Up in smoke: Imperial Brands profit shrinks as regulators knock vaping November 5, 2019 Imperial Brands blamed “tough trading” in its vaping division after full-year profits slipped and shareholders saw earnings per share fall by a quarter. Read more: BAT to axe 2,300 jobs as it focuses on vaping The figures Operating profit fell 8.7 per cent to £2.2bn in the 12 months to the end of September. That [...]
WTO authorises China to impose $3.6bn in tariffs on US November 2, 2019 The World Trade Organisation (WTO) has authorised China to impose punitive tariffs against the US after ruling the duties on steel and other products were illegally inflated by the US. It means China could now levy $3.6bn worth of tariffs on American goods with WTO arbitrators saying the “countermeasures” could be imposed as early as [...]
Office Space: Inside the opulent Mayfair base of luxury property developer Clivedale November 1, 2019 Real estate firms’ offices tend to fit into one of two moulds: a converted Mayfair townhouse, an old-fashioned relic left over from the days where Hanover Square was overrun with estate agents in braces and pinstripe suits; or a clinical, corporate space interchangeable with that of any other property company, law firm or accountant. Super-prime [...]
Insurance giant AIG fights back in third quarter results November 1, 2019 A huge drop in catastrophe losses propelled insurer American International Group (AIG) to a profit in the third quarter, with a reported net income of $648m (£500m). Total pretax catastrophe losses in 2019 narrowed to $511m, well down on last year’s $1.6bn. Read more: Volatile market movements boost TP ICAP revenues This included $254m for [...]
BT keeps dividend alive despite heavy network spending October 31, 2019 BT kept its dividend alive despite a hit to earnings and revenue in the first half of new boss Philip Jansen’s first financial year due to hits from regulation and legacy product declines. The telco posted a flat profit and interim dividend as it pushes to try and roll out fibre broadband to 4m premises [...]
Eurozone reports unexpectedly steady GDP growth October 31, 2019 Eurozone gross domestic product (GDP) grew steadily in the third quarter defying market expectations of a slowdown while headline inflation slowed due to a sharp drop in energy prices. GDP in the EU’s 19 member states grew 0.2 per cent on the previous quarter between July and September, according to preliminary figures from the EU’s [...]
Royal Dutch Shell profits slide 15 per cent amid low oil prices October 31, 2019 Royal Dutch Shell became the third oil supermajor to feel the strain of low oil prices this week as profits fell 15 per cent in the third quarter. However, Shell still managed to comfortably beat analysts’ expectations, posting earnings of $4.8bn (£3.7bn), well ahead of the $3.91bn anticipated. Read more: Total latest to suffer from [...]
De La Rue share price plunges as it issues profit warning October 30, 2019 De La Rue’s share price crumbled today after it warned investors that full-year profits would fall “significantly lower” than current market expectations. Britain’s former passport maker also warned that adjusted operating profit for its half-year to the end of September would only be in the low-to-mid single digits. Read more: De La Rue appoints turnaround [...]
Credit Suisse profit doubles amid rise in wealth management business October 30, 2019 Profits at Credit Suisse more than doubled during the last three months following a robust performance in its flagship wealth management arm. The Swiss lender reported net profits of SFr751m for the third quarter, jumping 108 per cent when compared with the same period in the previous year. Read more: Deutsche Bank posts losses amid [...]
What problems do savers face when transferring their pensions? October 30, 2019 If you want to transfer your pension to another company, you could find it quicker to fly to Mars. That’s not an exaggeration – in some instances, it can take six months for your provider to process your request, so it’s hardly surprising that some people simply don’t bother trying to move their money at [...]