Hiscox trumps profit forecasts but warns of profit hit from natural disasters July 12, 2019 A spate of natural disasters battered insurance giant Hiscox over the last year, with the insurer’s share price sliding five per cent this morning as it warned of a deteriorating market. The London-listed group’s share price fell five per cent to 1,653p in early morning trading, as investors digested the group’s warning that global catastrophes [...]
German stock market outlook 2019: is the economic upswing over? July 11, 2019 Concerns over the strength of the German economy are growing. A steady upswing of the eurozone’s powerhouse may be over. The weaker economic growth expected this year is considered “a wake-up call” for the government. Let’s find out what to expect from the German stock market news in light of gloomy official figures. Stormy times [...]
Reckitt Benckiser agrees $1.4bn settlement in US opioid case July 11, 2019 Reckitt Benckiser said today it has agreed to pay $1.4bn (£1.1bn) to settle a case in the US over its opioid addiction treatment. The London-listed company agreed the fine after being accused by the Justice Department of illegally increasing prescriptions for Suboxone Film. Read more: Reckitt Benckiser picks Pepsico executive for top job The firm [...]
Swiss Re suspends plans for £3bn float of UK insurer Reassure July 11, 2019 Swiss Re has put off its plans for a £3bn listing of its British life insurance arm Reassure in the wake of weak investor demand. The reinsurance giant blamed “heightened caution and weak underlying demand” from institutional investors for the postponement of its initial public offering (IPO). Trading in the shares, which were set to [...]
Chief executive turnover in decline as more firms hire from within July 11, 2019 The turnover rate among chief executives is in decline as blue-chip firms increasingly turn to internal candidates for the top jobs. New figures published today revealed the turnover rate for FTSE 100 chief executives over the past year was just 10 per cent, down from 14 per cent in the previous 12 months. Read more: [...]
US stock markets hit record highs as Fed chair hints at rate cuts July 10, 2019 Chairman of the US Federal Reserve Jay Powell has boosted the market’s expectations that the first interest rate cut in ten years will come this month with a gloomy testimony to a congressional committee. Read more: Fed holds interest rates but hints at future cuts In a prepared statement Powell said “trade tensions and concerns [...]
Watchdog warns of ‘real risk’ of repeat to no-deal Brexit ferry fiasco July 10, 2019 The government could waste even more taxpayer money due to its lack of preparation for a no-deal Brexit, a top watchdog has warned, after the Department for Transport (DfT) blew £85m on botched ferry contracts. The DfT’s lack of preparation risks cornering the government into further high-risk procurement contracts, parliament’s Public Accounts Committee (PAC) said [...]
Swiss stocks buoyant despite Berne-Brussels bust-up July 9, 2019 For a market locked in a bitter battle with the European Union, Switzerland’s top-flight share index is looking remarkably chipper. But then, this may have something to do with the fact that since the breakdown of relations between Berne and Brussels, anyone wanting to deal in Swiss company stocks has to do so inside Switzerland’s [...]
Why Ocado shares have been chased sharply higher July 9, 2019 A costly warehouse fire hasn’t dented enthusiasm for the shares. Our head of markets explains. Ocado (LSE:OCDO) transformation from online retailer to cutting-edge technology provider remains clear for all to see. The Andover fire in February was an unwelcome distraction and has come at a cost both in actual terms as well as in lost [...]
Losses deepen as Ocado reveals cost of Andover fire July 9, 2019 Ocado suffered a sharp downturn in losses during the last six months as a devastating fire at one of the firm’s flagship warehouses scolded the firm’s performance. The delivery giant’s pre-tax losses slid to £142.8m in the first half of 2019, plunging from £13.6m during the same period in the previous year, as a major [...]