Investment banks’ earnings set to fall this year due to tough market conditions February 16, 2016 The party is over for investment banks, with earnings forecast to fall this year due to the challenging economic environment and a low level of deals, according to JP Morgan research. JP Morgan analysts cut their average earnings estimate for investment banks worldwide this year by a whopping 20 per cent and slashed their revenues estimate by 21 per cent. “We see [...]
Sir Peter Bazalgette to be ITV chairman as Archie Norman steps down February 16, 2016 Sir Peter Bazalgette is to become non-executive chairman of ITV, taking over from Archie Norman after six years in the role. Bazalgette, who as the head of Endemol was famously the man who brought Big Brother to the UK, will pick up the reins at ITV's AGM on 12 May. He has been a non-executive director [...]
FTSE 100 index opens higher as oil price rebounds on production freeze as Anglo American, BHP Billiton and Glencore share prices jump February 16, 2016 The FTSE 100 index opened higher this morning after markets were encouraged by quantitative easing hints from European Central Bank president Mario Draghi yesterday, as well as the rebounding price of oil. The UK's blue chip index rose 0.93 per cent to 5,878 points, led higher by Anglo American, BHP Billiton and Glencore. "European markets picked up where [...]
UK Oil & Gas’s share price leaps 71 per cent as it finds “significant” amounts of “moveable oil” at Gatwick Gusher on Horse Hill February 16, 2016 UK Oil & Gas's share price leaped more than 71 per cent this morning after revealing there were "significant quantities of moveable oil" at the so-called Gatwick Gusher. Horse Hill Developments has told UK Oil & Gas that "light, 40-degree API, sweet oil has flowed naturally to surface from an 80-foot zone within the Lower Kimmeridge limestone interval [...]
Anglo American’s share price falls as it unveils turnaround plan as earnings, revenues slump against challenging commodities environment February 16, 2016 Anglo American's share price fell more than 6.7 per cent this morning as the miner unveiled a major turnaround plan that it claims will create a "new" business, in light of some pretty dismal full year results. The figures Underlying EBIT fell 55 per cent to $2.2bn for the year to 31 December, while underlying earnings slumped [...]
EDF’s share price rises as it cuts dividend after net income falls – and gives update on Hinkley Point February 16, 2016 French energy giant EDF's share price rose this morning after revealing it was cutting its dividend as full year net income fell by two-thirds, warning of "essential" transformation in light of challenging conditions. The figures The group's EBITDA rose 3.9 per cent to €17.6bn, in line with the upgraded target of at least three per cent growth, while net [...]
British Airways, CityJet and Flybe threaten to quit London’s City Airport over fears new owners will raise airline charges February 16, 2016 Three major airlines have fired a warning shot to bidders vying for control of London's City Airport, threatening to pull their business if a new owner raises airline charges. The airport, currently owned by US private equity firm Global Infrastructure Partners, has attracted the interest of five bidders, including Asia’s richest man Li Ka-Shing. The deadline for final bids [...]
Jet firms take to European skies February 15, 2016 The private jet industry in the UK is picking up speed with new firms set to enter the market later this year. Jet financing firm Global Jet Capital and self styled Airbnb of the private jet market Stellar Labs will both launch in the UK in 2016 aiming to capitalise on growing demand for chartered jets. [...]
Shoe chain Brantano bought out of administration by previous owners Alteri February 15, 2016 Alteri Investors has bought back most of shoe giant Brantano's stores less than a month after calling in administrators and three months after acquiring the brand. PwC, the administrators, said 140 of Brantano's stores and concession have been sold back to a company controlled by the Mayfair investment firm, preserving 1,372 jobs, after interest from a number of buyers. [...]
Upmarket hostel owner Safestay says it is on track to hit forecasts as visitor numbers rise February 15, 2016 Safestay, the Aim-listed property developer of upmarket hostels, said its performance for the year was on track after increasing the number of beds in its portfolio by over 1,000 during the past year. The company, which was founded five years ago with the idea of sprucing up the hostel market, added a fourth hostel to its portfolio in September after [...]