Tapestry shares surge after Coach owner announces $1bn stock buyback May 9, 2019 Shares in luxury fashion group Tapestry surged today after the owner of Coach and Kate Spade announced $1bn ($768m) worth of share buybacks. Read more: Tapestry beats estimates as Coach handbags lure in sales The US holding company beat analysts’ profit expectations when it posted third-quarter results today. Gross profit rose to $916m for the [...]
Chevron drops out of race to buy Anadarko, with Occidental set to begin takeover talks May 9, 2019 Chevron has admitted defeat in the multi-billion dollar battle to buy oil and gas giant Anadarko, handing victory to rival Occidental. Chevron today said it could not beat Occidental’s $38bn (£29bn) takeover offer, which comprises a 78 per cent cash component. Read more: Occidental updates Anadarko bid to beat Chevron's rival offe Occidental's hostile offer [...]
Turkey introduces ‘backdoor’ rate rise as Turkish lira falls to eight-month low May 9, 2019 The Turkish lira has fallen to its lowest level in almost eight months, prompting the country’s central bank to suspend short-term borrowing of government securities, in what has been dubbed a “backdoor” interest rate rise. The country’s embattled currency – which has been under pressure since March – has seen a serious severe downturn since Turkey’s [...]
Whoops… Australia prints 46m banknotes with spelling mistake May 9, 2019 Australia’s latest AU$50 banknote has been printed with a typo hidden in the small print. The word “responsibility” is spelled incorrectly as “responsibilty”, with the third “i” missing, the Reserve Bank of Australia (RBA) has confirmed. Read more: Vodafone's Australian TPG merger blocked A total of 46m banknotes are thought to be affected by the [...]
Production falls at under-fire Brazilian miner Vale after a burst dam killed hundreds May 8, 2019 Production at under-fire Vale fell 28 per cent quarter-on-quarter, the company said today after one of its dams burst in January, killing hundreds. The Brazilian miner said production of iron ore dropped 11 per cent year-on-year, but more than a quarter since the last part of 2019, to 72.9m tonnes. Read more: Vale stops operations [...]
Global stocks continue downwards trend as poor Chinese data adds to trade fears May 8, 2019 Global stock markets have continued to slide today as investors digested the impending increase of US tariffs on goods from China and weaker-than-expected Chinese exports. Read more: Global markets in tailspin after Trump threatens huge China tariff rise The UK benchmark FTSE 100 had fallen 0.4 per cent to 7,234.96 shortly after midday UK time [...]
Hackers steal $41m in bitcoins from crypto exchange Binance May 8, 2019 Hackers have stolen bitcoins worth roughly $41m (£31m) from cryptocurrency exchange site Binance, the company said today. Read more: Bitcoin price gains continue as it jumps to six-month high Binance said hackers had withdrawn 7,000 bitcoins in a single transaction after using techniques including phishing and viruses as part of a coordinated large-scale security breach. [...]
DEBATE: Was Gordon Brown right to sell off the government’s gold reserves 20 years ago? May 8, 2019 Was Gordon Brown right to sell off the government’s gold reserves 20 years ago? Tim Focas, director of financial services for Westminster think tank Parliament Street, says YES. While Gordon Brown could have sold at a better price, for the vast majority of governments across established economies, there is no real point to holding gold. [...]
Gett eyes 2020 flotation and profitability as it raises $200m at a $1.5bn valuation May 8, 2019 Taxi-hailing firm Gett said it has raised $200m (£153m) in additional funding yesterday, with a flotation on the cards “as soon as the first quarter of 2020”. It added it is on track to become operationally profitable globally by the fourth quarter of this year, including its US operation. Read more: Uber drivers to stage [...]
UK’s biggest companies pull away as profits for rest of pack plunge May 8, 2019 Average profits at the UK’s 40 biggest companies rose by 11 per cent in the first quarter of the year while those outside the group saw a fall of 18 per cent, new analysis has shown, laying bare a stark division in the fortunes of British companies. Read more: 'Zombie firms' dragging down UK economy, [...]
