Domino’s is putting more cheese on your pizza thanks to drop in food prices March 3, 2016 Ordering Domino's Pizza this evening? Then you may find that the pizza chain has been more generous with the cheese topping on your Margherita, as a drop food prices helped contribute to a jump in sales and profits last year. Chief executive David Wild said its franchisee saved around £11m thanks to record low cheese prices, a drop in [...]
Admiral’s share price hits record highs and leads the FTSE 100 higher after strong results March 3, 2016 Insurance group Admiral has posted a six per cent rise in pre-tax profit to £377m which sending its shares to a record high and leading the FTSE 100 to fresh highs for the year. Higher car insurance rates were one of the biggest drivers of profit for the company, as Admiral pulled in more customers but lowing its prices to [...]
BHP Billiton downgraded by Moody’s as commodity price rout continues to bite March 3, 2016 Moody's have downgraded BHP Billiton debt rating, saying the prolonged commodity price rout will continue to eat into the miner's balance sheet. The credit rating agency cut BHP's long-term debt rating by two notches to A3, citing the impact of metal prices on its earnings and cash flow. BHP today said that it will pay at least $1.1bn in compensation [...]
Shawbrook’s share price follows profits higher at the challenger bank, as small business lending and buy to let loans soar March 3, 2016 SHAWBROOK chief executive Steve Pateman has warned the bank is unlikely to see its buy to let loan book grow as quickly in 2016, amid concerns the market is getting out of control. Earlier this year, Bank of England governor Mark Carney said recent developments in the booming buy to let mortgage market posed a [...]
Genel share price soars despite biggest loss ever: Former BP boss Tony Hayward oil firm Genel falls to £1bn loss March 3, 2016 Genel shares closed up 13.5 per cent today at 88.25p per share, despite reporting its biggest annual loss since a stock market flotation four years ago. This followed a previously announced writedown to its oil field reserves in Iraqi Kurdistan. The figures Genel's losses before tax ballooned by 271 per cent to $1.2bn, up from $312.8bn in 2014. Its revenue fell 33.8 per cent [...]
Gala Coral earnings and revenue up, but Ladbrokes shares dip ahead of proposed bookmaker merger March 3, 2016 Gala Coral reported increases in revenue and earnings this morning ahead of its proposed merger with Ladbrokes. The results The bookmaker reported net revenue of £333.3m in the 16 weeks ending 16 January. This was up £47.1m, or 16 per cent, year on year. And, with growth in its retail divisions and online, it recorded earnings before [...]
McLaren chief executive Mike Flewitt: There is no way we will ever make an SUV March 3, 2016 As the automotive world’s great and good descended on Geneva for its annual motor show this week, one topic was being discussed: SUVs. After Porsche launched its mammoth Cayenne range in 2012, this year Maserati followed suit, with the $72,000 Levante. Even Ferrari came over all practical, with the launch of its four-seater GTC4 Lusso. [...]
Amec Foster Wheeler wins £125m BP contract March 3, 2016 There was another slither of good news for investors in Britain's largest oil and gas engineering group today, after it announced a £125m with energy giant BP to build a plant for its Forties Pipeline System in the North Sea. It comes a day after Amec revealed a new deal for its £1.7bn debt facility. The move is expected to shore up its balance [...]
Aggreko says first half profits will be lower as the oil price rout claims its latest victim March 3, 2016 Temporary power services firm Aggreko has said first half profits are likely to be lower in the first half of this year, however its shares jumped as analysts said that this wasn't "as bad as expected." The figures Pre-tax profit fell 13 per cent to £226m in the year ended 31 December, from £289m in [...]
Moody’s downgrades five Omani banks: BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman SAOG March 3, 2016 Credit ratings agency Moody's has downgraded five Omani banks, having slashed the country's credit rating last month due to low oil prices. Moody's downgraded the long-term deposit rating of BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman. It also kept their ratings under review for downgrade. The banks can no longer rely on the Omani government as a safety [...]
