Panmure Gordon replaces CEO after “tricky” year that saw the share price lose 60 per cent in six months February 24, 2016 Panmure Gordon has replaced its chief executive Phillip Wale with deputy Patric Johnson after a tumultuous year that’s seen the bank’s share price drop by over 60 per cent. The mid-cap specialist investment bank and broker has also secured a £5m loan from its largest shareholder, Qatari investment group QInvest, that it hopes will put [...]
Ryanair joins in Brexit brouhaha, calls for UK to stay in EU as it targets 10 per cent London growth February 24, 2016 Ryanair has added its voice to the Brexit braying, warning that an exit would be worse than the status quo and would leave the UK with similar cost levels and red tape. The low budget Irish airline has consistently said that an EU exit would be bad for Britain and its business. Chief executive Michael O'Leary said: Leaving Europe [...]
Airbus full year results miss expectations but hikes dividend as chief executive Tom Enders hails a “solid performance” February 24, 2016 Civil aviation and defence company Airbus has reported net profit rose by 15 per cent over the course of 2015 to €2.7bn (£2.1bn), while sales were up by six per cent to €64.5bn. The numbers came in just below analyst expectations but Airbus still managed to eke out at dividend rise of eight per cent [...]
Wasteful banks are throwing money out the window on inefficient systems, delayed or cancelled projects and over-payment February 24, 2016 Banks have topped the list of companies that are throwing money away on unnecessary costs, wasting up to 10 per cent of their revenue each year according to a survey from the Chartered Institute of Management Accountants (CIMA). Over a third of respondents from the banking industry claimed their companies’ waste between five per cent [...]
Hugo Boss share price plummets following ugly results as the US and China look set to drag on future profits February 23, 2016 Hugo Boss shares have tumbled by almost 20 per cent, their biggest fall since October 2008, after it warned that sales in China and the US so far this year have been weaker than it expected. The German-based fashion label said in a statement earnings before interest, taxes, depreciation and amortisation and excluding special items will decline by a “low double-digit” percentage [...]
Saudi oil minister denies Opec is at war with US shale but rules out production cut, sending the price of crude lower after multi-day gains February 23, 2016 The Saudi oil minister Ali al-Naimi has denied Opec is at war with the shale oil industry, though has said production cuts are not going to happen. His comments have pushed the oil price down by around two per cent to $31.87 dollars per barrel for West Texas Intermediate and $33.33 for Brent crude. The oil price [...]
Powa layoffs off 74 of around 100 London employees after entering administration February 23, 2016 Powa Technologies, once billed by its chief executive Dan Wagner as the future biggest tech company in the world, has made 74 of its London employees redundant after burning through its massive cash pile. Powa Technologies Group was placed into administration on Friday, appointing Deloitte to oversee a potential sale after lead investor Wellington Management called in its loans. [...]
Manufacturers call for the government to invest in the sector to escape the productivity puzzle February 23, 2016 Britain’s manufacturers are calling on the government to do more to balance the economy in order to solve the so-called productivity puzzle that has baffled economists since the financial crisis. According a survey from the manufacturers organisation EEF, UK manufacturers have managed to escape the productivity puzzle more quickly than the rest of the economy, [...]
Metal prices soar on fears of supply shortage: Zinc, iron ore, copper all climb higher February 22, 2016 Fears over a supply shortage have pushed up the price of base metals, with zinc hitting four month highs. On the London Metal Exchange (LME) the price of three-month zinc hit an intraday peak of $1,790 a tonne, up over two per cent, the highest price since late October. It closed at $1,781 a tonne, after [...]
