Death of clubbing? Why that’s bad news for the UK’s night time economy August 12, 2015 The UK’s late night sector, its bars, live music venues and nightclubs, is rightly recognised as one of the most vibrant and progressive in the world. The sector forms an integral part of the UK’s cultural zeitgeist and has provided a breeding ground for much of this country’s world-renowned musical talent. Our nightclubs and venues [...]
Alphabet soup? Here’s what the new Google looks like August 12, 2015 No wonder Google bosses felt they needed to make the structure of the company a little more, well, structured. The span of the less than two-decades-old company is dizzying. The arrival of new finance chief Ruth Porat bringing new, and very experienced, eyes to the business may have spurred a clearer line for reporting earnings [...]
Greek debt crisis: Alexis Tsipras calls emergency parliament session to vote on new bailout deal August 12, 2015 Greece’s prime minister Alexis Tsipras has called an emergency session of parliament to vote on a new bailout deal after the cash-strapped country reached an agreement with its creditors earlier today. The multi-billion dollar bailout deal was agreed upon after another overnight set of talks starting Monday afternoon, and will help the country remain in [...]
Brazil’s credit rating nears junk status after Moody’s downgrade August 12, 2015 Moody’s cut Brazil’s credit rating to near-junk status yesterday, the second rating downgrade the country has sustained since President Dilma Rousseff came to power in 2011. The decision comes two weeks after rival ratings firm Standard & Poor’s (S&P) warned Brazil could lose its investment grade if fallout from a number of corruption investigations weighs [...]
Chinese shock leaves the FTSE 100 nursing losses after renminbi devaluation August 12, 2015 The FTSE 100 fell by 72 points yesterday as luxury goods and mining firms suffered from China’s unexpected devaluation of the renminbi. The Chinese devaluation, news of which broke after the FTSE closed on Monday night, saw Burberry shares open 12p down on the previous day at 1,595p, before falling throughout the day to [...]
S&P 500 pegged back by rising greenback: US stock index limping due to burgeoning power of dollar August 12, 2015 The strong dollar is hindering growth in US equities this year, analysts are warning. The US dollar has been persistently strong in the last year, and has risen around 18 per cent on a trade weighted basis against a basket of other currencies in 12 months. It has continued to strengthen throughout this year, and [...]
Former Co-operative Bank execs to face regulator scrutiny August 12, 2015 The Co-operative Bank may have avoided paying a financial penalty for its “serious and wide-ranging failings” between 2009 and 2013, but it is expected that the firm’s former management will face fines and punishments in the months ahead. The Bank of England’s prudential regulation authority (PRA) and the Financial Conduct Authority (FCA) said yesterday [...]
Card Factory set to return cash to investors as new stores boost sales August 12, 2015 Budget greetings card chain Card Factory announced yesterday that it plans to return cash to shareholders after the opening of new stores and a relaunch of its website helped boost sales in the first half. The Wakefield-based retailer said total sales grew by eight per cent in the six months to 31 July thanks to [...]
Currency chaos splits global profit outlook as Eurozone businesses outpace UK and US rivals August 12, 2015 Currency turmoil is wreaking havoc with British and American company earnings, leaving businesses trailing the growth of rivals in the Eurozone. Profit growth in the Eurozone is on track to race past American levels for the first time since 2007 and leave the UK for dust after reporting forecast-busting earnings in the latest reporting [...]
Warren Buffett’s Berkshire Hathaway risks downgrading by Standard & Poor’s after Precision Castparts deal August 11, 2015 Warren Buffett’s Berkshire Hathaway risks being downgraded by ratings agency Standard & Poor’s, after its record deal to buy aerospace manufacturer Precision Castparts. The acquisition worth $37.2bn has caused S&P to worry about Berkshire Hathaway’s cash resources, putting it on "CreditWatch Negative". The company is currently rated "AA", the third-highest of 10 possible ratings. Read [...]