Burberry share price jumps as firm reports like-for-like sales down three per cent with retail revenue unchanged at £242m July 13, 2016 Luxury retailer Burberry has reported unchanged revenue for the three months to 30 June, amid a "challenging" trading environment – and analysts say the British designer is still too reliant on the Chinese market. Shares in the company were up 4.8 per cent in early trading. [stockChart code="BRBY" date="2016-07-13 14:41"] The group posted a [...]
Indian nationals need a new visa: Britain is shooting itself in the foot with its backward system July 13, 2016 The UK-India relationship is one of both traditional and contemporary strength. Current business secretary Sajid Javid has described the partnership as being at a “key juncture” and as providing “opportunities we would be foolish to ignore”. And with a UK-India trade agreement hailed a “deal made in heaven” by the Confederation of Indian Industry (CII), now [...]
Before the bell: What you need to know before the US market open July 12, 2016 Major US markets are on a tear hitting record highs and the UK blue-chip index is in bull market territory. Here's what you need to know before the US market open at 2:30pm London time. It seems nothing can stop the equity ball rolling now, with futures pointing yet higher ahead of the open. The [...]
EDF takes big bite out of Chinese wind energy developer July 12, 2016 Embattled French utility giant EDF has taken a majority stake in UPC Asia Wind Management. The firm's renewables unit, EDF Energies Nouvelles, paid an undisclosed amount for a stake in the Chinese company which develops and builds wind projects. EDF added that partners UPC China and US-based Global Environment Fund will remain shareholders. The company has singled [...]
Referendum uncertainty “significantly weakened” UK’s European M&A market dominance July 11, 2016 The UK’s Brexit vote has “destabilised its position as a leading European investment hub”, according to a new mergers and acquisitions (M&A) report. In the first six months of 2016, dealmakers were “spooked” by the looming EU referendum, with 647 deals worth £41.3bn announced – down from 702 worth £122.9bn in the same period of [...]
Oil further below $50 as economic storm clouds gather over Asia July 11, 2016 Oil fell further below $50 per barrel today, amid fresh concerns that weak economies in Asia would sap demand there. Brent crude, the global benchmark, fell 1.24 per cent to $46.18 per barrel in early afternoon trading. Its US counterpart, West Texas Intermediate, slumped 1.32 per cent to $44.81. Read more: Norway union and oil [...]
Burberry set to score a Brexit win on the weaker pound July 10, 2016 Luxury clothing brand Burberry is expected to announce better-than-expected results this week due to the fall of sterling since the Brexit vote. Analysts expect the FTSE 100 fashion brand to report a five per cent fall in like-for-like sales on Wednesday, but have adjusted profits estimates due to a weaker pound. On the day before the [...]
Energy minister Andrea Leadsom has vowed to banish pessimism as questions continue over her time in the City July 7, 2016 Supporters of energy minister Andrea Leadsom have staged a march on parliament after the energy minister promised to “banish the pessimists” on Brexit. Leadsom backers walked for half a mile between her speech at Millbank Tower and Houses of Parliament. Along the way, they chanted in support of the energy minister. https://twitter.com/jimwaterson/status/750979473277943808 https://twitter.com/MichaelPDeacon/status/750977498998079488 The march came [...]
China Resources Beer executive says country is set to approve AB InBev’s Megabrew deal July 6, 2016 An executive at China Resources Beer today said he believes the country’s competition authority is set to clear Anheuser-Busch InBev’s (AB InBev) takeover of SABMiller. “We don’t see any obstacle so far in getting a green light from China authorities,” chief financial officer Tomakin Lai said, reported Reuters. “We are confident that the deal can eventually [...]
UBS says Burberry could get a Brexit boost due to the fall in sterling July 6, 2016 Burberry may have been struggling with weak sales recently, but UBS reckons the luxury retailer could be set to benefit from the sharp fall in sterling following the Brexit vote. UBS upgraded Burberry's target price to 1,700p from a previous 1,550p and re-stated its "Buy" rating for the luxury brand, saying the "weak pound more than offsets [...]