Falling demand for diamonds and the weak South African rand weigh on Petra Diamonds’ revenues January 25, 2016 Petra Diamonds, the FTSE listed miner, announced revenues for the last six months fell 28 per cent, as a result of falling diamond prices, and a weak South African rand. The figures Revenue fell 28 per cent to $154m (£108m) in the six months ending December, down from $214.8m the year before. This includes the $10.5m sale of a 23.16 [...]
Boeing cuts production of 747-8 cargo planes resulting in a $569m charge in its fourth quarter results January 21, 2016 Boeing is the cutting down production of its 747-8 cargo planes, resulting in a $569m ($340m) post-tax write-down in its fourth quarter 2015 results. Thanks to a sluggish market, Boeing will slow production of the planes from one aircraft a month, to one every two months. The charge comes to $0.84 a share. Ray Conner, Boeing vice chairman, and [...]
Venture Capital investing in the UK reaches $1.3bn in the last quarter of 2015, bucking global trends January 21, 2016 Venture Capital firms invested $1.3bn (£910m) in UK companies in the last three months of 2015, capping off a record-breaking year. In total, UK start-ups received $4.75bn in venture capital funding last year from 400 deals, according to the latest data from KPMG and venture capital database CB Insights. This bucked the global trend: there was a 30 [...]
Starbucks reports record revenue in its first quarter results but share price tumbles January 21, 2016 Starbucks share price plummeted 4.55 per cent to $56.28 after markets closed when it revealed its first quarter trading figures for 2016. The figures Net revenue was a record $5.37bn (£3.78bn), up 12 per cent from 2015. Net profits fell however, to $687.6m, from $983m the year before. Profits before tax fell 19.2 per cent [...]
Ex-Barclays chief executive Bob Diamond’s daughter Nell takes on the business world with luxury interiors company Hill House Home January 21, 2016 Former Barclays chief executive Bob Diamond has moved from banking to blog-design according to his daughter Nell, who this week launched a startup selling high-end bedding in New York. “My dad’s area of expertise obviously isn’t e-commerce and retail, but he’s so excited I’ve gone this route as an entrepreneur,” said Diamond Junior, speaking exclusively to [...]
The big short: Market volatility increases short selling on the FTSE 100 by 15 per cent in 2016 as the number of non-disclosed short positions increases January 21, 2016 The turbulent start to the markets has encouraged short sellers to increase their positions – the number of shares on loan has increased 15 per cent since the start of the year, and is now worth $25bn (£17.6bn) according to the latest data from Markit. Short selling is when an investor borrows shares in order to sell and [...]
Virgin Media cuts 900 jobs in the UK as it continues its plan to grow the company’s ultrafast broadband network January 21, 2016 Virgin Media is cutting 900 jobs in the UK over the next two years, and has begun consulting with the employees affected. The company said it was restructuring in order to expand, and would continue to create new roles and recruit in areas driving growth. One such area of growth is Virgin Media's five year programme to [...]
Wall Street markets open to more volatility, but S&P 500, Nasdaq and Dow Jones all currently trading up January 21, 2016 Volatility characterised US markets again as they tentatively opened higher only to fall back before rebounding again in the first 20 minutes after markets opened. The S&P 500 is up 0.71 per cent, or 13.1 points to 1872.46, having fallen to 1850. The Nasdaq recovered from a low point of 4438, and is currently up 28 [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]
The IMF is looking for a new managing director as Christine Lagarde’s five year term draws to a close January 20, 2016 The International Monetary Fund (IMF) is starting the search for a new managing director as Christine Lagarde's five year tenure ends in July. The executive board of the IMF announced it was launching its "open, merit-based, and transparent process" to select a new boss. The IMF works to secure global monetary cooperation and financial stability, no easy job – but [...]
