Abercrombie & Fitch hurt by fierce competition in 14th straight quarterly sales drop August 30, 2016 Fashion retailer Abercrombie & Fitch is the latest US chain to post disappointing results. Shares ditched almost 14 per cent in the pre-market in New York as the company revealed its 14th consecutive quarterly sales decline. It blamed the slump on lower traffic at its out-of-town stores and a drop off in tourist spending. Same-store sales fell by [...]
Deal or no deal? Companies that are more M&A active perform better August 30, 2016 Companies that are more active through mergers and acquisitions outperform their less active rivals, new research has suggested. A report from the influential Boston Consulting Group (BCG) has found firms that regularly acquire and divest businesses as part of their corporate strategy consistently outperform less active dealmakers in terms of total shareholder return. The most regular dealmakers outperform one-time [...]
London areas dominate list of fastest growing economies as Croydon – the Silicon Valley of South London – takes the crown August 30, 2016 Croydon's burgeoning reputation as a tech hub has made it the UK’s fastest growing economy, new research has found. Croydon topped the list of 173 areas as the fastest growing UK region with an annual growth rate of 9.3 per cent in gross value added (GVA), according to accountancy group UHY Hacker Young. GVA is a measure of an area’s [...]
Amazon gears up for launch of new music streaming service August 29, 2016 Amazon could be set to launch its music streaming service as soon as next month. Amazon is thought to be locked in talks with the world’s largest record labels since the news of its coming service was first reported earlier this month. The negotiations are now nearing their end, the Financial Times reports. Read more: Amazon's creating [...]
Mylan is going to start selling a cheaper, generic Epipen amid pricing backlash August 29, 2016 US pharma firm Mylan is planning to make a cheaper, generic version of its allergy treatment Epipen available after a firestorm erupted over recent price hikes. Mylan's share price has fallen by around 10 per cent since US presidential hopeful Hillary Clinton and a senator whose daughter uses the product piled pressure on the company. Mylan has now said its US subsidiary will put [...]
Oil prices under pressure as September US interest rate hike possibility climbs August 29, 2016 Rising chances of a US interest rate hike in September driving up the value of the dollar have put pressure on oil prices today. International Brent crude fell one and a half per cent to $49.19 per barrel at the market open in New York as a stronger dollar weighed on commodities and inventories remain well stocked by high output from Opec members. [...]
Pharma firm Mylan boosts support for Epipen after US pricing backlash August 25, 2016 US drugmaker Mylan has promised to make its emergency allergy drug Epipen more affordable after criticism over price hikes. The cost of a standard two-pack of Epipens has risen to around $600 (£455) from $100 in 2009. The on-going debate in the US over drug pricing focused on Mylan this week after US presidential hopeful Hillary [...]
GMB union goes to war with Addison Lee over driver dismissals August 25, 2016 The GMB union has launched legal action against London private car hire company Addison Lee over the dismissal of three drivers. The challenge – which relates to contracts that were terminated earlier this year – is understood to be a test case for the union which could lead to action against hundreds of former drivers. The drivers were dismissed following protests [...]
Hull named as next in line for Cityfibre broadband August 25, 2016 CityFibre – a broadband infrastructure challenger – has named Hull as its city for expansion, partnering with Hull-based telecoms company, Pure Broadband. The new network, which spans 62km across Hull, is expected to give a boost to broadband competition in the area. Comparison site Moneysupermarket.com does not currently list any broadband deals available in the Hull area, as it's served solely [...]
Losses mount at US department store Sears as it takes another cash injection August 25, 2016 US department store Sears has posted another loss for its latest quarter, setting it on the way to its seventh consecutive year in the red. To make matters worse Sears has had to again dip into its chief executive’s hedge fund for a cash injection, helping itself to $300m (£227.4m) in debt financing from ESL Investments. Adding to the [...]