Under Armour hits the ground running amid higher-than-expected earnings October 30, 2018 US sportswear firm Under Armour trumped Wall Street expectations today after raising its forecast for annual profits and posting higher-than-expected revenues for the third quarter of 2018. Buoyed by higher overseas sales and fewer promotions, the Baltimore-based company has hiked its full-year adjusted earnings per share forecast to between 19 cents and 22 cents from [...]
Retail sales cool sharply as curtains close on prolonged summer boost October 30, 2018 Retailers suffered a sharp sales downturn in October, as the UK’s prolonged summer spending spree seems to have finally come to an end. The balance of retailers reporting year-on-year growth in sales volumes has slumped to its lowest level in six months, according to a survey out today from the Confederation of British Industry (CBI). Some [...]
Sony poised to hit record profits in wake of gaming strategy October 30, 2018 Japan’s Sony is projecting record annual profits after riding a wave of demand for several of its most popular recent big-hit games. The technology giant raised its profit forecast by 30 per cent to ¥870bn (£6bn) this morning, with a boom in its Playstation division helping to offset widening mobile phone losses. Such positive projections [...]
Standard Life Aberdeen welcomes Douglas Flint as chairman October 30, 2018 Standard Life Aberdeen (SLA) ended its hunt for a new chairman earlier today after hiring industry heavyweight Sir Douglas Flint. The Scottish-born former accountant, who stepped down as chairman of HSBC in September last year, is set to succeed Sir Gerry Grimstone at the start of next year. Last year Flint was also appointed as [...]
US restricts Chinese chip maker from buying American parts October 30, 2018 The US is to curb American firms from exporting goods to a state-supported Chinese chip maker over national security concerns, in a move that is likely to exacerbate the brewing trade war tensions between Beijing and Washington, D.C. In a statement this morning the US Commerce Department said Chinese company Fujian Jinhua would not be [...]
Ocado to develop 20 new US warehouses in first three years of deal with Kroger October 30, 2018 The terms of Ocado’s landmark deal with US supermarket chain Kroger were unveiled this morning, with the British online grocer set to operate 20 warehouses across the pond in its first three years of the agreement. Ocado's shares were up more than five per cent in early morning trading. Kroger is set to order 20 warehouses, [...]
Help to Buy extended to 2023 for first time buyers: Industry reacts October 29, 2018 The fate of the government’s Help to Buy scheme was cleared up this afternoon after the chancellor said that he would be extending a revised version of the policy until 2023, but for first-time buyers only. From April 2021 the scope of Downing Street's flagship housing policy will be narrowed down, with only first-time buyers [...]
Property in the Budget: First-time buyers to benefit from shared ownership stamp duty relief as Help to Buy extended October 29, 2018 The Chancellor unveiled a raft of new property measures today, including a further £500m for the housing infrastructure fund and stamp duty relief for first-time buyers that is extended to shared ownership homes worth up to £500,000. The government will also extend a revised version of its Help to Buy scheme until 2023, but for first-time [...]
Apprenticeship levy: Treasury slashes businesses’ contributions in half October 29, 2018 Chancellor Philip Hammond has unveiled plans for a £695m initiative to help small firms hire apprentices in his Budget this afternoon. The Treasury is cutting the small businesses co-investment level for apprenticeships from 10 per cent to five per cent. Helen Dickinson, chief executive of the British Retail Consortium, said: “While the Chancellor’s recent announcement to [...]
Hammond confirms business rate relief for small firms as the high street faces pressure ‘as never before’ October 29, 2018 Chancellor Philip Hammond has confirmed his plans to inject £1.5bn into Britain’s high streets in today’s budget. In a new spending package aimed at boosting small town retailers and high street firms, Hammond has announced business rates relief for firms with a rateable value of less than £50,000 will be cut by a third. The [...]
