Google to put driverless cars on the roads May 28, 2014 GOOGLE is rolling out 100 self-driving cars in California, in a trial the tech giant hopes will pave the way for widespread global use. After clocking up 700,000 miles of autonomous driving in adapted cars, Google is ready to put its specially-built driverless vehicles onto the streets. The prototypes have space for two passengers, operate [...]
Barnett shifts Woodford fund May 28, 2014 EDINBURGH Investment Trust’s new manager Mark Barnett has overhauled the fund he inherited from Neil Woodford this year – helping him beat the stock market. Barnett has cut the £1.4bn trust’s top two holdings – Astrazeneca and Glaxosmithkline – from 9.2 per cent to 4.5 per cent and 9.1 per cent to 4.9 per cent [...]
Stryker denies bid for UK rival May 28, 2014 AMERICAN medical devices maker Stryker yesterday denied any intention of making a bid for UK rival Smith & Nephew, whose shares had spiked higher after a report that its US rival was planning a bid. “At the request of the UK Takeover Panel, Stryker confirms that it does not intend to make an offer for Smith [...]
Growth in retail sales dips after jump at Easter May 28, 2014 RETAIL sales climbed steadily with the continuing recovery in May, but at a slower pace than in April, following the effect of a late Easter Weekend. In a survey of major retailers, 38 per cent said that their sales volumes were up in comparison to May last year, while 22 per cent said they had [...]
Twitter founder’s startup Square moves into small business loans May 28, 2014 TWITTER founder Jack Dorsey is expanding his mobile payments startup, Square, to help small businesses with personalised lending with repayments that adjust based on a firm’s cashflow. Square’s hope is that by using the vast volumes of data it already has on the merchants who use it, Square will be able to offer unique loans [...]
Savings dive as confident Brits splash the cash May 28, 2014 HOUSEHOLDS’ annual savings are set to fall by as much as £800 over the next five years, as confidence returns and spending takes over, according to a report out today from the Post Office and the Centre for Economics and Business Studies. Last year, the average household had £3,780 to save after costs such as housing [...]
Nationwide and Co-op Bank get top marks from small businesses May 28, 2014 MUTUAL lenders offer the best current accounts for small firms, according to a poll published today by the Federation of Small Businesses and the British Chambers of Commerce. Challenger banks also performed well, while the biggest high street banks came further down the league table. The results form part of a new website which aims to help [...]
Auditors are told to get tough with banks on loss provisions May 28, 2014 AUDITORS for British banks and building societies are not scrutinising the firms’ books closely enough, despite repeated warnings that auditors should have caught some of the warning signs ahead of the 2008 financial crisis, a watchdog said yesterday. The Financial Reporting Council flagged up poor testing of loan impairment models and a widespread reluctance among [...]
Metso rejects Weir’s £3.7bn takeover offer May 28, 2014 SCOTTISH engineering firm Weir yesterday abandoned its takeover bid for Finnish peer Metso, after a second offer was rejected by Metso’s board. FTSE 100-listed Weir’s improved bid would have valued Metso at around €4.5bn (£3.7bn), up by around 20 per cent from April’s approach. But Metso’s board said that the revised offer “continues to significantly [...]
De La Rue’s shares soar after it unveils 37 per cent rise in profit May 28, 2014 SHARES in De La Rue surged almost eight per cent yesterday, after the British banknote printer reported a 37 per cent rise in pre-tax profits. The FTSE 250-quoted firm saw profit rise to £59.8m last year despite overcapacity in the banknote printing market, thanks to a three-year improvement plan that included cost cuts. Revenue rose [...]