Co-op bank losses widen in wake of PPI costs and fierce mortgage market November 7, 2019 The Co-operative Bank has reported widening losses during the third quarter of this year, as it became the latest in a long line of lenders to take a financial hit from the payment protection insurance (PPI) scandal. The British bank reported losses before tax of £118.6m during the nine months to 30 September, deepening from [...]
Sainsbury’s half-year profit plunges 92 per cent November 7, 2019 Sainsbury’s has suffered a 92 per cent drop in half-year profit, as costs from store closures took a toll on the grocer’s balance sheet. Read more: Sainsbury’s former boss wants government to halve business rates and raise VAT The figures Statutory pre-tax profit fell from £107m last year to just £9m in the three months [...]
TheWorks share price crashes after issuing profit warning amid caution over crucial Christmas trading period November 7, 2019 Discount arts-and-craft retailer TheWorks.co.uk has warned that profit will miss expectations this year, sending shares plummeting roughly 40 per cent this morning. The value business has reported a 1.9 per cent drop in like-for-like sales, which it said reflected a “difficult consumer backdrop” over the 26 weeks to the end of October. Read more: Sainsbury’s [...]
What is IR35? Everything you need to know about the tax coming to the private sector November 6, 2019 After rolling out into the public sector in April 2017, HMRC’s controversial IR35 tax is set to hit private sector contractors in 2020. And it promises to cost workers a big chunk of change: one estimate suggests contractors could pay 25 per cent more in tax. Self-employed contractors are now grappling with the legislation, which [...]
Monzo’s ‘hot coral’ colour trademark attempt rejected November 6, 2019 Online bank Monzo’s attempt to trademark its distinct “hot coral” colour has been rejected. The fast-growing fintech firm’s application to register the bright signature colour as its own was turned down by the intellectual property office. The move, first reported by Financial News, was an attempt to protect the brand’s image against a number of [...]
FTSE 100 flat as European traders await next US-China trade move November 6, 2019 European markets traded flat this morning, quietening down after several days of gains as investors waited for the next development in the US-China trade war. The FTSE edged down slightly less than 0.1 per cent, while the Dax remained flat and the Cac edged up 0.2 per cent. Read more: 15 minute daily walk could [...]
Intu braced for income drop as retail CVAs take a toll November 6, 2019 Shopping centre owner Intu is expecting to report a sharp drop in rental income for 2019 after a higher-than-anticipated volume of insolvencies from its occupants. Shares in the group tumbled 13 per cent after the bell this morning as the real estate giant revealed that it might have to sell off assets or make a [...]
Money walks: 15-minute daily stroll could give world economy $100bn boost November 6, 2019 Amid tit-for-tat trade wars and rising civil unrest, economists have been fretting over how to avoid another global economic slowdown. But new research has offered an unorthodox approach to boosting the world’s finances: a 15-minute walk. The world economy could grow by an average of $100bn a year until 2050 if all adults aged 18-64 [...]
BMW beats estimates with profit rise November 6, 2019 BMW has reported a sharp rise in earnings, trumping analyst estimates following one-off accountancy changes and a rise in SUV sales. The German luxury car manufacturer posted earnings before interest and taxes (Ebit) of €2.29bn (£1.97bn) during the last quarter, jumping 33 per cent compared with the same period last year. Read more: A look [...]
Hong Kong bourse posts profit drop amid civil unrest and trade war November 6, 2019 Hong Kong’s bourse has reported a fall in profit during the last quarter, as months of political unrest took its toll on the stock exchange operator. Profit at the Hong Kong Exchanges and Clearing (HKEX) hit HK$2.2bn ($217.8m) in the three months to September, tumbling 9.5 per cent compared to the same period last year. [...]
