Ryanair gets a credit rating as it prepares to tap the bond market March 20, 2014 RYANAIR was given a credit rating of BBB+ yesterday, taking the budget airline a step closer to issuing bonds. Standard & Poor’s said the rating reflected Ryanair’s “industry-leading profitability” along with the risks associated with its “reputation for providing less customer-friendly services than some of its peers”. S&P has deemed Ryanair to be three notches [...]
Crest Nicholson upbeat as house price rises reach home counties March 20, 2014 HOUSE prices in the home counties are starting to reflect the “ripple effect” from the sharp rise in London home values, Crest Nicholson said yesterday. The housing developer said this growth in the average selling price, together with the government’s Help to Buy scheme and the overall improvement in the economy meant sales for new [...]
BAE warns on risk of Scottish independence March 20, 2014 DEFENCE giant BAE Systems yesterday became the latest FTSE 100-listed firm to speak out against the risks of Scottish independence. “BAE Systems has significant interests and employees in Scotland, and it is clear that continued union offers greater certainty and stability for our business,” it said in its annual report. “In the event that Scotland [...]
AstraZeneca pays a bumper bonus and bolsters its board March 20, 2014 ASTRAZENECA boss Pascal Soriot was awarded a bumper bonus for 2013, equivalent to 94 per cent of the maximum the pharmaceuticals giant could have paid its CEO. The company’s annual report, published yesterday, cited several acquisitions that have bolstered its pipeline. Despite declining sales and profits, Soriot received a £1.87m bonus for 2013, taking his [...]
Testing firm Exova plans £110m float on London Stock Exchange March 20, 2014 EXOVA yesterday became the latest company to unveil its plans to float on the London Stock Exchange. The Edinburgh-based firm, which tests components for customers in a wide range of sectors including aerospace, oil and gas and pharmaceuticals, is looking to raise £110m from a premium listing on the main market next month. Around 30 [...]
Three former G4S guards face manslaughter charges over death of man deported from UK March 20, 2014 THREE former officers of security firm G4S will face manslaughter charges over the 2010 death of a man who died as he was being deported from Britain by the group, government prosecutors said yesterday. The prosecutor’s office, which had previously ruled out any action in relation to the case, said it had decided not to [...]
Criminals are choosing jail time over paying fines, warn MPs March 20, 2014 CRIMINALS are choosing to serve longer prison sentences rather than pay fines associated with their crime, MPs have discovered. A new report details the lengths some criminals go to in order to avoid getting hit with so-called confiscation orders – where assets gained through crime are seized by the government. “Crime should not pay, but [...]
Profits rise at Premier Farnell March 20, 2014 Premier Farnell, a distributor of electronic devices and components, has reported an 8.4 per cent rise in full-year pre-tax profit, helped by higher-than-expected sales in China, India and eastern Europe in the second half of the year. Premier Farnell said sales in emerging markets rose 14.9 per cent in the year, topping the company’s target [...]
Chinese shoppers boost Hermes March 20, 2014 French luxury goods maker Hermes saw good demand over the Chinese New Year, the company said yesterday, underscoring its resilience to a crackdown on illicit gift-giving in the industry’s biggest market that has hit some rivals hard. Posting a nine per cent rise in 2013 operating profit, the maker of Birkin handbags and printed silk [...]
Correction March 20, 2014 On page 26 of yesterday’s City A.M. we attributed a Budget response statement from A Fair Tax on Flying to IAG chief executive Willie Walsh. While IAG and British Airways have supported calls to scrap air passenger duty, Walsh is not a member of A Fair Tax on Flying. We are happy to set the [...]