Hong Kong stock market plummets following mass democracy protests September 29, 2014 Hong Kong's Hang Seng Index fell 2.3 per cent in early Monday morning trading, hitting a 12 year low of 23,1488 as investor sentiment was knocked by mass protests in the city over the weekend. The Hong Kong dollar also fell to a six month low against the US dollar this morning, following protests [...]
UK firms ready to invest as US and UK surge ahead September 29, 2014 THE UK’s largest firms are readying themselves for a new era of innovation and investment as a survey of bosses says the willingness to take on risk has risen due to surging US and UK economies and easier credit availability. Of the 118 chief financial officers of major UK companies surveyed by accountancy firm Deloitte, [...]
Virgin Money cautiously lays out plans for £2bn listing this week September 29, 2014 VIRGIN Money is planning to announce its initial public offering (IPO) this week, City A.M. understands. But the challenger bank remains cautious in case market conditions change rapidly in the face of ongoing turmoil in the Middle East. Virgin Money will join new lender Aldermore in the rush of financial firms listing on the stock [...]
Quindell: “We see no reason why our share price fell 13 per cent last week” September 29, 2014 Embattled insurance outsourcer Quindell is baffled by another decline in its share price, it said in a statement to the stock exchange this morning, after shares fell 13 per cent last week. Investors in the professional services and digital solutions company have faced a challenging period, with shares falling by 44 per cent since [...]
Conservative think tank The Bow Group boycotts party conference September 28, 2014 The Tory high command was dealt a blow last night after the UK’s oldest Conservative think tank snubbed the annual party conference to launch a manifesto with Boris Johnson. The Bow Group, which was set up in 1951 and counts former cabinet minister Lord Howe amongst its members, accused the Conservative party conference of being [...]
Punch founder in £37m Strada restaurant deal September 28, 2014 HUGH Osmond, the entrepreneur behind Pizza Express, Punch Taverns and the insurance group Pearl, has bought the Strada chain of Italian restaurants in a £37m deal. Sun Capital Partners, Osmond’s private equity vehicle, is buying the Strada brand and 43 restaurants from the Tragus Group in a deal announced yesterday. Osmond said his plan for [...]
Bill Gross jumped before he was pushed out of Pimco’s top ranks September 28, 2014 Fund manager Bill Gross’ acrimonious exit from Pimco took another twist yesterday when it emerged the group was on the verge of forcing the veteran investor out of the business. Gross, who announced his exit from the firm on Friday, was due to have his fate sealed at a board meeting of senior Pimco directors [...]
HMV returns to profit as Hilco rescue pays off September 28, 2014 HMV IS set to announce nearly £17m in operating profits during the 11 months after it fell into administration last year. Between 29 January and 28 December 2013 the music and DVD retailer saw sales of £311.2m, with its owner Hilco reporting every one of HMV’s stores is now profitable due to its restructuring programme. [...]
Ineos targets 2018 for £2.5bn shale payout September 28, 2014 INEOS hopes to begin its £2.5bn shale gas payout in 2018, following chairman Jim Ratcliffe’s pledge to give back six per cent of revenues from its shale gas business to homeowners, landowners and local communities The chemical company intends to establish so called Ineos shale gas communities – 100 square km areas each boasting 200 [...]
Sluggish wages expected to weigh down on UK consumer spending September 28, 2014 REAL wages will fail to take off in the next couple of years, a group of economists will warn today in a report that predicts sluggish growth in consumer spending. The EY Item Club expects the UK’s jobs boom to continue, with employment climbing higher. Yet “annual wage growth over the next three years will [...]