Carphone Warehouse and Dixons merger cleared by EU Commission June 25, 2014 A big question mark over one of the most prominent high street deals in years can now be removed. Carphone Warehouse has announced that the European Commission has unconditionally cleared a merger between the company and Dixons. An all-share merger deal was first announced on 15 May, and it's taken until now for the European [...]
US growth revisions show activity collapse nearly three times worse than thought June 25, 2014 The US economy contracted at an annual rate of 2.9 per cent in the first three months of 2014, according to the Bureau of Economic Analysis (BEA). Economists had expected huge downwards revision to the BEA's second release, which estimated that GDP had contracted at an annual rate of just -1 per cent. The collapse [...]
Key retail growth indicator plummets on clothing sales slump June 25, 2014 A key indicator of retail strength has seen unexpected weakness in June. The headline figure of sales growth, released by the Confederation of British Industry (CBI), has fallen to just four per cent, from 16 per cent in May. Just 29 per cent of the 133 firms surveyed saw sales volumes higher than in June [...]
Wonga to pay £2.6m to customers after sending debtors letters from non-existent law firms June 25, 2014 Payday lender Wonga has agreed to pay compensation to around 45,000 customers over what Britain's financial regulator has called "unfair and misleading debt collection practices". An Office of Fair Trading (OFT) investigation found that the lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Wonga sent letters from the [...]
Pound falls as Bank of England staffers imply interest rate hike could be further off June 24, 2014 Bank of England governor Mark Carney has performed another backflip in testimony before MPs. After changing stance in recent weeks, he is yet again implying that the first interest rate hike could happen later, rather than sooner. Wage data has been softer than expected, says the governor. That's key because the central bank has been [...]
German sentiment drops on investor fears over Ukraine and Iraq June 24, 2014 Investor sentiment in Europe's largest economy has weakened, reflecting ongoing geopolitical concerns over tensions in Ukraine and militant activity in Iraq. German Ifo indicators have disappointed across the board in June, with the business climate index falling to 109.7 from 110.4. Analysts had been expecting a drop to just 110.2. Jeremy Cook, chief economist at [...]
Why Asos shares have shrugged off warehouse fire damage news June 23, 2014 Despite slumping by around three per cent in early trading, Asos shares have seen a recovery after Friday's warehouse fire. Traders have been waiting until today to respond to a fire at the company's Barnsley distribution centre, where around 70 per cent of the company's total stock is held. South Yorkshire Police are treating the [...]
Shire share price climbs higher on pledge to double sales by 2020 June 23, 2014 After knocking back offers from US-based pharma giant AbbVie, Shire's management has put forward the case for it to stay independent. In a statement, Shire says that it now "expects to deliver double-digit compound annual product sales growth from its current portfolio". It also forecasts that it will "more than double its 2013 annual product [...]
Eurozone growth stutters as French output threatened by oil price risks June 23, 2014 Preliminary survey data shows that the Eurozone's (still) fledgling recovery has stuttered in June. Purchasing managers' index (PMI) data released by Markit shows that the pace of expansion across the private sector has slowed a little, with a headline PMI of 52.8 in the euro area. Any number above 50 implies that order books are [...]
Asos share price drops by 3pc after Barnsley warehouse fire June 23, 2014 After a fire at its Barnsley distribution centre, shares in online fashion retailer Asos dropped by more than three per cent this morning as trading resumed after the weekend. The warehouse fire saw the site closed for orders this weekend, and despite being "fully insured for loss of stock and business interruption" the company's stock [...]