Turkey introduces ‘backdoor’ rate rise as Turkish lira falls to eight-month low May 9, 2019 The Turkish lira has fallen to its lowest level in almost eight months, prompting the country’s central bank to suspend short-term borrowing of government securities, in what has been dubbed a “backdoor” interest rate rise. The country’s embattled currency – which has been under pressure since March – has seen a serious severe downturn since Turkey’s [...]
‘Poorly designed’ 5G spectrum auctions risk harming consumers, mobile operators warn May 9, 2019 Multi-billion-pound auctions designed to flog 5G spectrum to mobile networks are badly-run and pose a risk to the rollout of the new technology, a new report has warned. Research carried out by the GSMA, the trade body for mobile operators, revealed auctions across the world can artificially inflate prices, meaning operators may have to limit [...]
Airline passengers face new ticket fee to cover cost of carrier collapses May 9, 2019 Airlines have hit out at proposals to charge passengers an extra 50p to pay for the cost of repatriating travellers who have been stranded following a carrier collapse. The government's insolvency review, which was set up by the Department for Transport (DfT) following the collapse of Monarch in 2017, has suggested the UK set up a "flight protection [...]
Whoops… Australia prints 46m banknotes with spelling mistake May 9, 2019 Australia’s latest AU$50 banknote has been printed with a typo hidden in the small print. The word “responsibility” is spelled incorrectly as “responsibilty”, with the third “i” missing, the Reserve Bank of Australia (RBA) has confirmed. Read more: Vodafone's Australian TPG merger blocked A total of 46m banknotes are thought to be affected by the [...]
Share’s stock tumbles after Interactive Investor abandons takeover May 9, 2019 Interactive Investor has abandoned a possible bid for Share causing the brokerage firm’s stock to plummet this morning. The investment platform said it had been in early stage discussions after approaching Share, which owns The Share Centre, but had decided not to make an offer. Read more: Interactive Investor approaches Share for takeover talks Share’s [...]
Arrow Global hits bulls-eye as it starts 2019 with profit rise May 9, 2019 Arrow Global pushed up profits in the first three months of 2019 as total income grew to £86.6m, sending shares ticking up in early trading today. Read more: Arrow Global shares rise on boosted full-year profits The figures The debt purchaser grew core collections 22.7 per cent year on year to £105.5m by the end [...]
Arts and crafts store The Works plummets as profits take a hit in ‘successful’ year May 9, 2019 Investors were unimpressed with what The Works called a “successful” financial year, as shares plummeted by nearly a fifth as political uncertainty hit profits. Like-for-like sales growth has slowed in 2019, the company said, blaming “the widely reported economic and political uncertainty in the UK”. Read more: Growth slows at Morrisons amid political uncertainty Adjusted [...]
Morrisons records 14th quarter of growth despite hit from political uncertainty May 9, 2019 Morrisons took a hit from British political uncertainty in the first quarter of the financial year, it revealed today, as its sales growth slowed to put it behind major rival Tesco. Excluding fuel, like-for-like sales grew 2.3 per cent in the quarter, Morrisons said, a slowdown from 3.6 per cent in the first three months of [...]
Superdry warns on profit as Dunkerton vows to ‘stabilise’ retailer May 9, 2019 Superdry warned investors today that full-year profit is likely to miss expectations, as founder Julian Dunkerton vowed to “stabilise” the situation at the struggling fashion brand. While global revenue grew 3.6 per cent year-on-year in the retailer’s fourth quarter, it warned that underlying profit before tax is “likely to be below the range of market expectations”. Read [...]
Wood Group wins $1bn nuclear contract at Sellafield decommissioning site May 9, 2019 Engineering firm Wood has been tasked with providing engineering design for Sellafield nuclear decommissioning site in Cumbria for the next 20 years, in a £770m deal. Read more: Wood Group shares tumble after $38m sale of non-core conveyor business The FTSE 250 listed company said this morning it has been selected as part of the [...]