The pound's 'dead cat bounce' and Amazon stores: Today's top City headlines

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Under-pressure budget airline Monarch has staved off disaster after its owner pumped in £165 million to keep its planes in the air.

The under-fire pound staged a rally as Theresa May pledged to allow MPs a debate over the Government’s Brexit plans, although some currency watchers dismissed the fightback as a “dead-cat bounce”.

Amazon is ramping up its assault on the grocery business with a plan to introduce convenience stores and pickup locations in the US, according to reports.

Samsung’s smartphone fire scandal has already cost it almost £2 billion, the Korean smartphone giant revealed as its shares continued to slide.

Shares in Premier Foods plunged more than 12% after the manufacturer behind the Oxo and Bisto brands warned Britain’s Indian summer had dented sales of gravy and puddings.

Buyers are racing to snap up homes in London’s commuter-belt “sweet spot” according to housebuilder Countryside Properties. The company remains unaffected by the Brexit vote, its boss Ian Sutcliffe said.

Domino’s Pizza brushed off the threat from upstart rivals such as UberEATS, insisting it can outclass competitors in service.

Advertising budgets are at their highest for two years in spite of Brexit blues and the pound’s roller coaster ride new figures show.

Ping Pong Restaurants warned a perfect storm of fears over terrorism, Brexit uncertainty and the rise of Deliveroo could hit trading as it revealed a slump into the red.

Business focus: Who will win the battle of the clubs?

Rag trade tycoon Richard Caring is about to transform Annabel’s, his, and possibly London’s, most famous members’ club. But can the new and improved Annabel’s, complete with nightclub, restaurants, bars, gyms and a spa, win back members from rival Robin Birley’s 5 Hertford Street? 


Caring with Rory McIlroy (AFP/Getty Images)

Comment highlights: 

Simon English on the real reason behind Premier Foods’ latest share price slide.

“The waffle about “strategic progress”, “momentum” and “product innovation” would be okay if any of the numbers backed it up.”

Britain is suffering because politicians don’t get tech, writes Anthony Hilton.

“Politicians want everyone still to paint by numbers when even David Hockney uses an iPad.”

Market Update:

After briefly hitting new highs yesterday, the FTSE 100 fell 31.69 points to 7039.19 as it succumbed to some profit taking with investors wary of the post-Brexit rally.

Going up: Telford Homes, Countryside

Going down: Old Mutual, Synairgen, IGas, Fresnillo, ITV

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October 12, 2016 |
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