BNY Mellon joins other US banks in beating expectations in its first quarter April 21, 2016 Bank of New York Mellon has posted a five per cent increase in first-quarter profit due to heavy cost cutting and the US interest rate hike in December. Profit rose to $804m (£557m), or 73 cents a share, from $766m, or 67 cents, a year earlier. Analysts were expecting earnings of 67 cents a share, according to a Bloomberg poll. Total revenue [...]
Mount Anvil profits hit new record high as residential developer targets 1,000 new homes April 20, 2016 London property developer Mount Anvil posted a 25 per cent jump in pre-tax profits to reach a new record of £25m last year, after partnering with other developers to deliver nearly 500 new homes across the capital. The private company, which is redeveloping Keybridge tower in Vauxhall as well as Dollar Bay in the Isle of Dogs, said [...]
Sigma Capital profits rise ten-fold as push into private rental sector pays off April 19, 2016 Kuwaiti-backed property developer Sigma Capital has posted a jump in full-year profits after its push into the growing private rental sector (PRS) paid off. The Aim-listed company, which has offices in London, Manchester and Edinburgh, said revenues increased by 74 per cent to £6.72m last year while profit from operations rose 877 per cent from £1.63m to £1.82m. Profit before [...]
UK house prices: The government could tackle the country’s housing deficit – but it has a vested interest in choking supply April 19, 2016 We need more housing to be built in the UK. That’s a quite indisputable statement that everyone I speak to in the property industry, in the public sector, amongst charities and at the dinner table, agrees with. The population of Britain increases by around 500,000 people each year largely due to positive net immigration but because people are [...]
Caught on camera: Video etiquette for the office April 19, 2016 The expression “may you live in interesting times” is said to be an English translation of a Chinese curse. When it comes to moments caught on camera, what is interesting to some can be damaging to others. From the leaking of the script for Game of Thrones and Walmart’s training video to prevent workers from [...]
World’s largest producers of fake goods revealed as value of counterfeit goods nears half a trillion dollars per year April 18, 2016 The counterfeit goods trade around the world is worth almost half a trillion dollars a year, according to a new report by the Organisation for Economic Co-operation and Development (OECD) and the European Union’s Intellectual Property Office. The value of imported fake goods worldwide stood at $461bn (£325bn) in 2013, 2.5 per cent of the [...]
Star Wars joins forces with Disney princesses to boost Hasbro sales April 18, 2016 Hasbro shares have edged higher after the toy-maker posted a 16 per cent jump in first quarter sales, boosted by demand for Star Wars lightsabers and Millennium Falcon playsets on the back of the recent blockbuster release. The world's third biggest toy company behind Lego and Mattel reported revenues of $831.2m (£585.6m) in the first three months of the [...]
Stock Spirits boss Chris Heath steps down over shareholder and strategy row April 18, 2016 The chief executive of Stock Spirits group has taken "early retirement" and stepped down with immediate effect from the London-listed Polish vodka producer. Chris Heath, who had been at the helm of the European drinks major for seven years, had been facing calls to resign since early April. A large investor in the firm, Western Gate [...]
“Challenger broker” Zeus Capital hails bucking the investment banking trend with 2016 figures April 18, 2016 Boutique investment bank Zeus Capital described itself as a "challenger broker" as it released results showing it has "bucked the trend". In the year to 31 March 2016, Zeus said it had completed 23 transactions, raising £1.5bn – up from around £500m in the previous year – across the public and private markets. Its revenue for the period was [...]
Wells Fargo has beaten expectations sending its share price higher, though profit fell seven per cent April 14, 2016 US bank Wells Fargo has reported that its profits dropped by seven per cent over the last three months compared to last year. The bank, the third-largest bank by assets in the US, posted profits of $5.5bn (£3.9bn), compared with $5.8bn in first quarter 2015. Revenue tracked upwards however, rising four per cent to $22.2bn. JP Morgan and [...]