Imagination Technologies share price drops as chief executive Sir Hossein Yassaie leaves and chip maker sells Pure February 8, 2016 Imagination Technologies’ chief executive, Sir Hossein Yassaie, has stepped down from the troubled chip maker with immediate effect. Yassaie has been with Imagination since 1992, but is leaving as the firm attempts a major rehaul. The embattled UK chip maker has seen over 40 per cent of its value wiped off in the past three [...]
Randgold Resources share price soars on record gold production despite commodities crisis taking a chunk out of profits February 8, 2016 Randgold Resources posted record production last year, boasting it was “one of the best in its history”, despite slumping gold prices taking a chunk out of its profits. The figures Randgold, the South African gold miner, posted record-breaking production for the quarter ending 31 December, up six per cent year-on-year. The firm’s profits were down [...]
Majority of British public think companies receiving taxpayer’s money should be subject to Freedom of Information laws – 38 Degrees February 8, 2016 Six in 10 Brits believe Freedom of Information (FOI) laws should apply to companies receiving taxpayers' money to provide public services, according to a new poll released today. The survey, commissioned by campaigns group 38 Degrees and carried out by YouGov, showed only 10 per cent of the British public would oppose applying FOI laws to [...]
European central bankers call for eurozone finance ministry February 8, 2016 The eurozone needs a stronger regulatory framework, including its own finance ministry, to deliver sustainable growth and create more jobs, the leaders of the French and German central banks wrote in a German newspaper this morning. In an article for the Sueddeutsche Zeitung, Bundesbank President Jens Weidmann and Bank of France Chief Francois Villeroy de Galhau [...]
Mining sector burning through cash reserves after commodity price crash February 8, 2016 The value of cash held by London Stock Exchange-listed mining companies fell by £1.1bn in the last year, according to research released today by Banc De Binary. The findings show a fall in cash reserves across all LSE-listed mining companies from £24.3bn to £23.2bn over the last 12 months. A drop of £780m was recorded in [...]
Chancellor George Osborne’s stamp duty reforms cost the Treasury £662m in 2015 February 8, 2016 George Osborne’s overhaul of the stamp duty tax regime has cost the taxpayer well over half a billion pounds in lost revenue last year, new research today reveals, as sales of high-end homes slowed and investors switched tactics to avoid paying huge premiums on purchases. In December 2014 the chancellor scrapped the old system, where the [...]
Clothing retailers bounce back in January as consumer spending returns to eight-month high February 8, 2016 Consumer spending returned to an eight month high in January as the freezing temperatures and discounts drove more shoppers to the high street to stock up on winter clothing. Spending rose by 2.7 per cent year-on-year in January from a 2.2 per cent rise in December and was the highest growth rate since May 2014, [...]
Credit Suisse chief executive Tidjane Thiam to waive part of his bonus after Swiss lender reports first set of annual losses since 2008 February 7, 2016 One banking chief has revealed he might not be receiving as hefty a bonus as he might be accustomed to this year. Credit Suisse chief executive Tidjane Thiam has told a Swiss weekly newspaper that he will be forfeiting part of his bonus, after the bank recently reported its first annual loss since 2008. Thiam is quoted [...]
Rolls-Royce could unveil another profit warning and suspend its dividend this week February 7, 2016 Engine maker Rolls-Royce will report its results for 2015 at the end of this week, and shareholders are bracing themselves for a profit warning and cuts to the dividend. Chief exec Warren East may announce the firm’s sixth profit warning in two years. Analysts are expecting profits to fall by around £320m to £1.3bn while profits [...]
BT finance chief Tony Chanmugam to announce retirement February 7, 2016 BT's finance director is expected to announce his retirement within weeks and will step down later this year. Tony Chanmugam, who has been BT's group finance director since December 2008, will also step down from the BT board. Before becoming head of finance at the telecoms major, he held two senior positions at BT Retail, as [...]