Next’s share price jumps as it raises profit forecast after better than expected first half July 28, 2015 Next's share price jumped 1.4 per cent this morning, after raising its profit guidance for the full year following better than expected sales in the first half of this year. The high street chain is really showing Marks & Spencer how to do it. While its high street rival is struggling to get its [...]
BP profits tumble 50 per cent on lower oil prices and Deepwater Horizon charge July 28, 2015 BP shares are trading 1.19 per cent up in mid morning trading after it reported a 50 per cent drop in underlying profits during the second quarter of 2015, as lower oil prices and the Gulf of Mexico disaster continues to weigh on the company. The figure hit $1.31bn, undershooting analysts’ expectations of $1.6bn. Read more: One [...]
Leaked Yanis Varoufakis parallel currency plan to hack government databases sparks Greek backlash July 27, 2015 Greek politicians demanded answers from Prime Minister Alexis Tsipras yesterday after a leaked recording revealed former finance minister Yanis Varoufakis was planning to hack into government databases to help start a parallel currency. Yesterday, the Official Monetary and Financial Institutions Forum released a recording of the conversation held between him and investors. “We [...]
China runs down currency reserves as economy cools July 27, 2015 Capital is flooding out of China’s economy as it continues to cool. Analysts at Goldman Sachs have estimated capital outflows reached $224bn (£144bn) in the second quarter. The Chinese central bank is also reportedly running down its foreign currency reserves to keep the renminbi stable. “As it stands reserves are being liquidated to support the [...]
Moscow Mule trend lifts profits at UK drinks maker Fever-Tree July 27, 2015 Upmarket carbonated drinks producer Fever-Tree is toasting a fizzing set of financial results that have seen revenues climb 62 per cent since the firm floated in November. The firm, which produces soda mixers for alcoholic drinks, said yesterday that its revenue in the first six months of the year climbed to £24.1m, up 62 per [...]
Zegona swoops for Telecable de Asturias: Former Virgin Media execs buy Spanish outfit July 27, 2015 Two former Virgin Media executives yesterday struck a €640m agreement to buy a Spanish telecoms firm, the maiden investment for their newly launched takeover vehicle. Eamonn O’Hare, former chief financial officer at Virgin Media, and its ex-chief operating officer Robert Samuelson floated Zegona in March with the backing of blue chip fund mangers like Neil [...]
EE boss Olaf Swantee takes rivals to task over complaints about BT’s takeover July 27, 2015 EE boss Olaf Swantee yesterday hit back at rivals attacking a proposed £12.5bn takeover by telecoms giant BT amid fears the deal will dilute competition in the sector. “We have about 20 of our competitors who want to use lawyers to get a certain result, rather than using engineers to help them differentiate,” he said. [...]
Alton Towers parent company Merlin Entertainment warns on profits after Smiler rollercoaster collision July 27, 2015 Alton Towers' parent company Merlin Entertainment's share price plummeted this morning after issuing a profit warning, following the rollercoaster collision last month in which four people were left seriously injured. The horrific accident, which occurred at the start of June, has caused “significantly reduced volumes” of customers at Alton Towers and “to a lesser [...]
UBS smashes expectations as net profit rises by 53 per cent July 27, 2015 UBS has beaten all expectations as its profits rose by more than 50 per cent in the second quarter of the year. The figures In an update posted this morning, UBS said net profit was up 53 per cent to SFr1.2bn (£810m) in the three months to June. Switzerland’s largest lender also reported earnings per [...]
