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 [...]
Delta Airlines tops expectations with first quarter profit April 14, 2016 Delta Airlines reported first quarter profits above expectations as it said it now forecasts a smaller fall in passenger unit revenue for the spring. The airline posted $946m net income for the quarter to the end of March, up from $746m in the same period a year ago, helped by lower fuel costs Delta reported a pre-tax income of $1.4bn. [...]
World’s biggest private coal miner Peabody files for bankruptcy protection in the US April 13, 2016 The World's biggest private coal producer, Peabody, has been forced to file for bankruptcy protection in the US, amid what it described as a historically difficult business environment. The move will help it shore up liquidity and whittle down its debt, which was $6.3bn (£4.4bn) at the end of 2015, the firm said as it made a Chapter 11 bankruptcy filing. [...]
JP Morgan’s profit has dipped though it has still managed to beat analyst expectations in the first quarter April 13, 2016 JP Morgan has surprised investors with its latest results coming in ahead of expectations. Overall profits came in at $1.35 a per share, on revenue of $24.1bn (£16.92bn). Analysts were expecting earnings per share of $1.24 on revenue of $23.80bn, according to a Bloomberg poll. This time last year JP Morgan, the largest bank in [...]
WH Smith’s reports double-digit profit growth in first half – and yes, adult colouring-in books are still a thing April 13, 2016 WH Smith has delivered strong first half results, with profit and earnings up double-digits and an improvement in high street sales. But investors appeared unimpressed: WH Smith's share price was down 4.1 per cent in morning trading. The figures The stationer reported group pre-tax profit of £80m for the six months to 29 February, up 11 [...]
McDonald’s, JD Wetherspoon and Domino’s urged to crackdown on use of antibiotics in global meat and poultry supply chains April 11, 2016 A coalition of 54 institutional investors, which manages funds totalling $1 trillion, has called on 10 UK and US restaurant chains including McDonald’s, JD Wetherspoon, Wendy’s and Domino’s Pizza Group to curb antibiotic use in their global meat and poultry supply chains. The investors, which include Aviva Investors and Coller Capital, have written to ten [...]
City Moves for 11 April 2016 | Who’s switching jobs April 11, 2016 BBC Worldwide Tom Fussell has been appointed as chief financial officer at BBC Worldwide. He has extensive experience of the TV and wider media industry, having worked in global media organisations for 20 years. Most recently, Tom was finance chief of Shine from 2013 to 2015, leading a global finance function across 11 markets. He [...]
City Moves for 5 April 2016 | Who’s switching jobs April 5, 2016 Bevan Brittan Law firm Bevan Brittan has announced that Joanne Easterbrook has been appointed senior partner with effect from 1 May 2016. Joanne succeeds Bethan Evans in the post, who is returning to full-time local government client work. Joanne is a highly experienced partner and recognised specialist, leading the firm’s clinical risk practice and counting [...]
Watch out, London: Brexit could mean fewer new homes as investors eye up Paris and Berlin April 4, 2016 Houses, hotels and office blocks may start sprouting up across London at a slightly slower pace this summer, as a survey of top property investors revealed investment in real estate will take a temporary knock in the event of Brexit. KPMG asked 25 global property investors, with combined portfolios of more than $400bn (£281bn), about [...]
Panmure Gordon boss boasts of first quarter profitability despite record loss for 2015 and Brexit headwinds March 31, 2016 Panmure Gordon’s chief executive has played down the company’s record £16.7m loss for 2015, while boasting of a return to profitability in the mid cap specialists first quarter. The broker warned though that market volatility and fears over the approaching European Union membership referendum could weigh on its performance. “Headwinds aside, we’re in good shape,” [...]