Government hits back over Royal Mail privatisation April 1, 2014 The government has defended the way in which Royal Mail was privatised last year. Ministers have taken to the airwaves after the National Audit Office (NAO) published a report concluding that the government undervalued Royal Mail at the expense of the taxpayer. Amyas Morse, head of the NAO, said: The department was very keen to [...]
Aberdeen shares jump on further cost cuts April 1, 2014 This morning, Aberdeen Asset Management confirmed it’s completed its acquisition of Scottish Widows Investment Partnership (SWIP) for £550m. As part of the sale, the group is issuing 125.85m new ordinary shares to Lloyds Banking Group, 108m of which have been issued today, plus a deferred top-up payment of £39.4m, which is payable at the end [...]
German unemployment falls by 12,000 April 1, 2014 The headline unemployment rate of Europe's motor has fallen again. With unemployment dropping by a seasonally adjusted 12,000 in March, that takes the overall rate of unemployment to 6.7 percent. Analysts had been expecting to see 6.8 per cent unemployment reported this month. Last month's estimate of unemployment has been revised lower, down from 6.8 [...]
ICAP revenue falls as market activity slows April 1, 2014 UK broker ICAP has announced a fall in revenue for February and March of 14 per cent. Despite the fall in revenue the company believes it will achieve results in line with market expectations, which range from £266m to £280m. The consensus is £273m. ICAP saw declines in overall trading activity levels in the Global [...]
What you need to know before the open April 1, 2014 European markets are expected to make a positive start to the day, with investors hopeful of US and Chinese stimulus to counter economic slowdown. Corporate data UK broker ICAP has announced a fall in revenue for February and March of 14 per cent. The company believes it will achieve results in line with market expectations, [...]
FCA boss Wheatley says he won’t quit over insurance blunder April 1, 2014 Martin Wheatley is not intending to step down as chief executive of the Financial Conduct Authority after last week’s embarrassing episode when it bungled an announcement on a new insurance probe. The regulator is investigating the fees and charges faced by savers with policies dating back forty years. The announcement saw shares in insurers plummet [...]
BHP Billiton reacts to demerger speculation April 1, 2014 BHP Billiton has issued a statement in response to so-called “market speculation” about its decisions on simplifying its portfolio. The response comes after the Australian Financial Review reported that the miner has been weighing up different options for over a year, including spinning off non-core assets, in a move that could see a new $20bn [...]
Babcock lands London Fire Brigade contract April 1, 2014 UK engineering group Babcock International has said this morning that it has been named as the preferred bidder for a 21 year contract, with London's Fire Brigade (LFB). The company was awarded the contract to manage LFB's vehicle fleet by the London Fire and Emergency Planning Authority (LFEPA). There will be a 10 day standstill [...]
Asian markets mixed after data and Japan tax hike April 1, 2014 Trading in Asia’s been mixed today. Some weak data has slightly dented equities, after what otherwise could have been a rally, following a sturdy first quarter for US markets. A disappointing reading for China’s manufacturing sector, with the purchasing managers’ index falling to 48 in March – the lowest reading since last July. Any number [...]
Watchdog slams Royal Mail sale March 31, 2014 THE GOVERNMENT was too cautious and massively undervalued Royal Mail at the expense of taxpayers, the spending watchdog has said today, in a highly critical report into the £3.3bn sale of the postal operator. In a damning verdict published this morning, the National Audit Office (NAO) concluded that Vince Cable’s department for business, innovation and [...]