Most Aim-listed oil and gas companies loss making January 11, 2016 Ninety per cent of small cap oil and gas companies are still loss making, the same as in 2014, despite attempts to whittle down costs in the face of persistently low oil prices, research released today by Company Watch has shown. And two out of five are in the Warning Area, indicating they are more vulnerable [...]
Bottoms Up: Coq d’Argent owner D&D London toasts jump in Christmas sales January 11, 2016 D&D London, the restaurant and hotel empire behind the City’s Coq D’argent and South Place Hotel, has posted a jump in sales over Christmas as diners popped open the champagne. The company, which is mulling a stock market float, said UK like-for-like sales jumped by 4.2 per cent in December. Underlying sales for the nine months [...]
Travelodge plots £140m expansion with 19 new hotels January 11, 2016 Travelodge has unveiled plans to open 19 hotels this year after completing a £100m makeover of its entire estate, paving the way for a potential sale of the chain this year. The budget hotelier said it will invest around £140m in developing and opening new hotels in key business locations such as London, Glasgow and [...]
More pain for the UK steel industry: Union bosses meet Tata Steel over Port Talbot job losses January 11, 2016 Union bosses are preparing to meet with Tata Steel this week, following reports that there could be hundreds of job losses at the UK's largest steel works, signalling more pain for the embattled industry. It follows local reports that around a quarter of the 4,000 steelworkers at the plant in Port Talbot, south Wales could lose [...]
Savills hikes full-year forecasts but warns that rising rates could dent deal volumes in 2016 January 11, 2016 Savills has reported a stronger-than-expected finish to 2015 but warned that increasing uncertainty over the economic outlook and rising interest rates is likely to dampen deal volumes this year. The estate agency said its investment management division enjoyed a particularly strong end to the year thanks to the sale of portfolio of buildings around one of [...]
Eat and London Luton airport owner Ardian Private Equity closes the largest ever European infrastructure fund worth €2.65bn January 11, 2016 Ardian, the French private equity house whose investments include restaurant chain Eat and London Luton airport, has closed its infrastructure fund with €2.65bn (£1.98bn) of investment. It is Ardian's fourth infrastructure fund, and is the largest such fund raised by a European firm, surpassing Ardian's third fund by 50 per cent. Some €900m came from new [...]
House of Fraser reports strong Christmas trading period after first full year of being owned by Chinese conglomerate Sanpower January 11, 2016 House of Fraser appears to have shrugged off the festive blues plaguing other retailers, with sales up 5.3 per cent for the six weeks to 2 January. The figures The Chinese-owned department store, said it had had a strong Christmas trading period, starting with Black Friday, when sales were up 10 per cent on the previous [...]
Apple Music streaming service nabs 10m subscribers January 11, 2016 Apple Music now has 10m subscribers six months after it launched, it's been reported. The FT reported that the service, which was launched in June last year, rose despite a fall in global album sales. It's pretty good news for the service, which offered users a free three-month subscription when it was first unveiled. Set against [...]
Oil prices: Standard Life says it will vote against Royal Dutch Shell’s takeover of BG Group January 11, 2016 Standard Life plans to oppose Royal Dutch Shell's takeover of its smaller rival BG Group, saying that the £47bn mega-deal would not work in the current low oil price environment. Dave Cumming, head of equities at Standard Life, said that the fund manager plans to oppose the deal when it goes to a shareholder vote later this month. [...]
FTSE 100 index opens lower as concerns over the Chinese economy persist January 11, 2016 The FTSE 100 index opened lower today as fears over the state of the Chinese economy lingered on. The UK's blue-chip index fell 0.34 per cent to 5,891 points, led lower by oil companies and miners (again). The news followed another fall in Chinese markets, after weak inflation data was published over the weekend. "It feels as though [...]