What you need to know before the US open May 9, 2014 Stocks futures suggest a lower open for US markets today, rounding off a week of bumpy trading, central bank announcements and ongoing wariness owing to the Ukraine situation. Corporate news Clothes retailer Gap has jumped 8.5 per cent in pre-market trading after announcing a nine per cent increase in comparable sales for April and a [...]
Petrofac shares plummet 17pc on profit warning May 9, 2014 Petrofac, the energy services firm, has seen its shares plunge over 17 per cent this morning, after warning its net profit for this year will fall by as much as 11 per cent. A disappointing performance by its Integrated Energy Services (IES) division will see profit fall to between $580m and $600m. Petrofac had said [...]
Industrial production sees small fall in March May 9, 2014 Industrial production down a touch, but nonetheless better than economists had hoped for. In the month of March, it's down 0.1 per cent, with manufacturing production up by a punchy 0.5 per cent. Analysts had expected industrial production to fall by 0.2 per cent in March. Today's release sees industrial production growing at 0.7 per [...]
What you need to know before the open May 9, 2014 A slightly lower open for European stocks is expected today. Yesterday, they rallied on the suggestion by the European Central Bank that monetary policy could be eased as early as next month. But over in the US, the Nasdaq’s inability to gain a foothold saw a losing streak, led by the energy and utility sectors. [...]
Co-op Bank to raise £400m as it confirms chair’s resignation May 9, 2014 It’s more upheaval for the beleaguered Co-op Bank. The lender’s announced this morning that it’s looking to raise more than £400m by the end of 2014, in a bid to bolster its finances. It's also confirmed that its chairman, Richard Pym, will step down by the end of the year, after holding the position since [...]
Tullett Prebon snaps up PVM Oil May 9, 2014 City brokerage Tullett Prebon has reached an agreement to acquire independent broker of oil instruments PVM Oil Associates. PVM's customers include oil companies, independent refiners and producers, banks and investment funds. PVM reported revenue of $107.5m (£63.4m) and profit before tax of $18.2m for the year ended 31 July 2013, with consolidated gross assets of [...]
Ukraine referendum fails to spook Asian markets May 9, 2014 Asian markets are on the rise despite escalating tensions in Ukraine after pro-Russian separatists rejected Vladimir Putin's call to postpone a referendum on independence. Set for Sunday, the referendum follows some of bloodiest fighting seen during the crisis, with 30 pro-Russian separatists and four Ukrainian soldiers reported to have been killed in the last week. [...]
Any Other Business – 09/05 May 9, 2014 ANYONE debating whether or not new Heathrow boss John Holland-Kaye has the energy, or indeed the innovative spirit, to lead Britain’s biggest airport into its next phase can rest assured, he’s got both in bucket loads. It turns out in a previous role as sales managing director at Bass Brewers, Holland-Kaye spearheaded the launch of [...]
Standard Chartered hit by pay revolt May 8, 2014 BOSSES at Standard Chartered are planning peace talks with investors after rebelling shareholders came close to rejecting the directors’ pay policy yesterday. At the bank’s AGM the vote on pay was opposed by 41 per cent of investors, evoking memories of the shareholder spring and putting pressure on chief executive Peter Sands to improve relationships. [...]
Barclays cuts investment bank jobs in major overhaul May 8, 2014 BARCLAYS yesterday abandoned former chief executive Bob Diamond’s dream of becoming a top global investment bank in every market, revealing plans to lay off 7,000 more staff. As part of his long-awaited strategic overhaul of the bank, chief executive Antony Jenkins also announced plans to focus only on areas where the bank has strong returns [...]