Asos set to bag a Brexit win this week when it reports its results October 16, 2016 Asos is set to be crowned a Brexit winner this week when it reports its results for the year on Tuesday, with profits expected to rise by over 30 per cent. Half of Asos' customers are overseas, helping the online retailer mitigate against the pain of the slump in sterling. It's fortunes are in stark [...]
Solid figures show US still on course for December rate hike October 14, 2016 The US Federal Reserve is still on course to hike rates by the end of the year after a reassuringly uneventful set of economic data out this afternoon. New numbers showed retail sales jumped by 0.6 per cent in September, bouncing back from a 0.2 per cent fall the month before. On an annual basis, consumer [...]
Citigroup beats expectations but revenues still fall October 14, 2016 One of the US' largest lenders has surprised and delighted investors by reporting a smaller than expected fall in revenues. The figures Revenues fell five per cent to $17.8bn (£14.6bn) in the third quarter, beating expectations of $17.3bn. Meanwhile, net income fell 11 per cent to $3.8bn, pushing earnings per share down to $1.24, from $1.31 the year before. Banking revenues fell six per cent to $4.1bn, although investment banking [...]
Mountain Warehouse takes a hike on IPO plans as half-year sales double October 14, 2016 Outdoors retailer Mountain Warehouse abandoned plans to float in London before the EU referendum, the group revealed today. Despite initial discussions showing there was strong investor interest, the company ditched the idea in the early summer. Its decision was confirmed as the better move, a source close to the company said, after the pro-Brexit referendum [...]
Pension Protection Fund calls for BHS liquidation to start within the month October 13, 2016 BHS' biggest creditor, the Pension Protection Fund (PPF), is pushing for the company to be placed into liquidation by the end of the month. Sky News reports that the PPF has told the joint administrators of BHS that it wants to bring forward investigations into the former directors of the retailer, which would take place [...]
These 8 British companies will get a huge boost from sterling’s crash against the euro October 13, 2016 On Tuesday, the FTSE 100 surged to its record high of 7,128 points, boosted massively by the crash in the pound that has seen Britain's currency fall more than 17 per cent since the vote to leave the European Union. The index is full of mining companies, oil firms, and pharmaceutical giants that use the UK [...]
WH Smith’s share price climbs after retailer announces share buyback programme October 13, 2016 WH Smith's share price was up 3.5 per cent this morning after the company said its pre-tax profits increased eight per cent year-on-year. The retailer also increased its dividend by 12 per cent and said it would be starting a £50m share buyback programme. Read more: #Marmitegate: Someone is selling a jar of Marmite on [...]
Tesco v Unilever: What the analysts are saying about #Marmitegate October 13, 2016 As Brits try not to panic in the face of (probably) rapidly depleting Marmite stocks at Tesco, analysts have warned that Brexit-induced inflation is looming ever closer. Tesco's share price dropped by 2.2 per cent in early trading today, after it was revealed the supermarket is in a dispute with consumer goods producer Unilever over pricing. The [...]
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]
Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]