Saudi wealth fund invests $3.5bn in Uber June 1, 2016 Controversial taxi app Uber has raised $3.5bn (£2.43bn) from Saudi Arabia's sovereign wealth fund valuing the company at $62.5bn. The Saudi Arabian Public Investment Fund will now own approximately 5 per cent of Uber and the fund's managing director Yasir al-Rumayyan will join the company's board. Other board members include Benchmark Capital general partner Bill Gurley and Huffington Post co-founder Arianna Huffington. [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
Top banter: Unilad has just released its first financial figures May 31, 2016 Bearded bros Liam Harrington and Sam Bentley will be g-lad all over as they release their startup's first financial figures today. Harrington, 24, and Bentley, 25, founded the Unilad.co.uk in 2014. The website does not share the same origins as the controversial Unilad.com, which was closed in 2012 following negative press coverage around its apparent promotion [...]
Tony Blair has said Jeremy Corbyn as prime minister would be a “very dangerous experiment” May 28, 2016 Tony Blair has warned the Labour Party and the British electorate against electing Jeremy Corbyn as prime minister in some of his most critical comments yet of the party leader. Speaking to the BBC in an interview to be broadcast this afternoon, Blair, Labour’s most electorally successful leader in its history, said a Corbyn premiership would [...]
Sears is exploring options for two businesses, sending its share price higher as revenue continues to fall May 26, 2016 The one-time largest US retailer Sears has posted a loss of $471m (£320m) or $4.41 a share for its latest quarter. The loss has widened from the $303m it reported a year earlier and has led the company to explore potential partnerships or other deals for some of its biggest brands. Sears is considering opening up the Kenmore, Craftsman and DieHard brands, [...]
Pets at Home hikes dividend after strong year for luxury sales May 26, 2016 Pets at Home boosted its dividend today after posting strong sales growth in its full-year results, thanks, in part, to the continuing craze for luxury "advanced nutrition" products. The figures The pets retailer posted like-for-like sales growth of 2.1 per cent in the 53 weeks to 31 March. Food revenue growth grew at a healthy 6.4 per [...]
As the EU says 20 per cent of Netflix content should be made in the European Union, is this a good reason to back Brexit? May 26, 2016 Len Shackleton, professor of economics at the University of Buckingham and fellow at the Institute of Economic Affairs, says Yes. A quota for tedious German family sagas or subsidised reworkings of Napoleon’s triumphs, compulsorily advertised on the Netflix homepage, may not itself drive voters to Brexit. But attempting to regulate video-on-demand is symptomatic of the Commission’s ever-expanding [...]
Best Buy has warned over its current quarter, sending its share price tumbling May 24, 2016 US electronics chain Best Buy has said it's current quarter is going to come in below analyst expectations. The company has blamed disruption in supply after an earthquake in Japan caused chaos with production of some high-margin products, as well as investment in services launched last September dragging on earnings. The news, coming ahead of the open in [...]
Think tank warns lower levels of immigration will mean higher taxes May 24, 2016 A post-Brexit fall in migration would hit growth across the UK and result in higher taxes for UK citizens, according to a new think tank report. If net migration from the European Union were to drop – as it might should the UK vote to leave the European Union – the National Institute of Economic [...]
EDF’s UK boss Vincent de Rivaz readies for second grilling by MPs over Hinkley delays May 23, 2016 EDF's UK boss, Vincent de Rivaz, will be hauled before MPs for the second time tomorrow, with the final investment decision for its controversial Hinkley Point C nuclear power plant expected to take centre stage. The French utility giant recently pushed back the decision once again to at least September. De Rivaz had assured it would [...]