about 10 per cent in real terms since the 2016 referendum and predicted [...]
