Blackrock profit drop misses expectations July 19, 2019 Blackrock disappointed Wall Street expectations this afternoon after posting a worse-than-expected fall in quarterly profits. The world’s largest asset manager reported net income of $6.41 per share, or $1bn (£800m), falling from $6.62 per share in the same quarter last year and missing Refinitiv estimates of $6.50 per share. Read more: Outgoing RBS boss Ross [...]
Rothschild snaps up stake in Redburn as industry pressures drive consolidation July 19, 2019 Rothschild has snapped up a minority stake in equity research house Redburn, in the latest sign of industry consolidation amid regulatory pressures from EU legislation. The deal, which was struck for an undisclosed sum of money, will help Rothschild broaden its range of services and boost Redburn’s expansion plans, the two firms said earlier this [...]
Britbox: BBC and ITV reveal pricing for new streaming service July 19, 2019 BBC and ITV have joined forces for a new streaming service to rival the likes of Netflix. The two broadcasters outlined their plans this morning for Britbox, a new subscription offer that would charge customers £5.99 per month. Read more: Four ways Netflix can rediscover its chill Ahead of a planned launched between October and [...]
AB InBev toasts $16bn sale of Australian beer business to Japanese group Asahi July 19, 2019 The world’s largest brewer AB InBev has offloaded its Australian business to Japanese group Asahi as it looks to pay down its debt. In a deal worth $16bn (£9bn), the owner of Budweiser, Corona and Stella Artois is calling time on its Australian subsidiary, Carlton & United Breweries. Read more: New tube map shows you [...]
No-deal Brexit risk climbs to 30 per cent as Boris Johnson leads Tory leadership contest July 19, 2019 Economists are forecasting that Britain’s chances of leaving the EU without a deal is at its most likely since October 2017, according to a Reuters poll. As expectations mount that Boris Johnson is likely to become the next Prime Minister, a median forecast of 30 per cent of financial experts are predicting Britain and the [...]
Outgoing RBS boss Ross McEwan to take top role at National Australia Bank July 19, 2019 The outgoing head of the Royal Bank of Scotland (RBS) is taking the reigns as new chief executive of the National Australia Bank (NAB). Ross McEwan, a banking veteran who is set to step down from RBS by April next year, has been poached by the NAB as it looks to recover from a financial [...]
Watchdogs rebuff Bank of England’s criticism of Woodford fund scrutiny July 18, 2019 An international financial regulator has defended its current global rules for investment funds today in a pointed retaliation to recent criticism made by the Bank of England. Following the suspension of Neil Woodford’s flagship fund, the Bank of England said the International Organisation of Securities Commissions (Iosco) had not set out how such funds should [...]
Wealth management arm helps Morgan Stanley to beat profit estimates July 18, 2019 Morgan Stanley reported a dip in profits during the last three months, but followed several of its big banking peers this week by trumping Wall Street estimates. Read more: Danske Bank misses profit estimate after troubled 12 months The US multinational group posted earnings of $2.2bn (£1.76bn), or $1.23 a share, falling from $1.30 per [...]
Voyager Air grounds plans for London Stock Exchange listing July 18, 2019 An aircraft leasing firm has stalled its planned initial public offering (IPO), becoming the second major company in a fortnight to put off its float in London. Voyager Air has halted its ambition to raise $200m ($160m) through an IPO on the London Stock Exchange, blaming “currently unfavourable” market conditions for the move. Read more: [...]
Knot the usual auction: Buyer stumps up $850,000 in rare sneaker sale July 18, 2019 A Canadian entrepreneur has snapped up 99 pairs of the world’s rarest sneakers for $850,000 (£681,000) at an auction in New York. Read more: Sotheby’s wine sales hit £100m in record-breaking year In the first ever auction dedicated to sneakers, businessman Miles Nadal bought all but one pair of limited edition shoes on sale at [...]
