Glencore share price rises despite S&P cutting its credit rating to just above junk February 4, 2016 Miner and trader Glencore’s credit rating was left hovering above junk grade today, after Standard & Poor’s (S&P) spliced it to the lowest investment grade, citing concern over the impact of China’s slowing economy on commodity prices. S&P downgraded the Switzerland-based group by one notch to BB- from BBB. It had recently lowered forecasts for [...]
Private equity firms Blackstone and Catalyst win consent for Stratford Island scheme February 4, 2016 Plans for a major regeneration scheme at the centre of Stratford have been given the go-ahead by Newham council, paving the way for 600 new homes. Private equity firms Blackstone Real Estate Partners and Catalyst Capital have won planning permission to two tower blocks on the Stratford Centre site – one of 42 storeys and the other of 25 – [...]
Tory NHS reforms boost Primary Health Properties February 4, 2016 Primary Health Properties (PHP) said government plans to invest more in GP premises would help boost its prospects next year as it posted strong full-year results. The company, which owns a £1.1bn portfolio comprising of 275 properties let primarily to GPs, said its net asset value per share increased by 10 per cent to 87.7 pence [...]
Philip Morris’ share price rises as cigarette seller coughs up mixed results February 4, 2016 Cigarette seller Philip Morris has missed fourth-quarter revenue expectations and signalled a low profit outlook for 2016. Revenue for the quarter slipped 11 per cent to $6.39bn (£4.38bn), with revenue declining in every geographic region. Chief executive André Calantzopoulos said: “Against a backdrop of improving industry volume trends in many key geographies, our cigarette brand portfolio performed superbly, [...]
Beazley share price up as insurer reveals a boost to profits for the year ended December 2015 and a planned move to London from Ireland February 4, 2016 Beazley today revealed it was eyeing a return to the UK from lower-tax jurisdiction Ireland as it reported a boost to its profits for the year. The insurer announced that it had made profit before tax of $284m (£194.7m) for the year ended December 2015, which is up eight per cent from $261.9m the year before. "Beazley increased [...]
ConocoPhillips share price falls as it whittles down dividend due to commodities slump February 4, 2016 ConocoPhillips unveiled deep cost-cutting measures today, as it became the first US oil major to slash its quarterly dividend, due to the increasingly gloomy outlook for commodities and tighter credit conditions across the industry. Shares in ConocoPhillips, the largest US independent oil and gas company, slumped 1.24 per cent to $38.15. It cut capital expenditure forecasts for 2016 to [...]
From Deutsche Bank to Credit Suisse and RBS: This chart shows exactly how much global banks’ share prices have fallen this year February 4, 2016 An interesting note from Panmure Gordon market commentator David Buik, who laid out this afternoon, in percentage terms, exactly how much banks have suffered in the first weeks of 2016. The out-and-out winner in the loser stakes is Deutsche Bank, whose share price has fallen 39.6 per cent, from €23.01 to €15.05 since the beginning of [...]
Dunkin Donuts surprises with US sales dip as Baskin Robins ice cream demand grows February 4, 2016 Dunkin' Brands Group, the owner of Dunkin' Donuts and Baskin-Robbins, has reported expectation beating results for the fourth quarter, despite its key US sales declining. The company posted a loss of $8.9m (£6.1m) for the period, down from a profit of $52.5m in the same three months last year. Global revenue climbed 5.5 per cent to [...]
Sofa-maker DFS sitting comfortably as sales jump February 4, 2016 Sofa chain DFS furniture said it remained on track to hit full-year profit expectations after a jump in the sales in the first half of the year. The Doncaster-based firm, which also trades as Dwell and Sofa Workshop, said all of its brands performed well in the 26 weeks to 30 January, with sales up [...]
AstraZeneca’s share price falls after revenue warning as it teeters on edge of patent cliff February 4, 2016 The so-called patent cliff is fast approaching for drug maker AstraZeneca as its warns that revenue and earnings could fall as rivals begin production on it’s money spinning cholesterol drug Crestor. The London listed company is pinning its hopes on its pipeline of experimental drugs that are are not expected to begin generating revenue in [...]
