Pessimism on global economic growth fails to put investors off risky assets March 23, 2016 Investors have become more downbeat on the global economy, according to new survey figures released today. However, they are in no hurry to start ditching risky assets, the data from Absolute Strategy Research (ASR) shows. The survey of 210 asset allocators, strategists and chief investment officers showed they believed the probability of a global recession [...]
Sofa chain DFS hails bumper half-year profits March 23, 2016 Shoppers are in the market for a new sofa and they are coming to buy them at DFS, according the furniture chain which posted a jump in first half profits. The company, which trades under its eponymous brand as well as Sofa Workshop and Dwell, said it made a pre-tax profit of £16.2m in the six [...]
Premier Foods’ share price soars as Mr Kipling owner rejects £500m takeover approach by US food giant McCormick March 23, 2016 Shares in Premier Foods have rocketed by 65 per cent today after the Mr Kipling and Bisto gravy owner confirmed it has rejected a second £496m takeover approach from US rival McCormick, saying the offer significantly undervalued the company. The food company said it was was first approached on 12 February regarding a possible cash offer of 52 p per share, which [...]
Chinese economy carried on growing at a sluggish pace in March, according to business survey March 23, 2016 China’s economy continued to grow at more moderate pace in March, according to new business survey data released today. The sales managers’ index produced by World Economics scored 51.2 in February, equal to the month before. As the score is above 50, it implies the economy grew over the month. While it is the joint-lowest [...]
BHS landlords and creditors approve crucial CVA vote to slash rents March 23, 2016 Struggling department store chain BHS will live to fight another day after creditors and landlords today voted in favour of a restructuring deal to slash the rent bill for its 164 UK stores. The company said 95 per cent of creditors approved a Company Voluntary Arrangement (CVA) for 125 stores at a meeting at the Novotel Hotel in Hammersmith this morning – [...]
Flash crash trader: Judge rules Navinder Singh Sarao can be extradited to the US to face trial March 23, 2016 A judge has ruled that Navinder Singh Sarao, the so-called hound of Hounslow, can be extradited to the US to face charges carrying a maximum sentence of 380 years. Sarao plans to appeal the verdict and has been released on bail. The US Secretary of State must now make an order for the extradition to the Home Office within the next [...]
Brent crude and WTI: US oil falls below $40 per barrel after EIA data March 23, 2016 US oil fell below $40 per barrel today, after fresh data suggested the global oversupply still has some ground left to cover before markets rebalance. Data released today by the Energy Information Administration (EIA) showed US crude oil inventories jumped by 9.4m barrels last week to a record total of 532.5m. This was much more than analysts expected, with [...]
Bond film Spectre boosts fourth quarter box office takings at cinema chain Vue International March 22, 2016 Cinema chain Vue International has hailed record full-year results as blockbusters such as James Bond movie Spectre helped to boost box office takings in the fourth quarter. In a presentation to bondholders, Vue's parent company Vougeot Bidco said group turnover increased by 17.4 per cent to £180.6m in the three months to 26 November, taking full-year sales to £697.9m. The company, which [...]
At the close: FTSE 100 rises despite tourism stocks dropping in wake of Brussels attacks March 22, 2016 Tourism stocks took a hit today in the wake of attacks in Brussels, holding the FTSE 100 index back from closing higher. The index closed 0.13 per cent higher at 6,192 points. "European equities dropped on Tuesday after a coordinated set of terrorist attacks at the airport and metro stations in Brussels sent investors out [...]
Saudi Arabia will go ahead with production freeze deal in April without Iran, sending the oil price up 50 per cent in just two months March 22, 2016 Saudi Arabia has signalled it will go ahead with a deal with Russia and other Organization of the Petroleum Exporting Countries (Opec) members to freeze production in April despite Opec rebel Iran vowing to continue to increase output. The deal, which already includes Venezuela and Qatar, is scheduled to be finalised at a meeting in Doha [...]
