BNY Mellon’s profits jump on rising markets April 22, 2014 BUOYANT equity markets and rising fee incomes boosted BNY Mellon’s profits in the first quarter, the US custodian bank reported yesterday. The bank made a profit of $926m (£550m) in the three-month period, up 12 per cent on the $825m it made in the same period of 2013. Fee revenues increased one per cent to [...]
Financial services companies are registering more new products April 22, 2014 FINANCIAL firms are launching twice as many new products as they did during the depths of the debt crisis, with the number of freshly trademarked products heading back towards record levels. According to data from City law firm RPC, there were 3,396 financial services trademarks registered during 2013, exactly double the 1,698 that were announced [...]
Card Factory to deliver £700m float in London April 22, 2014 CARD Factory boss Richard Hayes said yesterday that it hopes to emulate the success of other value retailers such as Poundland after announcing plans for float that could value the group at around £700m. The budget greetings chain, which has 700 stores, intends to raise £90m through an initial public offering that will allow its [...]
Top stockbroker hits out as retail investors face flotation shut-out April 22, 2014 ONE of the biggest names in retail stockbroking has described the dearth of new floats open to retail investors as “deplorable”. The outburst by Keith Loudon, senior partner at Redmayne Bentley, came as The Card Factory announced it is coming to market via an issue of shares only initially open to institutions. Loudon has also [...]
Eurozone’s bullish consumers push confidence to 2007 levels April 22, 2014 CONSUMER confidence in the euro area is at its highest level in six and a half years, following the region’s return to modest growth after a protracted double dip recession. The European Commission’s measure of consumer optimism rose to minus 8.7 points, above the region’s long-term average and the highest since October 2007. “Low inflation [...]
Business loans show signs of life at long last April 22, 2014 BANKS increased lending to businesses in February, Bank of England figures showed yesterday, in an early hint that loan levels could at last be recovering. Business loans have been crushed by the financial crisis both because banks have cut back risky lending, and because companies were reluctant to borrow in a weak economy. In February [...]
IGas shares soar as government plans to free up rules on fracking April 22, 2014 SHARES in IGas jumped over 11 per cent yesterday, after the government indicated that energy companies would be able to explore for shale gas without permission from private landowners. The planned move will be included in the Queen’s speech in June as part of an infrastructure bill and is aimed at encouraging investment into the [...]
Farage predicts a political earthquake April 22, 2014 Ukip’s leader Nigel Farage is predicting a political “earthquake” if his party does well in the European elections next month. Speaking at the launch of his party’s campaign in Sheffield yesterday, Farage said: “If Ukip win these elections, a referendum and an opportunity for us to get back control of our country will be one [...]
Brand Index: Users take time to get the message on Facebook changes April 22, 2014 IN A recent interview, Facebook boss Mark Zuckerberg revealed that a major plank of the company’s growth strategy is to diversify its offering into many smartphone apps. The aim is to create different programmes to serve users’ needs, rather than trying to make the main Facebook platform all things to all people. Users were given [...]
Old Mutual ups Boohoo stake April 22, 2014 FTSE 100 listed finance group Old Mutual, home of top investor Richard Buxton, has upped its stake in online fashion retailer Boohoo, helping it become one of the firm’s biggest institutional shareholders. The company yesterday revealed it had amassed a 9.4 per cent stake in the Manchester-based company, which floated on the London stock market [...]