Abercrombie share price surges as second quarter beats expectations August 26, 2015 Shares in struggling US fashion chain Abercrombie & Fitch surged more than 13 per cent in pre-market trading in New York, after the company reported better than expected earnings. Sales at the company, which also owns the teen-friendly Hollister brand, dipped eight per cent in the second quarter to $817.8m, but came in ahead of [...]
Paddy Power results: The five best quotes – Donald Trump, Ashley Madison, Greek debt crisis August 26, 2015 It's that time of year in the corporate earnings calendar when Paddy Power tells the City what's been going on, and business has been a little like Donald Trump's hair and Jeremy Clarkson's steak throwing skills in the first half of the year. Read more: Paddy Power earnings jump as it unveils Betfair merger There was [...]
Uber partners with University of Arizona to beef up its research into self-driving cars August 26, 2015 Uber’s getting serious about driverless cars, after the ride-hailing app teamed up with the University of Arizona to research new technology for autonomous cars. The strategic partnership between the two will focus on the optics systems needed to make driverless cars safe for roads, according to a statement from Uber: We’ll work with some of [...]
Why the finance sector is still the place for bonuses – despite a decline in payouts August 26, 2015 Finance sector workers are being paid billions less in bonuses than they were before the 2008 financial crisis, figures by the Office for National Statistics showed this morning. Total bonus payments in finance and insurance reached £13.6bn in the year to April, £5bn less than their pre-recession peak. Economy wide bonuses are just 0.1 per cent [...]
Chinese markets finish lower as volatile trading continues August 26, 2015 Chinese markets closed lower again today after a brief rally in afternoon trading. Having breached the 3,000 mark during afternoon trading, the Shanghai Composite closed 1.3 per cent down at 2,926.3 points, marking its fifth consecutive day of decline, while the Shenzhen Composite closed more than three per cent down at 1,695.8 points. But the [...]
Paddy Power and Betfair share prices jump as they take a punt on merging to create the world’s biggest online gambling company August 26, 2015 Say hello to the world’s largest online gambling company – after Paddy Power and Betfair announced a potential merger. The two bookmakers have agreed a deal in principle that will create one of the world’s largest online gambling companies by revenue. Under the terms of the deal, Paddy Power will own 52 per cent of [...]
Advertising giant WPP beats expectations as Sir Martin Sorrell says he is still bullish on China August 26, 2015 WPP's share price fell more than one per cent this morning, despite beating expectations on both profit and like-for-likes. The figures The advertising giant reported headline profit before tax up 12.1 per cent to £596m – ahead of expectations that it would come in around £590m – and up 13.2 per cent on a constant [...]
M Local selloff: Morrisons’ ill-fated attempt to build a convenience arm has become a lesson for the industry August 26, 2015 It was a cold day in February 2013 when Morrisons’ former chief executive Dalton Philips was faced with a tough decision. Film rental chain Blockbuster had just collapsed and Morrisons was one of several suitors circling a portfolio of 50 stores administrators had put up for sale. Read more: It's a deal – Morrisons [...]
Chinese economic crisis: China cuts rates as a pick-me-up after stock market crash August 26, 2015 Aftershocks from Monday’s chaos rippled through global markets yesterday, with shares bouncing back in parts of the west and China providing a shot in the arm for its battered trading floors and wavering economy. Following the worst worldwide stock market rout in years, the FTSE came out fighting and recorded its biggest one-day rise [...]
US stocks dive back down in final hour of trading, erasing all of the day’s gains August 25, 2015 Black Monday spilled over into Tuesday in the US, when stocks plummeted down in the final hour of trading. Read more: Black Monday 2015: US stocks battered in biggest fall since 2011 At close, the Dow Jones was down 1.3 per cent compared to yesterday, while the Nasdaq and S&P 500 were 0.4 per cent [...]