Blackstone profits drop on equity mark turmoil April 19, 2018 Private equity giant Blackstone has seen its profit drop more than 20 per cent in the first quarter as stock market turmoil takes effect. Market uncertainty triggered by fears of a potential trade war between the US and China ended the stock markets long bull run, denting Blackstone’s profits. Blackstone announced profit of $792m (£558m), [...]
Bank of England boss lowers Brexit job loss estimate as he strikes tone of optimism over financial services deal April 19, 2018 One of the Bank of England’s top officials has cut his forecast for the number of job losses the City will endure as a result of Brexit. Deputy governor Sam Woods reiterated his forecast that one-to-two per cent of bank and insurance jobs would move out of London, equivalent to around 5,000-10,000 people. But, speaking [...]
AA says car insurance premiums cheaper than they were a year ago April 19, 2018 Car insurance premiums are cheaper than they were one year ago while premiums for combined home and contents insurance fell in the last quarter. According to a report by break down and insurance company AA, car insurance premiums peaked during the second quarter of 2017 but have fallen steadily since then to an average premium [...]
Gucci and Guess settle nine year legal battle over the letter G April 19, 2018 A nine-year battle over the letter G has finally come to an end. Fashion brands Gucci and Guess jointly announced today that they have signed an agreement that will end all outstanding legal battles between the two companies. The terms of the agreement were not disclosed, but in a joint statement, Gucci and Guess said: [...]
Alibaba-backed Prenetics acquires UK-based genetic testing firm DNAFit April 17, 2018 Hong Kong-based genetic testing company Prenetics has acquired DNAFit, a British DNA testing company. With over $50m (£34.8m) in funding from Chinese retail giant Alibaba and Ping An Insurance, this is Prenetics’ first acquisition. The sale marks a further expansion into the UK market by Prenetics, although the company already has operations in the UK [...]
AA looks to get back on track with encouraging full-year results April 15, 2018 Breakdown cover firm AA is expecting to get back on the road with some positive results when it releases its annual report on Tuesday. For the year-end, estimates from Liberum reckoned that AA’s trading EBITDA will be around £392m, as sales will go up slightly to £964m from £933m in 2017. Earnings in 2019 have [...]
AA share price leaps as rating agency surprises on “terminal” debt pile April 13, 2018 Troubled breakdown firm AA was today delivered a huge boost by a leading credit rating agency. Facing a prospect of a downgrade which could be “terminal” for shareholders, S&P refrained lowering its opinion of the AA. Shares leapt almost five per cent after credit decision was announced. Weighed down by almost £3bn of corporate bonds [...]
Disney forced to bid for Sky: How Britain’s takeover umpire has just thickened the plot April 13, 2018 As corporate stories go, this one has more plot twists than Game of Thrones. Sky investors were buoyed at the end of February as Comcast attempted to hijack Rupert Murdoch’s painfully slow takeover of the chunk of Sky he doesn’t already own. Shares hit levels last witnessed during the dotcom bubble – climbing above the [...]
Saga share price rises on better-than-expected results April 12, 2018 Insurance and travel company Saga has seen its share price rise after delivering a better-than-expected set of results this morning. The over 50s holiday and insurance company had issued a profit warning in December after the collapse of Monarch Airlines which had affected its tour operations business. In its preliminary results for the year to [...]
Provident Financial share price falls after completing a £331m rights issue April 10, 2018 Doorstep lender Provident Financial has completed a £331m cash call from investors, it announced this morning. A deadline for rights issue acceptances passed yesterday at 11am with 96.3 per cent of shareholders backing the capital raise. The success of the rights issue will come as little surprise to many traders as almost three-quarters (73.4 per [...]