Surprise: Dollar rises against the euro as US growth is revised upwards for the fourth quarter of 2015 February 26, 2016 The dollar rose this afternoon after US growth was unexpectedly revised upwards for the fourth quarter of last year – despite worries about global growth. GDP growth hit one per cent in the final three months of the year, figures from the US Commerce Department showed today, up from the 0.7 per cent initial estimate. That pushed [...]
FTSE 100 demotions and promotions: Sports Direct and Aberdeen Asset Management could be demoted in quarterly review February 26, 2016 Sports Direct could slip out of Britain's blue chip index at its quarterly review which is due to take place on Wednesday. Despite a boost to its brand from popular musicians such as UK grime artist Skepta, the company was the biggest casualty of disappointing trading which afflicted a number of its peers over the crucial [...]
Italy’s Eni whose chief executive Claudio Descalzi warned oil prices could hit $200 posts £6.6bn loss in the fourth quarter of 2015 February 26, 2016 The company whose chief executive famously warned oil prices could spike at $200 per barrel has been forced to slash spending, after writedowns driven by low oil prices pushed it to a loss in the fourth quarter. Italian oil major Eni announced plans to cut capital expenditure by 20 per cent this year, as it revealed an [...]
RBS share price plummets as litigation costs mount for RBS – but losses narrow February 26, 2016 Royal Bank of Scotland Group (RBS) shares plummeted 10.5 per cent to 218.3p as markets opened, despite losses narrowing to just under £2bn last year. Still, it's its eighth straight year of losses. The figures RBS said its loss attributable to ordinary shareholders hit £1.98bn last year, down from £3.47bn in 2014. Total income fell to £12.92bn, from £15.15bn last year, while pre-tax profits [...]
London Stock Exchange Group chief executive Xavier Rolet to step down following Deutsche Boerse proposed merger completion, and Carsten Kengeter to be boss of newly combined group February 26, 2016 Current chief executive of the London Stock Exchange Group (LSE) Xavier Rolet will step down from his role once the proposed merger with Deutsche Boerse completes. In an announcement about the proposed merger this morning, the exchanges revealed that the newly combined company would be domiciled in the UK, with LSE in London and Deutsche Boerse in Frankfurt as subsidiaries and headquarters [...]
UK Oil & Gas: Ukog share price falls as pre-tax losses widen February 26, 2016 The figures: UK Oil & Gas' pre-tax losses widened by around 87 per cent to £1.7m, from £906m a year earlier. This was largely due to costs associated with the group's investments and assets, particularly within its core Weald Basin Portland and Kimmeridge tight oil licences and the new Isle of Wight portfolio. The Aim-listed company invested £3.7m [...]
IAG share price falls despite low fuel costs boosting profits for 2015 February 26, 2016 British Airways owner International Airlines Group (IAG) has unveiled higher than expected profits for the year ending 2015, as a result of cheaper fuel prices and customer demand. The airline conglomerate, which represents British Airways and Iberia, among others, reported an operating profit before exceptional items of €2.34bn (£1.84bn) last year – a year-on-year increase of 125 per cent. [...]
Former Financial Times owner Pearson share price up as publishing company reveals loss before tax for year ended December 2015 as sales also take a knock February 26, 2016 Share price in Pearson rose this morning as the publishing company revealed it had fallen into a loss-making position and its sales had dipped slightly. The publisher reported a loss before tax of £433m for its year ended December 2015, down from a profit before tax of £255m the year before. Meanwhile, levels of sales [...]
Sports Direct ditches controversial Mike Ashley loan facility over “unjustified criticism” February 26, 2016 It seems Mike Ashley's feelings have been hurt. Sports Direct has said it will no longer draw on a loan facility provided to it by Ashley, its founder. In an unusual statement this morning, the company said although it expects its borrowing requirements to be "consistently in excess" of the £263m it has drawn on [...]
Asian markets recover on G20 hopes – but Sharp shares fall after Foxconn delay February 26, 2016 After sharp falls yesterday, shares in China recovered overnight, after the country's central banker showed told a G20 meeting the country still had "multiple policy instruments" to support stumbles in growth. The Shanghai Composite was up 1.4 per cent in mid-afternoon trading, while the Shenzhen Composite was up 0.6 per cent. Meanwhile, Hong Kong's Hang [...]