Goldman Sachs beats Wall Street estimates despite profit drop July 16, 2019 Goldman Sachs outperformed expectations on Wall Street this afternoon as a double-digit surge in investment and lending boosted the banking giant, despite a fall in quarterly profits. Shares in the New York-based firm edged up 1.1 per cent pre-trading after it reported earnings per share of $5.81, falling from $5.98 a year earlier but beating [...]
JP Morgan trumps expectations with 16 per cent rise in profits July 16, 2019 JP Morgan Chase beat analyst estimates this afternoon after posting a double-digit rise in profit, bolstered by a tax windfall and higher net interest income. America’s largest bank reported a 16 per cent rise in profit to $9.65bn (£7.7bn) today, or $2.82 per share, trumping Refinitiv estimates of $2.50 per share. Read more: Citigroup starts [...]
Orcel ‘offered €52m’ by Santander as part of botched CEO plan July 16, 2019 Santander reportedly offered Andrea Orcel a €52m pay deal as part of a botched plan to appoint him as chief executive. Orcel, the investment banker who was denied the role of chief executive at Santander just four months after being offered the post, was offered a cash sign-on bonus of €17m and €35m of shares, [...]
Judge reduces Bayer Roundup damages to $25.3m over weedkiller case July 16, 2019 A judge has slashed the damages that German chemicals company Bayer must pay out to a man who blamed its Roundup weed killer for causing his cancer. Bayer’s share price edged up in morning trading after a US federal judge reduced the company’s sum from $80.3m (£64.3m) to $25.3m. Read more: Bayer shares hit after [...]
Hard going: Extinction Rebellion targets London’s largest concrete factory July 16, 2019 Extinction Rebellion has voiced its anger over climate change outside the Houses of Parliament, the Bank of England, and the Royal Courts of Justice in recent months. But today demonstrators in the capital descended upon a less typical place of protest: London’s largest concrete factory. Read more: Extinction Rebellion launches summer uprising across the UK [...]
Irn-Bru maker AG Barr’s share price crashes after profit warning July 16, 2019 Irn-Bru maker AG Barr’s share price plummeted this morning after it warned of a sharp drop in full-year profits amid worse-than-expected trading. The Scottish-based fizzy drinks maker warned that profits for the full-year would slump by 20 per cent, after predicting that the firm is unlikely “to recover fully from the volume impact in the [...]
President Trump weighs ousting of commerce secretary Wilbur Ross July 15, 2019 One of the most senior financial figures within Donald Trump’s administration could be pushed out within weeks, according to US media reports. Read more: Trump 2020? Firms haven’t felt this gloomy since the financial crisis Wilbur Ross, the commerce secretary and prominent investor, is reportedly in President Trump’s firing line after losing a Supreme Court [...]
And we’re off: Citigroup starts Wall Street earnings season with rise in profit July 15, 2019 Citigroup kicked off Wall Street’s earnings season today by trumping market expectations, reporting a rise in profits and revenues during the second quarter of 2019. America’s third largest bank posted profit of $4.79bn (£3.82bn), or $1.95 per share, during the three month period, rising 20 per cent and beating $1.80 per share estimates given by [...]
Insurers voice disappointment as UK changes personal injury discount rate July 15, 2019 The insurance sector blasted the government today as it revealed plans to change the discount rate used to determine insurance payments for serious injuries in accidents from minus 0.75 per cent to minus 0.25 per cent. Read more: More price hikes to come as car insurance premiums climb The Ministry of Justice revealed the change [...]
China growth slows to 27-year low as trade war pressure take its toll July 15, 2019 China’s economic growth slowed down to a 27-year low during the second quarter of 2019, as trade war tensions with the US escalated. Gross domestic product (GDP) in the country climbed 6.2 per cent in the three months to the end of June, falling from 6.4 per cent in the first quarter and marking the [...]
