M&S posts a 64% fall in annual profit
Marks & Spencer has revealed that statutory pre-tax profit fell
64% last year to £176.4m. A drop in clothing sales and higher costs
from opening new food stores are being blamed. Sales were flat at
£10.6bn in the year to the end of March 2017. Boss Steve Rowe
nevertheless insists the company “remains on track” with its
turnaround plans and is “still strongly cash generative”.
Government borrowing reached three-year high last month
Government borrowing was at its highest April level for three
years, reports the BBC. According to the Office for National
Statistics, public sector net borrowing was £10.4bn last month, up
by £1.2bn from April 2016. Martin Beck at EY ITEM Club said: “The
new fiscal year began on a disappointing note for the public
finances. Supportive one-off factors last year and a weakening
economy suggest the deficit is set to widen.”
Eurozone hits six-year high as investors pile in
The eurozone is at a six-year high as the bloc continues to rebound
from years of tepid performance. IHS Markit’s report says the
eurozone could deliver GDP growth of 0.7% in the three months to
June, above expectations of 0.4%. It has only registered better
growth once since early 2011. Investors are racing back to the
region as the European Central Bank’s stimulus measures seem to do
the trick.
Sir Philip Green’s retail chair set to walk away
The chair of Sir Philip Green’s retail empire is set to quit,
reports Sky News. Lord Grabiner QC, who has led the board of Taveta
Investments since 2002, is believed to have been considering his
position for some time. The leading barrister’s move would come
several months after a House of Commons investigation into the BHS
debacle criticised the corporate governance of Sir Philip’s holding
company.
Royal Bank of Scotland’s stalling move may fail
Royal Bank of Scotland’s last-ditch bid to dogde a trial
over its £12bn cash call is on the rocks, says The Times, after
“diehard” investors refused to sign up to an out- of-court
settlement. After the start of the trial was adjourned on Monday,
RBS has been urging the group of 9,000 shareholders suing the bank
to accept an 82p-a-share offer in two days of settlement
talks.
How London subsidises the rest of the UK
London’s economy generates a £26.5bn surplus that the
government uses to financially strengthen Britain’s less well-off
regions, according to the ONS. The report shows that taxes and
public spending are used to narrow the north-south divide.
Londoners provided £3,070 per head more in tax revenues than they
received in public spending, compared with a surplus of just £242
in the east of England. In Northern Ireland, spending exceeded tax
revenues by £5,440 per head.
Quote of the day… Mark Carney’s martini moment
“I will drink the martini and order another two. Apparently
that was Eddie George’s daily intake…
before lunch”. Mark
Carney discusses a predecessor’s refreshment habits
during a prank email correspondence.
THE NUMBERS… AT 0728 GMT
FTSE 100: down -0.15 to 7485.29
Dow Jones: up +0.21 to 20937.91
Dax: up +0.31 to 12659.15
Cac 40: up +0.47 to 5348.16
Nikkei: up +0.54 to 19720.09
Hang Seng: down -0.22 to 2347.66
US dollar: buys €0.89500 and £0.77100
Sterling: buys $1.29670 and €1.16070
Oil: $54.18 up +0.6
Get A Domain Name And Hosting On Dotifi.com.uk Today Click Link to get 10percent Off ! http://www.theweek.co.uk/am/wednesday-24-may-2017
Spread the love & Comment on Social Media !