WPP results ‘ravaged’ by strength of the pound August 26, 2014 The world’s largest advertising company, WPP, reported a 1.5 per cent rise in profit to £532m in the first half of the year yesterday, hampered by the effects of a strong pound. WPP reported that the strength of sterling had “ravaged” its billings and at a constant currency the same profits would have risen 15.6 [...]
Ride a black swan? WPP’s Sir Martin Sorrell adds Russian crisis to his list August 26, 2014 The Sochi Winter Olympics in February were a key turning point in the West’s deteriorating relationship with Russia, says WPP boss Sir Martin Sorrell who now lists the Russian crisis as the most threatening of his unknown unknowns – or “black swans” – supplanting the Eurozone debt crisis. “I think we made a mistake [...]
Alex Salmond’s independence fairytale won’t serve Scottish voters well August 26, 2014 SIR JAMES Mirrlees is one of the mere handful of British recipients of the Nobel Prize in economics. And as his fine old Scottish surname might suggest, he has been active in the debate on independence. His latest intervention, which has attracted considerable publicity, is to pronounce that an independent Scotland should be willing to [...]
Ukraine crisis deepens as 100 Russian lorries begin “direct invasion” August 22, 2014 The head of Ukraine's security service Valentyn Nalyvaichenko has said the unauthorised crossing of 100 Russian lorries into Ukrainian territory is tantamount to a "direct invasion", adding it was "under the cynical guise of the Red Cross – these are military vehicles". According to the Red Cross, the lorries crossed the border on Friday without [...]
State reputation riskier than sanctions for Russia’s oil and gas companies August 21, 2014 The Russian government’s reputation is a greater threat to the cred it worthiness of the country’s energy companies than the sanctions levied against the sector by the US and Europe, according to a report released yesterday. Credit ratings agency Standard and Poor’s (S&P) argued in research yesterday that sovereign risk is the largest factor weighing [...]
Russia and Thai tension drags UK tourist spending to five-year low August 21, 2014 Tourist spending in the UK has slumped for the first time in five years, after the Russia-Ukraine conflict and political unrest in Thailand deterred visitors from those countries. Figures published today by tax-free shopping specialist Global Blue showed that spending by overseas visitors fell by four per cent in the first six months compared with [...]
Rosneft’s $2bn deal with Vitol called off as sanctions take their toll August 21, 2014 A week after Russia's largest oil company was forced to go cap in hand to the Kremlin, Rosneft's deal with Vitol is off. Sanctions aimed at restricting the company's ability to raise long-term capital seem to have ruined the prospect of an agreement, which according to Financial Times sources, is officially shelved, or even dead. Rosneft is [...]
Swing Copters: New Flappy Birds becomes top 20 UK game on app store chart within hours August 21, 2014 The must have game Swing Copters, otherwise known as the new Flappy Birds, has already entered the app store charts in the top 20 games just seven hours after the highly anticipated game was released to eager fans. Swing Copters hit number 18 in the app store in the UK by midday today, but elsewhere [...]
Russia partially abandons food ban as minister claims it could cost country €10bn August 21, 2014 Russia has dropped part of the ban on EU food imports after its agriculture minister claimed the policy could cost the Russian economy €10bn (£8bn) over the next few years. Russia's food authority has removed a host of products from the black list, including: trout and salmon hatchlings; potato and onion seeds; hybrid sugar maize [...]
Why the Pope is wrong on inequality August 21, 2014 Pope Francis visited Seoul, South Korea last Saturday, where he urged wealthy nations to “hear the cry of the poor” and resist the “allure of materialism.” The condemnation of capitalism and inequality has been a common theme for Francis since his papacy began. In his first major work written as Pope, Francis called capitalism “a [...]