Cloud computing drives Microsoft revenue up October 23, 2019 Microsoft boosted revenue and earnings in the first quarter, driven by growth in its cloud computing business. The tech giant reported a revenue increase of 14 per cent to $33.1bn in the three months to 30 September, while operating income increased 27 per cent to $12.7bn. Read more: SAP strikes three year cloud computing deal [...]
Wework plans to axe up to 4,000 jobs October 23, 2019 Wework is planning to axe up to 4,000 jobs as Softbank launches a turnaround plan after taking control of the business earlier this week. The redundancies will reduce Wework’s global workforce of 14,000 people by just under 30 per cent. Read more: Softbank takes control of Wework Wework is seeking to move its cleaning operation [...]
Metro Bank swings to loss in third quarter October 23, 2019 Embattled high street lender Metro Bank swung to a loss in the third quarter of this year, the bank announced hours after its chairman unexpectedly quit the firm months ahead of his planned exit. Metro Bank reported an underlying loss before tax of £2.2m in the three months to 30 of September compared to £6.7m [...]
Science Museum staff strike over pay October 23, 2019 Employees at London’s Science Museum have been strike today in a conflict with management over pay. Workers at the Kensington museum claim they have suffered a 10 per cent real-terms pay cut since 2011 following a series of below-inflation pay rises. Read more: Royal Mail workers vote in favour of largest strike in a decade [...]
Aberdeen Standard Investment calls for Just Eat to consider Prosus and Takeaway.com offers October 23, 2019 Takeaway delivery platform Just Eat could be the focus of a bidding war after an investor urged the board to engage with multiple interested parties. Aberdeen Standard Investment called for the Just Eat board to “explore all available options” and engage with Takeaway.com and Prosus, which have both tabled bids for the firm. Read more: [...]
Major UK retailers suffer plunging in-store profit margins October 23, 2019 Major UK retailers have suffered plunging store-based profit margins as operating costs soar in an increasingly challenging market. Store-based profit margins for the top 150 UK retailers have more than halved in less than a decade, dropping from 8.8 per cent in 2009/10 to 4.1 per cent in 2017/18. Read more: UK retail sales flat [...]
Snap beats expectations as 7m new users sign up October 22, 2019 Snapchat’s parent company Snap beat expectations in the third quarter of the year, as investment in new technology such as augmented reality continued to drive growth. Revenue soared 50 per cent to $446m (£346.2m) and the company’s net loss shrunk from $325.1m in the third quarter of 2018 to $227.3m this year. Read more: Snap [...]
UK commercial property rental values boosted by office and industrial sector October 22, 2019 Rental values in the UK prime commercial property market rose slightly in the third quarter driven by a strong performance in the industrial sector. UK commercial property values were up 0.4 per cent as industrial and office rental values increased 1.7 per cent. Read more: Sharp rise in property values for UK’s top shared office [...]
US states join Facebook antitrust probe October 22, 2019 An antitrust investigation into Facebook has been backed by 47 attorneys general from across the US. New York Attorney General Letitia James announced today that more states, districts and territories have joined the probe into the social media giant, focusing on Facebook’s dominance in the industry. Read more: MPs challenge Sir Nick Clegg over Facebook’s [...]
Butlin’s owner Bourne Leisure plans bid for Sykes Holiday Cottages October 22, 2019 Bourne Leisure Group, the owner of Butlin’s and Haven Holidays, is planning to make a bid for rental property provider Sykes Holiday Cottages. The company is expected to submit a bid for the holiday rental chain before the deadline tomorrow, Sky News reported. Read more: Micro Focus shares sink as Open Text denies it might [...]
