Three owner Hutchison pledges five-year price freeze to ease competition concerns over merger with O2 February 4, 2016 Tens of millions of UK mobile phone customers could see their costs frozen for the next five years, as CK Hutchison tries to sway competition watchdogs over Three’s merger with O2. As Three’s parent company, Hutchison has pledged a #5bn investment to ease concerns over its proposed takeover of O2. Together, the two would create [...]
Nokia’s fall after the patent license arbitration with Samsung shows investors overreact wildly to intellectual property news February 4, 2016 When Nokia released information about the outcome of its patent licensing arbitration with Samsung, its share price fell by over 10 per cent within hours. This is not the first time that stock prices have reacted in an unpredictable fashion to intellectual property (IP) news. The poster child for this mispricing was when GoPro stock [...]
Ouch: Credit Suisse has cut bonuses by 36 per cent February 4, 2016 Having unveiled its first annual loss since 2008, there was one more howl of pain in store for Credit Suisse bankers this morning, after chief executive Tidjane Thiam told analysts the bank has slashed bonuses by more than a third in its investment bank. On a call with analysts this morning, Thiam said bonuses at [...]
FTSE 100 index opens up as oil prices surge lifting oil companies and miners including Anglo American and Glencore ahead of the Bank of England’s interest rate decision February 4, 2016 The FTSE 100 index opened up this morning as markets priced out a further interest rate increase by the Federal Reserve this year, in turn causing the dollar to slide and the price of oil to rally. The UK's blue chip index rose 1.46 per cent to 5,924 points ahead of the Bank of England's latest [...]
Vodafone share price rises on sixth consecutive quarter of improving sales fuelled by emerging markets growth February 4, 2016 Strong growth in emerging markets lifted Vodafone to its sixth consecutive quarter of improving sales. The figures Vodafone reported group organic service revenue up by 1.4 per cent to £10.3bn in the quarter ending 31 December 2015, up from 1.2 per cent the previous quarter. Sales in Africa, Middle East and Asia Pacific were especially [...]
EasyFoodstore shuts after demand for 25p food clears shelves February 4, 2016 The EasyFoodstore has been forced to close just days after it was launched, after bargain-hunting Londoners stripped the shelves bare. The pilot was launched on Monday, in Park Royal, north-London, with an introductory offer of 25p applied to all items ranging from pizzas to jaffa cakes. Those looking to get their hands on a good deal [...]
First South Western Trains and Stagecoach South West to battle it out for train franchise February 4, 2016 The government has shortlisted two train firms as it narrows down the list of potential winners of the South Western franchise competition. First South Western Trains and Stagecoach South West have made it to the final stage to secure the contract for one of the busiest routes in the country. Bidders will now need to [...]
L&G chief financial officer Mark Gregory to retire after 17 years at business February 4, 2016 Legal & General's chief financial officer Mark Gregory is leaving the business after 17 years. He will retire from the group on 31 January, although will remain on hand until a successor is appointed to "ensure there is a smooth transition". Gregory has been an executive director on the board for the last seven years, initially [...]
Royal Dutch Shell’s share price jumps despite reporting full year earnings 80 per cent down as it confirms it will cut 10,000 jobs February 4, 2016 Royal Dutch Shell is hurting like everybody else, with falling oil prices causing an 80 per cent decline in its full year earnings – but the company's share price jumped 3.44 per cent in early morning trading. The figures Royal Dutch Shell reported full year earnings on a current costs of supplies basis of $3.8bn (£2.61bn), compared with $19bn [...]
Credit Suisse’s share price plummets as it posts first annual loss since 2008, plans 4,000 job cuts: Tidjane Thiam issues warning of global uncertainty February 4, 2016 Credit Suisse's share price plummeted this morning on news it is planning to cut 4,000 jobs following its first annual loss in eight years, alongside a warning that it is "not clear" when financial markets will start to rebound. The figures The Swiss lender has reported a pre-tax loss of CHF 2.42bn (£1.65bn) for the full year [...]
