Downgrade for RBS over risky cost cut plans March 13, 2014 RBS was downgraded last night by credit ratings agency Moody’s which said the bank’s latest structural reforms will “depress profitability” at a time when the bank has little money to spare should things go wrong. The bank announced plans to slash costs and streamline the business last month, and Moody’s said the aim itself is [...]
What the other papers say this morning – 14 March 2014 March 13, 2014 FINANCIAL TIMES Zuckerberg attacks US surveillance Mark Zuckerberg, Facebook founder and chief executive, has strongly criticised the US government for dragging its heels on plans to reform its mass surveillance programme. In a post on the social network, Zuckerberg said he had called President Barack Obama to express his “frustration” over the damage the government [...]
London listings in best start to year since 2007 March 13, 2014 LONDON’S red hot stock market is set to deliver the best first quarter for floats since the financial crisis, as a host of companies rushed to join the flotation queue yesterday. The capital’s stock market has raised $5.92bn (£3.5bn) since the start of the year, the best first quarter for initial public offerings since the [...]
Sale of Pizza Express could raise £900m for private equity owner March 13, 2014 PIZZA Express is being groomed for a sale by its private equity owners in a move which could also see the sale of stablemate eateries Ask and Zizzi. The popular chain, which is controlled by a company called Gondola Group, is working with Goldman Sachs and Rothschild to explore either a float or outright sale [...]
Ono investors reject second Vodafone bid March 13, 2014 ONO SHUNNED Vodafone’s improved takeover bid yesterday as the Spanish cable operator continues to race forward with plans for an initial public offering (IPO). Ono’s shareholders – including investment funds Providence Equity Partners, Thomas H Lee Partners and Quadrangle Capital – voted to proceed with IPO plans over coming weeks, despite Vodafone’s offer which was [...]
Morrisons cuts prices after new profit warning March 13, 2014 MORRISONS sent shockwaves through the food retail industry yesterday after warning that underlying profits would halve this year and announced plans to spend £1bn on cutting prices over the next three years. Chief executive Dalton Philips said it will invest £300m this year to narrow the price gap with discounters, following similar moves by Tesco, [...]
Bird seeds, flavoured milk and Netflix added to inflation basket March 13, 2014 NETFLIX and flavoured milk have been added to the basket of goods used to calculate consumer price inflation, shedding light on the way that the UK’s spending patterns and habits have evolved. With technological developments, online video streaming has become increasingly popular with the provision of services like Netflix. This has been added to the [...]
MPs call for more transparency on state contract bids March 13, 2014 THE PUBLIC Accounts Committee (PAC) today called for more transparency on companies bidding for government work, but businesses warned that the extra costs could squeeze out smaller competitors. In a new report, the PAC demanded an extension of the freedom of information act (FOI), access rights for the National Audit Office and requested private firms [...]
BP’s Deepwater ban on US government contracts abolished March 13, 2014 OIL GIANT BP will once again be able to bid for new contracts with the US government, ending the ban that resulted from the Deepwater Horizon disaster in 2010. The US Environmental Protection Agency (EPA) banned BP from pitching for new government contracts in November 2012 after BP pleaded guilty to criminal charges relating to [...]
Inside Track: Investors: How best to avoid being shut out on listings March 13, 2014 CITY folk often have long memories and until very recently there was an average chance that if a private equity group tried to bring a company to market it would be hit by a barrage of cynicism. The disappointing performance of several stocks in the noughties, including Debenhams, ensured that for a good while whenever [...]