Alibaba passes WalMart with share price leap October 28, 2014 SHARES in Chinese e-retail giant Alibaba climbed above $100 during trading yesterday after exec chairman Jack Ma said he was open to working with Apple on mobile payments. The stock jump meant that the firm’s market capitalisation edged over the $248bn mark, while that of US retail giant WalMart fell to around $247.5bn according to [...]
Fall in Asia sales hits Whirlpool October 28, 2014 US WHITE goods manufacturer Whirlpool yesterday posted a smaller-than-expected increase in earnings and revenue in its third quarter as growth in the North American market was overshadowed by weakness elsewhere. Earnings have been hurt by lower sales in Asia, rising material costs and higher spending on marketing and new products. Whirlpool reported a profit of [...]
Marriott International share price up as profit rockets by 20pc October 28, 2014 Marriott International, operator of the Ritz-Carlton and Renaissance hotel chains, yesterday reported a 20 per cent rise in quarterly profit, helped by higher room rates and occupancy in North America. The company’s net income rose to $192m (£119m), or 65 cents per share, in the third quarter ended 30 September, from $160m, or 52 cents [...]
Cornwall-London flights secured after government provides £2.5m October 27, 2014 THE GOVERNMENT today announced that it had saved a transport link between the south west and London by agreeing a four-year funding deal for flights between Newquay and Gatwick airports. Whitehall is providing £2.5m in addition to £300,000 from Cornwall Council. There will be three Flybe return flights a week with two weekend rotations. Around [...]
Lazard profits rise as bank sees surge in cross-border transactions October 23, 2014 Investment bank and asset manager Lazard yesterday reported a better-than-expected quarterly profit as it earned more fees from advising on M&A deals amid a surge in cross-border transactions. The volume of cross-border transactions has risen 119 per cent this year to the end of September, passing the $1 trillion (£624bn) mark for the first time [...]
Just one small Cornetto! Unilever’s cheap goods for the cash-strapped October 23, 2014 Unilever yesterday promised investors that new, cheaper products would help it grow profits, even as reticent consumers dragged its sales growth in the third quarter to its weakest in nearly five years. Sales volume rose only 0.3 per cent, well below analysts’ estimate of 1.8 per cent and growth of 1.9 per cent in the [...]
Cranswick gobbles up Yorkshire cooked poultry product firm October 23, 2014 YORKSHIRE-based food-maker Cranswick yesterday announced the acquisition of premium cooked poultry producer Benson Park. In a statement, Cranswick, a major pork producer, said: “This strategic acquisition moves Cranswick into a new protein sector broadening both the group’s product range and its customer base.” Hull-based Benson Park employs 90 people and in the year to 31 [...]
US inflation up on food costs October 22, 2014 US CONSUMER prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said yesterday its Consumer Price Index edged up 0.1 per cent last month as a rise in food and shelter costs offset a decline [...]
Volatility index calms down as panic subsides October 22, 2014 DON’T panic, as the cover of the Hitchhiker’s Guide to the Galaxy by the late Douglas Adams exhorted. After surging to a 28-month high last week, the Chicago Board Options Exchange Volatility Index (Vix) has fallen at least a point a day since 16 October, reflecting a dissipation of investor concern that hasn’t occurred in [...]
Development Securities is still confident despite fall in profits October 22, 2014 LEADING property company Development Securities yesterday posted a decline in pre-tax profit for the half year to the end of August, after its was hit by exceptional costs. It posted a pre-tax profit of £7.4m, down from £8.1m a year before. This was due to a big uptick in direct costs, £2.7m in acquisition costs [...]
