HP accidentally released its results early, but this bank’s still impressed May 23, 2014 Something of a gaffe for IT firm Hewlett Packard (HP) yesterday. It accidentally released its earnings early with a press release, while the stock market was still open. Speaking to analysts on a conference call yesterday, chief executive Meg Whitman apologising for the slip-up: Before we go to questions, I'm sure you all noticed that earlier today, [...]
Barclays fined £26m over failure to manage conflict of interest May 23, 2014 The Financial Conduct Authority (FCA) has fined Barclays £26m for failing to manage conflicts of interest between itself and its customers, as well as systems and control failings, in relation to the London Gold Fixing. The Gold Fixing is a price-setting mechanism which gives market users the chance to buy and sell gold at a [...]
What you need to know before the open May 23, 2014 A mixed open for European markets this morning, with sentiment constrained amid EU and Ukrainian elections. Ukrainian authorities have said over a dozen servicemen were killed yesterday while clashing with pro-Russian separatists. First quarter growth in Germany’s come in as expected, at 0.8 per cent. Year-on-year, that puts the GDP figure at 2.5 per cent [...]
Govia wins rail contract that’ll bring 10,000 more seats during rush hour May 23, 2014 The busiest rail routes in London and the South East are to get three new state-of-the-art train fleets. Govia Thameslink Railway has bagged a seven-year government contract, which includes building 1,400 electric carriages. This’ll increase capacity by over 50 per cent, supplying 10,000 extra seats every weekday into central London during the rush hour by [...]
Quintain returns to profitability with strong focus on London May 23, 2014 Quintain Estates has returned to profitability, supported by the opening of the London Designer Outlet and sales of new homes at Wembley Park. The first release of 73 apartments have been sold for an average price of £570 per square foot. Today's results mark the first time the company has been back in the black [...]
Ten years after Dasani debacle, Coca-Cola to bring UK “smartwater” May 23, 2014 Remember Dasani, Coca-Cola’s move into the bottled water market that saw it sell purified tap water from Sidcup at the then-premium price of 95p a bottle? Well, a decade after that rather embarrassing episode, and the drinks giant is taking another punt here, expected to launch a new product called “glaceau smartwater”. According to The [...]
Asian markets climb higher as hope for global recovery strengthens May 23, 2014 Asian markets are on the rise this morning after positive data from the US gave investors confidence in the strength of the global recovery, while events in Thailand and Ukraine ensured a note of caution. The previous session revealed that US factory output growth rose it to its fastest pace in three years, while China's [...]
Oil rush in the Home Counties May 22, 2014 BILLIONS of barrels of shale oil have been discovered under a swathe of southern England, a government report will announce this morning. While only a fraction of the discovery is expected to be recoverable by domestic shale companies, the find will kick-start a drive to start the process of fracking for oil in the region. [...]
Dash to market as firms follow Saga to list in London May 22, 2014 LONDON’S stock market stampede hit full speed yesterday as a clutch of Britain’s best known companies announced their intention to float, despite concerns over saturation in the new issues market. Property website Zoopla and high street store B&M Retail both unveiled blockbuster floats, while over-50s insurance and holiday provider Saga priced its initial public offering [...]
Investment adds to growth hopes May 22, 2014 ■ Strong growth confirmed for the first quarter – which could still be revised upwards ■ Manufacturing and business investment improvements suggest a broadening recovery ■ But public finance figures disappoint, with the continuing rise of the budget deficit THE CONTINUED recovery of the British economy was confirmed yesterday, with growth at a solid 0.8 [...]