2013 growth revised down as savings worries mount March 28, 2014 The UK economy grew by 0.7 per cent in the last quarter of 2013, in line with consensus, according to the latest numbers from the Office for National Statistics (ONS). But for the full year, GDP was revised down to 1.7 per cent, compared to the earlier estimate of a 1.8 per cent rise from 2012. [...]
Canary Wharf owner sees shares rocket 21pc on results March 28, 2014 Songbird Estates, the developer of Canary Wharf, has posted a pre-tax profit jump from £201.5m to £900.8m. Shares leapt 13 per cent at the open this morning, and are now up an impressive per cent at 235p per share. Underlying profits have dropped marginally to £22.4m, but the firm got a boost from surging London [...]
Diageo announces shakeup of executive committee March 28, 2014 Diageo, the world's biggest spirits maker, has announced a shakeup of the company's executive committee. President of Diageo Asia Pacific Gillbert Ghostine will focus on the development of Diageo's key growth markets in India and China. Ghostine will also take up the newly created role of chief corporate officer and will be responsible for business [...]
What you need to know before the open March 28, 2014 European markets are expected higher this morning, with resources predicted to gain on growing confidence that China will act to increase stimuli to boost the economy. Weaker-than-expected economic data has prompted premier Li Keqiang to suggest authorities are ready to press on with infrastructure investment. That’ll mean a focus on miners, as the moves have [...]
Aviva sells US equity manager River Road March 28, 2014 Insurer Aviva’s announced that Aviva Investors, its asset management business, has reached a deal to sell equity manager River Road Asset Management. They've found a buyer in the form of Affiliated Managers Group, a Massachusetts-based investment firm. The move comes as the group looks to simplify its business, making it “more focused”, with an integrated operating [...]
Asian markets head for best week since last April March 28, 2014 Asian stocks are heading for their biggest weekly advance in 11 months, with the MSCI Asia Pacific index gaining 0.7 per cent. Copper's pared a quarterly decline and investor confidence growing on hopes of further economic stimulus from the Chinese authorities. Chinese premier Li Keqiang has stated that the country does have policies in reserve [...]
Any Other Business – 28/03 March 28, 2014 The Capitalist stands corrected. Yesterday we said the City was close to its first official rock band but it seems rock has in fact been around in the City for sometime. “Whilst we would never call into question the accuracy of your report, we feel we must put the record (!) straight on one point,” [...]
Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]
Changes to bank levy will cost firms £400m per year March 28, 2014 THE BANK levy will rise to £2.9bn from its previous target of £2.5bn per year, under plans in a consultation out yesterday, as the Treasury looks to fix the amount of money it raises from the industry. In 2010 the plan was to tax banks based on the size of their balance sheet, aimed at [...]
Microsoft’s new boss moves beyond Windows with Office for iPad March 28, 2014 MICROSOFT’S new chief executive Satya Nadella revealed his first big strategic play for the software giant yesterday by releasing its Office suite of apps on Apple’s rival iPad mobile platform. “A billion people rely on Office every day, and we’ve worked diligently to create a version of Word, Excel and PowerPoint that delivers the best [...]