Xiaomi posts sharp rise in revenue as it defies smartphone slowdown May 20, 2019 Chinese tech giant Xiaomi has bucked the downward trend in the smartphone market, posting a sharp rise in revenue for the first quarter. Read more: China's Xiaomi reveals 5G smartphone with sliding camera Revenue rose 27 per cent to ¥43.8bn (£5bn) in the three months to the end of March, while profit before tax rose [...]
Ford announces 7,000 job cuts as US car maker moves up a gear in restructuring plan May 20, 2019 Ford is to cut around one-tenth of its global salaried workforce by the end of August as part of a major global restructuring plan. Read more: Ford gears up to announce up to 550 white collar job losses in UK The move to shed 7,000 workers this summer is expected to save the firm $600m [...]
Chipmaker Infineon suspends shipments to Huawei May 20, 2019 German chipmaker Infineon has reportedly suspended shipments to Huawei, becoming the latest firm to cut ties with the Chinese telecoms giant. Infineon’s decision to stop deliveries comes after the Trump administration blacklisted Huawei, which is the world’s second largest smartphone maker after Samsung, and Google restricted the company from some updates to the Android operating [...]
Jaguar Land Rover suffers £3.6bn annual loss as key Chinese market splutters to a halt May 20, 2019 The Indian-owned British automotive giant Jaguar-Land Rover (JLR) has posted a £3.6bn annual loss as the faltering Chinese car market weakened significantly. The annual figures were heavily-impacted by a £3.1bn write down in the third quarter, to cover falling demand for newer models, as well as for diesel-powered cars. The figures The car manufacturer, which [...]
Brands, forget about customer loyalty and trust. Just make stuff that people want to buy May 20, 2019 If you're a harassed brand manager, a chief marketing officer with a case of the shakes, or a branding agency strategist for whom visiting Twitter is like playing Russian roulette, here’s the good news: the average person couldn’t care less about your brand. I mean really, they don’t care. Don’t interject by stating the name of [...]
Low & Bonar shares plummet as it fires chief executive and warns on results May 20, 2019 Textiles firm Low & Bonar's shares dropped around 25 per cent today as it fired its chief executive and warned full-year results would fall short of expectations. Philip de Klerk, who took up the role just over a year ago, will leave on 1 July, the firm said. Read more: British Gas owner Centrica's shareholders say [...]
Relations with China are important, but so is the need to stand up to them May 17, 2019 China has become a significant player in the City and there can be no doubt that its activities in London help strengthen the Square Mile’s role as a global financial centre. Read more: City Corporation slammed for decision to ban Taiwan from Lord Mayor's show The average daily trading volume of the Chinese currency in [...]
Burberry shares fall as transformation plan takes toll on growth May 16, 2019 Shares in Burberry fell 4.5 per cent this morning after the firm posted broadly flat revenue and profit in the first year of its major transformation plan. Read more: Burberry keeps momentum from China despite trade war fears The figures Revenue remained broadly flat at £2.72bn for the year to the end of March. Pre-tax profit [...]
Launch of $2.5bn Asian bond a ‘vote of confidence’ in London Stock Exchange May 15, 2019 A $2.5bn (£1.9bn) bond from the Asian Infrastructure Investment Bank (AIIB) was welcomed by the London Stock Exchange (LSE) today, with its launch dubbed “a vote of confidence in the UK”. Read more: London Stock Exchange boosts income and notes improved listing environment The five-year bond will list on the LSE’s main market on 17 [...]
Global stocks reverse falls after reports Trump will delay auto tariffs May 15, 2019 Global stock markets have rallied after US President Donald Trump was reported to be planning to delay tariffs on car imports by up to six months. Read more: US stocks fall as industrial sector contracts for third time in four months Investors had been in sell-off mode amid heightened trade tensions between the US and [...]