ING shares rise despite €775m money laundering penalty slashing profits in half Shares in Dutch bank ING were up this morning as it reported better than expected third quarter results, despite profits getting hammered by a €775m fine. Net profits came in at €776m (£684m), a 44.6 per cent fall compared to the same period last year. Reuters reported that analysts had been expecting net profit to be [...]
Kellogg’s cuts expected profit outlook due to high investment costs Shares in cereal producer Kellogg's fell 9.6 per cent during pre-market trading to $64.95 this morning after it announced a drop in its full-year profit outlook. Adjusted earnings per share growth was downgraded to seven to eight per cent for the year due to higher costs from increased investment across the business. Reuters reported that analysts [...]
Airbus shares fly higher as profits grow despite ongoing order backlog Airbus’s shares rose almost five per cent today after it posted higher-than-expected third quarter earnings. Net profit at Europe’s largest aerospace group increased by 210 per cent year-on-year to €953m (£845.2m), while revenue for the quarter was up 20 per cent to €15.4bn. Earnings before interest and taxes came in at €1.58bn, higher than the €1.44bn that analysts [...]
£350 for your thoughts: Nutmeg enters financial advice market with budget offering October 31, 2018 Online wealth manager Nutmeg revealed plans today to shake up the financial advice market with a low price fixed-fee model. The advice service, which will be provided over the phone, will offer a free initial consultation, followed by a £350 charge should the customer want recommendations. The move is a shift away from the common so-called [...]
UK and Norway will give each other’s citizens the right to remain after Brexit October 30, 2018 British citizens in Norway and Norwegian citizens in the UK will have the right to remain post-Brexit, their governments said today. Erna Solberg, Prime Minister of Norway, said: “Prime Minister May and I agreed that Norway and UK will put in place a comprehensive citizens rights’ agreement. We will treat all UK citizens living in Norway [...]
‘The Nothing of Tesla’: Elon Musk deletes his Tesla job titles after being stripped of chairmanship October 30, 2018 Tesla founder Elon Musk had deleted his job titles at the car giant just to “see what would happen”. The stunt, announced on Twitter, comes after Musk recently agreed to step down as chairman of the electric car manufacturer to prevent further action from a US regulator. He announced: “Deleted my Tesla titles last week to see what [...]
Asda considers up to 2,500 job cuts as CMA probes Sainsbury’s merger October 26, 2018 Asda has said that it will begin consultations with staff over changes that could lead to a reported loss of up to 2,500 jobs next year. The news, first reported by the Press Association, comes as the Competition and Markets Authority (CMA) conducts a second stage investigation into the proposed takeover of the supermarket by [...]
CEO quits Allied Irish Bank as concerns are raised about Ireland’s banker salary cap October 26, 2018 The chief executive of Irish state-owned bank Allied Irish Bank (AIB), Bernard Byrne, will step down as chief executive in 2019 amid industry concerns about a salary cap on bankers. News of Byrne's departure comes only weeks after chief financial officer Mark Bourke said that he would be leaving the company early next year. It is [...]
Audit re-appointments waved through by shareholders despite year of failures in sector October 25, 2018 Shareholders overwhelmingly vote to back the re-appointment of company auditors despite widespread controversies in the sector, new research shows. Analysis of annual general meeting votes in 2018 by outsourcing firm Equiniti has found that the average votes in favour of re-appointing an auditor ranged from 97.6 per cent to 99.5 per cent across the FTSE [...]
Half a million households switched energy suppliers in September, but price cap could stifle future savings October 25, 2018 More than half a million households switched energy suppliers in September, setting a new record for 2018. The figures, published monthly by industry trade body Energy UK, showed that of 547,660 households changing providers, 42 per cent ditched large energy suppliers for small or mid-tier alternatives. Read more: Ofgem cracks down on energy sector with price [...]
