Surge in car output brings UK closer to all-time high May 28, 2014 CAR PRODUCTION was more than one fifth higher in April than it was a year ago, with a glut of new models helping to bring British car manufacturing closer to its 1970s peak. UK factories produced 133,437 cars last month, up 21.3 per cent on a year ago to take growth in the year to [...]
Apple confirms $3bn deal for Dr Dre’s Beats May 28, 2014 APPLE announced yesterday that it is snapping up Beats Electronics, an audio firm famed for its headphones, for $3bn (£1.8bn). Beats founders Jimmy Iovine and Dr Dre will join Apple as the technology and computer giant takes over their firm, which is known for its iconic headphones. The deal will worth $2.6bn immediately with another [...]
Rate hike may come sooner May 28, 2014 THE UK will need to start the process of hiking interest rates sooner rather than later, and the market may be unprepared for even gradual increases, according to a senior Bank of England policymaker. Martin Weale, who sits on the Bank’s monetary policy committee (MPC) told the Financial Times that “if you want to have [...]
Scots finances prompt scrap May 28, 2014 THE TWO sides of the Scottish independence debate went head to head yesterday over the state of the nation’s finances if it votes for independence later this year. Launching a report in Edinburgh, Scottish first minister Alex Salmond said an independent Scotland could generate £1,000 extra revenue per head in 15 years without tax hikes. [...]
What the other papers say this morning – 29 May 2014 May 28, 2014 FINANCIAL TIMES Performance comparison made easy Investors will find it easier to compare the performance of companies around the world following the culmination of a 12-year project to bring together US and international revenue reporting. Accounting regulators in the US and Europe on Wednesday published a joint standard on how companies report revenue from contracts [...]
Tablet market in slowdown as shipments drop May 28, 2014 GLOBAL tablet shipments fell during the first quarter of 2014, according to new research, the first fall since Apple’s iPad launched in 2010. Shipments dropped from 59m units in the first quarter of 2013 to 56.3m units in the first quarter of this year, according to research firm NPD. “The wider trend is that clearly [...]
Centrica set for major shakeup May 28, 2014 BRITISH Gas managing director Chris Weston is to step down this week, and is now reportedly in advanced talks to take over as chief executive of Aggreko. The move would indicate that a major reorganisation is in the offing at Centrica, the parent company of British Gas. Chief executive Sam Laidlaw is also said to [...]
London house price boom set to cool down May 28, 2014 LONDON’S housing market is likely to slow down over the summer and return to normal levels of growth in the coming years, Britain’s biggest building society said today. Prices in the capital have shot up by as much as 20 per cent in the last year, but are likely to gradually slow down to increase [...]
GSK shares survive opening of fraud squad investigation May 28, 2014 INVESTORS selling Glaxosmithkline shares in the wake of a Serious Fraud Office probe wiped just 36p off each Glaxo share yesterday, as shareholders shrugged off the investigation. The company, which is the UK’s biggest pharmaceutical firm, said on Tuesday it was under investigation by the SFO over its commercial practices, thought to centre on ongoing [...]
Co-Op plugs a £400m hole May 28, 2014 THE CO-OP Bank has filled its £400m capital hole, the lender said last night, as existing investors stumped up the majority of the funds needed. It issued 200m new shares to fill the gap created by problems such as bad loans from the crisis era. Hedge funds and the Co-op Group, who already owned the [...]