GERMAN prosecutors searched Commerzbank offices yesterday, looking for evidence that a foreign life insurance company may have helped German investors evade taxes.
PEARSON added to its education arm yesterday by unveiling plans to spend £440m on an English language training company in Brazil.
THE NUMBER of large business and government clients that have installed or are testing BlackBerry’s mobile device management service has risen roughly 20 per cent over the past six months, the embattled smartphone maker said yesterday.
BARCLAYS is considering creating a new index for contingent convertible (coco) bonds in a push to attract more investors into the new asset class and ensure demand for the securities becomes well established.
ONE OF Man Group’s top strategists has left the company to form his own Mayfair-based fund management company.
CITY broker Numis put the financial downturn behind it yesterday after posting a thumping increase in full year revenues and profits.
CULTURE Secretary Maria Miller plans to cap bills on mobile phones that are lost or stolen at £50 and work with mobile operators to eliminate roaming charges across Europe by 2016.
QUARTERLY earnings at Bank of Montreal rose one per cent due to stronger wealth management profit, Canada’s No 4 bank said yesterday, but its shares fell on the back of a sluggish performance at its US Harris Bank unit.
THE BOSSES of major listed companies should meet investors for an annual strategy meeting as well as the standard AGM, the Collective Engagement Working Group of institutional investors said yesterday.
Residential lettings agency Martin & Co yesterday confirmed its intention to join London’s junior stock market, becoming the latest real estate firm to float.
Retirement home builder McCarthy & Stone yesterday appointed two new non-executive directors to its board.
Micro Focus yesterday posted a slide in half year pre tax profits down seven per cent to $75.8m (£46.3m) from a year earlier. Revenue was up 2.4 per cent to $207.5m on constant currency basis.
ONLINE gaming company Betfair is looking to grow its business in the US state of New Jersey as well as in Italy.
The company reported a six per cent drop in revenues yesterday to £188m during the six months to
VODAFONE has hired Val Gooding to sit on its board as a non-exec.
Gooding, who is the chairman of tech parts specialist Premier Farnell, will join Vodafone on
1 February, the FTSE 100-listed telecoms giant said yesterday.
GREENE King reported revenue growth of more than five per cent yesterday on the back of strong retail pub sales during the first half of the year.
FTSE 250-listed oil explorer Exillon Energy’s second largest shareholder yesterday said it had approached the board to make a possible offer for the rest of the company.
DAISY Group, the business communications service provider, saw a 2.5 per cent drop in its share price yesterday after its losses widened from £3.59m to £3.9m during the six months to 30 September.
VAN HIRE firm Northgate is looking to open more branches in Britain next year after splashing out on new vehicles.
EXHIBITIONS organiser ITE Group yesterday reported that its full-year profit beat expectations, helped by contributions from acquisitions and a jump in third-quarter revenue.
FTSE 100-listed oil and gas services provider Petrofac yesterday said that, along with African oil and gas explorer Taleveras Energy Resources, it has signed a five-year memorandum of understanding with the Nigerian Petroleum Development Company (
Aim-listed construction and property consultancy Sweett Group yesterday posted a 75 per cent rise in pre-tax profits to £2.8m for the six months to 30 September.
Stratex International, the Aim-listed gold and base metals explorer, yesterday said it has completed its private placement in Canada-headquartered gold explorer Tembo Gold Corporation.
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MINERS and oil companies led Britain’s FTSE 100 lower yesterday as strong economic data prompted investors to bet that equity-friendly monetary stimulus would soon be reduced.
THE DOW and the S&P 500 fell for a third straight day yesterday, dropping from record levels in a broad decline as investors took profits amid signs of a weak holiday shopping season.
THE FRENCH economy is becoming a major drag on the Eurozone, with yesterday’s abysmal figures from its factory sector throwing fresh light on the country’s bleak political and business climate.
AMAZON is preparing to make next-day delivery obsolete by using unmanned aerial vehicles, or drones, in an audacious plan to introduce 30-minute home delivery.
CUSTOMERS at RBS and NatWest were frozen out for at least four hours last night as the giant bank’s payment system crashed for the third time in 18 months, and on the busiest shopping day of the year so far.
IT WAS meant to be one of the most basic rules of economics: the more people produce, the more they get paid. It is a long-standing, near-universal relationship that helps to explain why some jobs are so much more lucrative than others.
THE TREASURY insisted yesterday that compensation for workers in the UK is still closely linked to output, adding to debate over the cost of living in the lead up to the Autumn Statement.
WORKING incomes have been hit much hardest by the UK’s economic torpor since the financial crisis, while pension income appears to have weathered recession and stagnation much more successfully.
JP MORGAN and Goldman Sachs both had their capital plans approved by the Fed yesterday.
MINER Rio Tinto yesterday revealed plans to cut capital spending by a fifth in each of the next two years as it focuses on paying down debt and boosting returns to shareholders.
FOUR of the big six energy suppliers pledged to reduce their price hikes yesterday, after the government said it would shift green levies away from energy bills and into general taxation.
TESCO shares continued their downward slump yesterday, dropping a further two per cent after HSBC downgraded its stock to “underweight” and urged the supermarket to cut profit margins to win back customers.
The news is buzzing with hopes for Amazon's drone-based delivery service. But skies in the UK will remain quiet for the time-being. Here’s why.
DAVID Cameron sparked frustration in Brussels yesterday by talking up the prospect of a free trade deal with China.
CREDIT ratings agencies are letting directors and communications staff have a say in sovereign ratings changes when they should not be, the European Securities and Markets Authority (ESMA) claimed yesterday.
SHARES in the Dubai-based property group Damac are expected to begin trading this morning in London after the group’s bankers decided to go ahead with flotation plans.
APPLE yesterday splashed out on social media analytics firm Topsy, a business which was only founded in 2007. The technology giant, led by Tim Cook (right), is said to have paid $200m (£122.3m).
TESCO wasn’t the only supermarket moving downwards yesterday.
FACTORIES in the UK are still reporting that their businesses are expanding, now at the fastest pace in nearly three years, indicating another positive contribution to GDP growth in the fourth quarter.
BRITAIN’S smallest companies are more likely to believe the EU is bad than good, a study showed yesterday.
MANUFACTURING output in the US grew at its fastest pace since January last month, a business survey from Markit showed yesterday.
THE FUNDING for Lending Scheme (FLS) saw a spike in use during the third quarter, with the amount drawn from the programme more than tripling from the previous three months, according to official statistics released yesterday.
LLOYDS Banking Group confirmed yesterday that Lord Blackwell, one of the bailed-out bank’s non-executive directors, will be promoted to chairman.
THYSSEN Krupp shares collapsed yesterday after the German steelmaker announced it was issuing 10 per cent of new shares to raise £745m of fresh capital.