Bunzl profits ‘resilient’ despite slowing global economy and struggling UK sales August 27, 2019 Outsourcer Bunzl’s half year results were helped by the weakness of the pound as it boosted revenue and profit despite UK sales lagging behind the rest of its business. The FTSE 100 distribution giant reported a modest rise in pre-tax profit and nudged its dividend up two per cent. Shares fell in early trading but [...]
Up in smoke: Is it time to stub out your exposure to tobacco stocks? June 25, 2019 “Blow in her face and she’ll follow you anywhere.” That was how one advert tried to sell cigarettes back in the 1960s. More than half a century later, the glamorous, seductive veneer of the cigarette industry has gone up in smoke. Gone is the attractive packaging, which has been replaced by ugly images of tarred [...]
European stock markets bounce after rough week August 12, 2019 European stocks have opened higher as calm returned to the market following a sharp sell off on Friday driven by the US-China trade war. Read more: US stock markets fall with Donald Trump ‘not ready’ for deal with China The FTSE 100 was 0.6 per cent higher by 8.30am, Germany’s Dax had climbed 1.1 per [...]
In memoriam: Ian Taylor 1946-2020 January 16, 2021 Ian Taylor, who died in June of last year, ran Vitol for two decades. He was well-liked in the City not just for his business acumen, but for his philanthropy – which, it was revealed last week, continued after his death. Bloomberg reported he left £1m to the Royal Opera House and significantly more than [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]
HSBC to cut corporate broking ties with Goldman Sachs ending longstanding relationship June 3, 2019 HSBC has cut broking ties with Goldman Sachs, bringing an end to the pair’s long relationship. The banking giant has told the US investment bank that its corporate broking relationship will come to an end, Sky News reported. It comes after a review led by the bank’s new chief financial officer Ewen Stevenson. Goldman Sachs [...]
Silver miner Fresnillo’s shares slide as profit plunges July 30, 2019 Profit at FTSE 100 miner Fresnillo tumbled by more than two-thirds in the first half of the year, it said today. The company blamed production problems and lower prices for the precipitous fall. Profit for the six months to 30 June fell 69 per cent compared to the same period last year to $70.9m (£58.2m). [...]
Astrazeneca expands tie-up with Oxford Biomedica for Covid-19 vaccine September 1, 2020 Astrazeneca today said it has expanded its previous agreement with Oxford Biomedica to mass produce a potential vaccine for the Covid-19 virus. Gene and cell therapy firm Oxford Biomedica said the FTSE-listed pharma giant will give it £15m to reserve manufacturing capacity at its plant. Under the terms of the 18-month agreement Astrazeneca could pay [...]
UK media profit warnings hit record high amid Covid-19 advertising slump August 11, 2020 The number of profit warnings issued by FTSE-listed media companies hit an all-time high in the first half of the year as the coronavirus crisis sparked a collapse in advertising revenue. Between January and June 59 per cent of the media sector issued one or more profit warnings, with 81 per cent citing Covid-19. A [...]
European stock markets slip back into red after German economy shrinks August 14, 2019 European stock markets have fallen into the red this morning after Germany’s economy shrank in the second quarter. Read more: German economy shrinks in second-quarter as exports slump Equities were also levelling out after US President Donald Trump put a rocket under global markets yesterday by announcing his country would hold back on some planned [...]