Ball in Co-op’s court as Myners slams “dysfunctional group board” May 7, 2014 Former city minister Lord Myners has said the Co-operative Group needs radical reform including smaller boards and greater attention to profitability. Lord Myners' report slammed the Co-op's governance structure, concluding it had a "manifestly dysfunctional group board." In what would be a significant departure from the Group's 150-year history, the report recommended that a smaller [...]
What you need to know before the open May 7, 2014 With the situation in Ukraine deteriorating, global markets are finding it difficult to push higher. The improvement in economic data from Europe yesterday was paired with the OECD slashing its forecast for the Russian economy. And that’s been followed this morning with some less-than-impressive services data for China, which makes it look less likely the [...]
Sainsbury’s beats expectations as King prepares to hang up hat May 7, 2014 In what are Sainsbury’s last results under chief executive (CEO) Justin King, the supermarket’s reported improving profits, despite what it calls a tough background. Underlying profit before tax exceeded expectations, up 5.3 per cent to £798m last year. That's its slowest growth in almost 10 years, but analysts had been expecting a much smaller rise [...]
Imperial Tobacco growth brands outperform the market May 7, 2014 Imperial Tobacco has reported a profit before tax of £648m for the six months to 31 March, down from the £830m seen over the same period the previous year. The company's revenue suffered a five per cent decline to £12.7bn, with adjusted earnings per share edging down by one per cent to 89.6p. However, there [...]
Asian markets slide as Ukraine crisis escalates May 7, 2014 Asian markets have fallen to their lowest point in four weeks, as tensions remain high in Ukraine between government forces and pro-Russian separatists. On Monday, Kiev said four Ukrainian soldiers had been killed and an army helicopter had been shot down close to the city of Sloviansk. The following day 30 pro-Russian separatists were reported [...]
Osborne hits back at Labour in Pfizer row May 6, 2014 CHANCELLOR George Osborne yesterday launched a scathing attack on Labour’s track record, in an increasingly bitter political row over the proposed takeover of UK drugs giant Astrazeneca. Using language that flirted closely with protectionism, which he has so far avoided, Osborne attacked Labour’s free trade approach to foreign takeovers during its 13 years in office. When [...]
Chinese behemoth Alibaba unveils blockbuster float plan May 6, 2014 CHINESE web giant Alibaba last night unveiled plans for one of the biggest stock market floats ever, giving investors a rare chance to tap the country’s burgeoning consumer market. Alibaba, which offers similar services to those of western tech companies Amazon, eBay and PayPal all rolled into one combined offering for selling goods online, published [...]
UK growth strengthens as Eruope’s recovery kicks on May 6, 2014 GROWTH in the Eurozone was at its fastest in three years during April, while the UK economy continues to go from strength to strength, major business surveys showed yesterday. The UK’s figure from Markit’s April purchasing managers’ index (PMI) surprised analysts, as the score for the whole economy rose to 59.2, the first increase in [...]
Top hedge fund bosses earned $21.15bn in 2013 May 6, 2014 THE TOP 25 hedge fund managers in the US earned a combined $21.15bn (£12.55bn) last year, according to Institutional Investor’s Alpha magazine annual Rich List, published yesterday. Four managers raked in more than $1bn each, with a fifth narrowly missing out on that amount to earn $950m. The highest earner was David Tepper at US firm [...]
Europe divided as transaction tax row builds May 6, 2014 THE BITTER row over France and Germany’s financial transactions tax (FTT) spilled over into a very public spat yesterday as more countries backed George Osborne’s opposition to the tax. Eleven EU nations want to tax shares and derivatives issued in their countries, wherever they are traded – meaning activity in London would be hit even [...]