Whole Foods to axe 1,500 jobs in eight weeks – but not in the UK September 28, 2015 Whole Foods, the upmarket US food chain, announced it will cut around 1,500 jobs over the next eight weeks as part of a cost-cutting drive designed to free up cash to invest in the business. The supermarket group, which has around 424 stores and employs over 80,000 people, said the cuts were designed to free [...]
Apple iPhone 6s and 6s Plus: New iPhones set “phenomenal” sales record September 28, 2015 Apple sold 13m iPhones in the debut weekend of new models iPhone 6s and 6s Plus, smashing through previous sales records. Chief executive Tim Cook described the sales rush as “phenomenal”, saying they had "blown past any previous first weekend sales results in Apple’s history". When the iPhone 6 and 6 Plus were released a [...]
Land Registry: UK house price growth in August at lowest level in two years September 28, 2015 House prices rose by 4.2 per cent year-on-year in August, according to the latest survey from Land Registry. This is the weakest annual pace since November 2013 and compares with an annual growth of 4.7 per cent in July. The average value of all properties across the UK – now £184,682 – was up 0.5 [...]
Glencore share price crashes as analysts warns on metal prices September 28, 2015 Glencore shares tumbled today after a particularly bearish note from analysts. Broker Investec questioned how much the company would be worth if metal prices fail to improve, while pointing to its high debt levels and a need for restructuring. The note sent shares in embattled commodities trader and miner shed as much as 31 per cent [...]
SSI to close Redcar steel plant with loss of 1,700 jobs on Teeside as global steel and iron prices plummet September 28, 2015 SSI has confirmed its steel and iron production plant in Redcar will close with the loss of nearly 2,000 jobs. The Thai steel company suspended production last week due to rising costs and a slump in demand, leaving the future of the plant and many local jobs unclear. However, but today it confirmed the plant [...]
Quintain takeover to go ahead after Lone Star ups stake in Wembley Park developer September 28, 2015 Lone Star's takeover of Quintain will go ahead, after the firm upped its stake in the Wembley Park developer to reach the 75 per cent approval required. Elliot Advisors had made a last-minute attempt to get a better offer from Lone Star, which is bidding for Quintain through investment vehicle Bailey Acquisitions, buying a 12.9 [...]
Volkswagen emissions scandal: 2.1 million Audis fitted with VW emission cheat software September 28, 2015 Audi share price has dropped 2.5 per cent after the Volkswagen-owned car manufacturer confirmed 2.1 million of its cars were fitted with the same emissions cheating software as VW models. The company is also said to have suspended the research and development heads of three divisions – VW core, Audi and Porsche- Reuters reports, although [...]
ECB confirms it has halted buying Volkswagen bonds as fallout from emissions scandal spreads September 28, 2015 Shares in beleaguered car-manufacturer Volkswagen fell 6.3 per cent this morning after the ECB confirmed it has excluded VW-backed assets from its bond-buying programme, pending a review. Central Bank sources told City PM: “In line with best practices for asset-backed securities investors, a decision was made to assess the repercussions of the recent developments affecting [...]
Glencore earnings beat estimates as it shoulders commodities rout September 28, 2015 The figures Switzerland-based Glencore said attributable net income fell seven per cent to $4.3bn (£2.7bn), down from $4.6bn a year earlier. This beat expectations as analysts had forecast $4.1bn. Meanwhile, net debt rose to $30.5bn. It set aside $1.1 billion of impairment charges for crumbling commodity prices. The company has also recommended a final cash [...]
SSI to close Redcar steel plant, affecting 1700 jobs, amid the collapse of global steel prices September 28, 2015 SSI is closing its Redcar steel plant, with the loss of up to 1,700 jobs, it was announced this morning. Production had been suspended last week as the firm attempted to ride out the collapse of global steel prices. Workers staged a rally over the weekend as they attempted to keep their jobs, saying it [...]
