Troubles mount for G4S as profits slide March 12, 2014 Troubled contracter G4S has suffered a fall in profit before tax of 15 per cent or £170m, according to the company's preliminary results for the year ended 31 December 2013. This compares to a profit of £158m in 2012. Revenue grew 2.7 per cent to £7.4bn, with strong revenue growth in emerging markets of 16 [...]
What you need to know before the open March 12, 2014 European futures are suggesting a mixed open for markets. German stocks are expected up again today, after data yesterday showed a surge in exports and imports in January. Meanwhile, Japanese consumer confidence fell to 38.3 in February (from 40.5). The drop, says Capital Economics, suggests consumers are doubtful over Abenomics. Corporate news Troubled contracter G4S [...]
Ocado sales soar as Morrisons site gathers pace March 12, 2014 Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000. Tim Steiner, chief executive officer of Ocado, commented: We are pleased with the continued growth in our business. We remain committed [...]
Ferrexpo profits jump as production booms March 12, 2014 Iron ore miner Ferrexpo has enjoyed a jump in profit before tax of 15 per cent to £305m, for the year ended 31 December 2013. Revenue also grew by 11 per cent to £1.5bn. The company, which has operations in Ukraine, expressed its condolences for those who have been impacted by the political turmoil in [...]
Asian markets slide as China fears hit commodities March 12, 2014 Asian markets are taking a beating this morning amid concerns of a weakening Chinese economy and tensions in Ukraine, ahead of Crimea's referendum on Sunday. Copper is suffering a significant fall while gold is making gains. Weak Asian markets reflect Wall Street's uncertainty over the strength of the US economy. However, many investors are remaining [...]
Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
Bank of England plans shake-up to tackle forex probe March 11, 2014 GOVERNOR Mark Carney vowed to restore the Bank of England’s credibility and repair financial markets yesterday, hiring a new deputy governor to investigate foreign exchange market manipulation claims. Carney promised to “ruthlessly, relentlessly follow through with the investigation” into claims a Bank of England staff member had encouraged or turned a blind eye to traders’ attempts [...]
Carney says Scottish banks might have to move south March 11, 2014 SCOTLAND’S biggest banks may have to be rehomed in England if the country votes for independence, after Bank of England governor Mark Carney said yesterday it was unclear whether they could be run from Scottish head offices. During a quizzing by the MPs of the Treasury Select Committee, Carney admitted: “It is not clear in [...]
Ukraine pleads for action from UK and America March 11, 2014 THE NEW government in Ukraine has called on leaders in the UK and America to uphold their end of a bargain made in 1994 to protect the troubled state. The desperate call came as Russia said yesterday it would recognise the outcome of the vote in Crimea on Sunday, said to be a line in the [...]
What the other papers say this morning – 12 March 2014 March 11, 2014 FINANCIAL TIMES Brent crude contract underpinning Slowing output from the North Sea may require IntercontinentalExchange to add oil grades from beyond the offshore European fields to underpin its flagship Brent crude contract. The comments from David Peniket, president of the London-based ICE Futures Europe exchange, echo growing industry concern that the global crude oil benchmark [...]