Margin pressure and bad weather take a slice out of Pizza Express profits but overall sales grow August 29, 2018 Pizza Express unveiled what it called a "resilient" performance today, despite pressure on margins driving down profits. The restaurant chain, which is owned by Chinese private equity group Hony Capital, has faced cost pressures as well as a significant impact from this year's changeable weather. The figures Group turnover in the 26 weeks to the beginning [...]
America’s record bull market: five charts that tell the story August 24, 2018 The US stock market is on its longest bull-run in history. It began on 9 March 2009 and, so far, has lasted nine years, five months and 13 days. As of today, it beats the great equities performance of the 1990s. A bull market is broadly defined as one that rises over time without falling [...]
US-China trade war: China promises to ‘keep retaliating’ against Trump’s tariffs August 24, 2018 China will continue to retaliate against US trade tariffs, finance minister Liu Kun said today, after talks in Washington between the superpowers fizzled out without resolving their escalating trade war. US markets fell at the end of trading last night, while the Dow closed 0.3 per cent lower, with Boeing and Caterpillar dragging the index [...]
US-China trade war: Markets feel the strain as new tariffs take hold August 23, 2018 Fresh tariffs were accompanied by a war of words between Washington and Beijing today as the superpowers' trade war threatened to escalate. Previously announced tariffs of 25 per cent applying to $16bn (£12.5bn) worth of Chinese goods came into force today, met with equivalent retaliatory measures. China has introduced duties on 333 American products, including coal, steel products [...]
Playtech profits fall due to “disappointing” Asian markets as chairman scoops pay rise August 23, 2018 Gambling software manufacturer Playtech has reported a 34 per cent in profits due to “disappointing” Asian markets. The gaming and casino software provider said adjusted net profit had fallen to €83.3m (£74.8m) in the first half of the year, despite revenue rising four per cent. Despite the profits falls, the company awarded chairman Alan Jackson [...]
Markets hold their breath as US and Chinese trade talks resume August 22, 2018 Trade negotiations between the US and China are set to resume today in a bid to avert a trade war between the world's two largest economies. Treasury undersecretary David Malpass will meet Chinese Commerce vice minister Wang Shouwen, continuing discussions through to tomorrow. While President Donald Trump said earlier this week he did not "anticipate much" [...]
Luxury retail app Farfetch is heading to Wall Street for a multi-billion dollar listing August 20, 2018 E-commerce marketplace Farfetch, which is based in the UK and specialises in luxury brands and high-end fashion, today filed an intention to list on the New York Stock Exchange. No details were given on the amount it expects to raise or the offer price per share, however analytics firm Pitchbook valued the listing to take [...]
Tesla short-sellers have the last laugh August 19, 2018 Tesla short-sellers have made a bumper $1.2bn (£940m) paper profit since the car company’s colourful chief executive Elon Musk said he is considering taking the business private. Despite making some initial gains in the immediate aftermath of Musk’s tweet on 7 August, in which he declared that funding for the move had been secured, the [...]
Mike Ashley to turn House of Fraser into ‘Harrods of the high street’ after £90m acquisition August 10, 2018 Mike Ashley has promised to turn House of Fraser into the "Harrods of the high street" after buying the company for £90m. Sports Direct issued a statement confirming that the acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is [...]
Mike Ashley’s Sports Direct confirms House of Fraser acquisition | City A.M. August 10, 2018 Mike Ashley’s Sports Direct has bought House of Fraser for £90m. The acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is to appoint administrators after it failed to find a solvent solution. The price represents a heavy discount for [...]