Flood of stimulus underpins Chinese growth in second quarter July 15, 2016 Easy monetary policy helped the Chinese economy expand slightly faster than expected in the second quarter, data published today showed. Official data suggested gross domestic product grew 6.7 per cent between April and June from a year-ago, unchanged from the first quarter, and slightly ahead of market expectations of a dip to 6.6 per cent. Read more: The South [...]
How artificial intelligence, peer-to-peer technology and blockchain are changing the insurance industry forever July 14, 2016 Just as fintech is transforming the banking world, “insurtech” has set its sights on the insurance industry. There are firms like Trov, which provides insurance on-demand and enables consumers to catalogue insured belongings. Buzzmove uses home removals data to create a new distribution model for insurance – people are more likely to renew or buy [...]
Halfords share price dips on reduced revenue during first quarter July 14, 2016 Despite a soggy start to the summer pushing sales of mud guards for bikes up 15 per cent, Halfords has reported a 0.6 per cent drop in like-for-like revenue in the 13 weeks to 1 July – and warned that a weaker pound could hit profits. Shares in the company dipped by one per cent [...]
Japan’s Fast Retailing – owner of Uniqlo – issues second profit warning this year July 14, 2016 Japan's Fast Retailing has issued another profit warning, and expects income in the year to 31 August to dip by 60 per cent compared to last year, despite an uptick in sales. The Uniqlo owner expects to report profit of ¥ 45bn (£322m) – a 25 per cent reduction on the previously projected ¥ 60bn. In the nine [...]
At the close: FTSE 100 dips as pre-BoE jitters seize European markets July 13, 2016 The FTSE 100 has dialled back its earlier gains to skid at the close this evening. The blue-chip index finished down just a touch at 6,670.40, off by 10 points – or 0.15 per cent. It's the second flat close on the bounce for the FTSE 100 after ending yesterday's session unchanged. It had earlier in today's session climbed to 6,717.17. The [...]
Prime Day was the biggest day ever for Amazon July 13, 2016 Here's how crazy Prime Day was for Amazon. Sales on the shopping day that's now bigger than Black Friday for the retailer rocketed 60 per cent on last year, when it's estimated sales hit around the $400m, according to analysts. Now in its second year, Amazon Prime vice president Greg Greeley said: “We want to thank our [...]
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 [...]
Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
Magazine Marie Claire is opening a beauty shop in Tottenham Court Walk July 13, 2016 Women's monthly Marie Claire is opening a beauty shop in central London, using its magazine brand to make a mark on the UK high street. Marie Claire is teaming up with Ocacdo – which will provide delivery for online orders – to create and online and physical retail business, "Fabled by Marie Clare". The flagship store in Tottenham [...]
Pay row: M&S accused of threatening to sack staff who reject new contracts July 12, 2016 Marks & Spencer has become embroiled in a dispute over staff pay as it grapples with a sales slide in its clothing division. Chief executive Steve Rowe told shareholders at yesterday's AGM that the retailer faces "tough decisions" in the coming months. M&S is consulting staff over the axing of premium pay on Sundays, and cuts [...]