City morning headlines: Manufacturing data, UBS’ bumper payout and Qualcomm’s fineComments Off on City morning headlines: Manufacturing data, UBS’ bumper payout and Qualcomm’s fine
The latest reading is forecast to show just 0.1% growth, indicating the UK’s economic recovery is leaning heavily on consumers.
Caring responds to HSBC tax scandal
The billionaire owner of the Ivy and Annabel’s Richard Caring, who was among the names revealed as clients of HSBC’s Swiss private-banking arm, responds to his being dragged into the bank’s tax evasion scandal in today’s Standard.
Caring, who has not been accused of any wrongdoing, denies all tax evasion and avoidance allegations.
UBS investors get bumper payout
Swiss bank UBS has doubled its dividend after reporting a 13% rise in annual profits.
However, it warned that the stronger Swiss franc will prove a challenge.
Qualcomm fined in China
US chipmaker Qualcomm has been fined $975 million, the largest fine in China’s corporate history, for patent licencing practices in the country.
Qualcomm has also been required to lower its royalty rates on patents used in China, which could benefit domestic smartphone makers like Xiaomi and Huawei.
Companies news highlights
Co-op Pharmacy rebrands as Well after being taken over by Bestway.
The newly merged TUI reports first quarter losses down 15% and says it is confident of 10-15% growth for year.
Broker Icap enjoyed third quarter boost from forex (thanks to the Swiss National Bank and Japanese quantitative easing) and saw its revenues fall only 1%.
Babcock gives an upbeat trading statement as it appears to be firing on all cylinders.
Hotelier Millennium & Copthorne posts fairly dull profits.
New Look welcomes the return of cold weather after a “robust” Christmas quarter when sales fell 1.7%.
Takeover target and insurer Catlin says its profits are up 13%.
Housebuilder Bellway appears more than happy with its latest results, as it says completions rose 16%.
Rangers have been forced to postpone its shareholder meeting after the London hotel venue falls through.
Hornby says its sales are up 5% driven by model trains and Scalextric.