Terry Smith’s investment manager Fundsmith pays out nearly £14m to partners after revenues soar to £26.3m January 17, 2016 Partners in Terry Smith’s investment vehicle Fundsmith were paid £13.7m last year after revenues at the fund manager rose 73 per cent, to £26.3m. Total remuneration for the five partners in the year ending March 2015 was up from £9.5m between seven partners the year before. The maximum payout for a partner was £6.8m. Smith’s fund [...]
Piccadilly line delays: problems have continued all day due to a “temporary shortage of train operators” January 17, 2016 Forget leaves on the line, or the wrong kind of snow. Transport for London has a far more serious problem: there are severe delays on the Piccadilly line, thanks to a shortage of staff. Passengers have been advised to avoid using the line completely if at all possible. https://twitter.com/piccadillyline/status/688744543706025985 TfL said there was a "shortage [...]
Global risks: From a lack of water and weapons of mass destruction to migration and climate change, this is what could go wrong in 2016 January 14, 2016 The World Economic Forum's Global Risks Report is here, and makes for cheerful reading: risks are getting riskier, and different risks are more connected. "Such a broad risk landscape is unprecedented in the 11 years the report has been measuring global risks," the World Economic Forum said in a statement. These are the seven things you [...]
Global volatility fuels short interest with more than $100bn worth of shares on loan, up 14 per cent January 14, 2016 Global markets got off to a shaky start in 2016, with last year's fears, of the Chinese slowdown and the ongoing energy and commodities rout, ever present. The winners in all this are the short sellers: demand to borrow shares grew 14 per cent over the last 12 months and the value of shares on loan at [...]
Almost 270,000 UK companies ended 2015 with financial problems, according to insolvency specialists Begbies Traynor January 14, 2016 Things can only get better, at least that's what UK companies will be hoping: there was a 17 per cent increase in the number of firms who finished last year in "significant" financial distress, according to the latest data. In the last quarter of 2015, 268,898 UK businesses reported financial problems, up from 229,232 in the same period [...]
JP Morgan share price rises as it reports profits jumped 10 per cent to $5.43bn against revenues of $23.75bn January 14, 2016 Wall Street giant JP Morgan seems to have weathered market volatility, with revenues and profits both up from last year. Share price is up 2.37 per cent in pre market trading in New York, to $58.70. The figures Revenue rose to $23.75bn (£16.46bn), a one per cent increase, and ahead of analysts' expectations of $22.89bn, and [...]
Deputy chief of the Russian prison service Alexander Protopopov is accused of stealing a road January 14, 2016 A senior Russian official was detained by police yesterday and is facing charges for the unusual crime of stealing a road. Alexander Protopopov, the acting deputy chief of the Russian national prison service, could spend 10 years in his own jail for misappropriating state property while in an official position, Agence France-Presse (AFP) reported. Protopopov allegedly stole a 50km stretch of public road while he [...]
Cartier owner Richemont share price drops as it reports Christmas sales fall for the first time since 2008 January 14, 2016 Richemont, the owner of luxury brands Cartier, Mont Blanc and fashion house Chloe, has reported sales over the Christmas period fell for the first time since 2008. The world's second biggest luxury goods group's share price fell too: down 2.9 per cent to CHF63.55 (Swiss francs) as markets opened. The figures Revenue, at constant currency rates, fell four per [...]
Moet Hennessy chief executive Christophe Navarre invests in Vivino wine networking app January 13, 2016 Christophe Navarre, the president Moet Hennessy – the wines and spirits division of luxury giant LVMH – is one of several investors involved in wine app Vivino's $25m (£17.3m) series B fundraising. Vivino's site and app is a networking site for wine lovers, and the most downloaded mobile wine app, allowing users to recommend and rate wines, and identify wines from restaurants around the world. [...]
Could gold return as a safe haven with Chinese fears depressing the markets? January 13, 2016 The volatile start to 2016 has panicked bankers and left investors despairing, but it may offer a ray of hope for gold miners. Gold miners have not been immune to the commodities rout, and the price is hovering around a six-year low of $1,045 an ounce, although today the spot price is nearer $1,087. However, turmoil in markets [...]
