Burberry beats expectations with flat profits and revenue November 12, 2015 Burberry has beaten expectations, staving off a challenging environment to post a marginal rise in profits and revenue. The figures The luxury brand nudged sales up from £1.1bn to £1.104bn for the six months to 30 September, while adjusted pre-tax profits rose from £152.2m to £152.9. UBS had estimated that profits would drop seven per cent [...]
Macy’s and oil weigh heavily on Wall Street – New York Report November 11, 2015 INVESTORS sold oil companies and dumped brick-and-mortar retailers yesterday after a disappointing full-year forecast from Macy’s pulling US stocks lower. The Dow Jones industrial average fell 56.52 points, or 0.32 per cent, to 17,701.69, the S&P 500 lost 6.77 points, or 0.33 per cent, to 2,074.95 and the Nasdaq Composite dropped 16.22 points, or 0.32 [...]
Miners weigh down the FTSE for second day – London Report November 11, 2015 The FTSE 100 finished down yesterday as miners continued to suffer losses. The blue-chip index closed the day 0.32 per cent down at 6,275 points. Yesterday’s largest faller was Anglo American, which saw its share price fall 4.54 per cent to 492.22p per share. Glencore also shed 4.24 per cent to close at 105.05p per [...]
At the close: FTSE 100 index closes slightly down on miners November 10, 2015 The FTSE 100 fell marginally again today as miners continued to suffer losses. The blue-chip index closed the day 0.32 per cent down at 6,275 points. Tuesday's largest faller was Anglo American, which saw its share price fall 4.54 per cent to 492.22p per share. Glencore also shed 4.15 from its share price to close at 105.15 [...]
Moody’s warns of global shockwaves as fallout from China slowdown threatens growth prospects November 10, 2015 Global economic stability is at risk from financial shocks in the face of a bigger-than-expected fallout from China’s slowing growth, a new report from Moody’s has warned. The credit ratings agency also said that policymakers may find it difficult to act against potential shockwaves as they “lack the ample fiscal and monetary policy buffers” needed to [...]
Wall Street slips on China crisis worries – New York Report November 9, 2015 WITH Wall Street bracing for an interest-rate hike and fretting about weak Chinese trade data the S&P 500 index yesterday suffered its worst loss in six weeks. The Dow Jones industrial average ended down one per cent at 17,730.48 points and the S&P 500 lost 0.98 per cent, to 2,078.58. The Nasdaq Composite dropped 1.01 [...]
With calls to tackle “unfair dumping” should more be done to block cheap Chinese steel imports? November 9, 2015 Mathew Lawrence, a research fellow at IPPR, says Yes Yes, if proportionate action can be taken at an international scale that doesn’t tip into tit-for-tat protectionism. It clearly can be done: the US has introduced 43 anti-dumping tariffs in the last seven years. This isn’t about anti-Chinese action, though; their steel sector is also under [...]
Merlin Entertainments appoints partner from Asian investment firm as non-executive November 9, 2015 Merlin Entertainments has appointed the partner of a major Asian investment management firm to its board, paving the way for the theme park owner’s expansion in China. The Madame Tussauds and Alton Towers owner said Yun (Rachel) Chiang will join the company as a non-executive director in 2016. Chiang is currently a partner at Pacific [...]
Steel crisis 2015: UK steelmakers want Sajid Javid to push back on China at emergency EU meeting November 9, 2015 Britain's steelmakers are pushing business secretary Sajid Javid to “spearhead immediate European action on anti-dumping measures” at a meeting of European ministers today in Brussels. UK Steel says Javid, who called for the EU-wide emergency meeting over the steel crisis, needs to now press for further action to “speed up efforts to prevent unfair dumping” in [...]
This is why we can’t blame the decline of the UK’s steel industry on climate change November 7, 2015 It has been a difficult few weeks for the steel industry in the UK. Thousands of job losses have been announced, with closures and cutbacks at three different steel companies. In the face of real tragedy for individuals and families, it has tempted some commentators to blame a familiar bogeyman – the cost of energy [...]