Bellway profits soar as housing market gathers pace March 26, 2014 British housebuilder Bellway has reported a jump in profit before tax of 73 per cent to £103m for the half year ended 31 January 2014 – the highest ever achieved by the group in a first half trading period. Bellway said it had responded to strengthening conditions in the housing market across all regions by [...]
SSE announces price freeze until 2016 March 26, 2014 One of the Big Six energy companies, SSE, has announced that it’s freezing domestic gas and electricity prices at their current levels until January 2016. It's also splitting its retail and wholesale businesses to "improve transparency". SSE says profits will be lower because of the freeze, but it intends to streamline and simplify its business [...]
Any Other Business – 26/03 March 26, 2014 Aldeburgh, in Suffolk, played host to an event called Names not Numbers this week, mixing novelists with journos, academics, actors and er, a paucity of bankers. The trip, which ended yesterday, involving Brompton bike rides and fish and chips on the beach, couldn’t be further away from flashy boardrooms and Sushi Samba. But Jenny Grey [...]
Asian markets jump after US consumer confidence reaches six-year high March 26, 2014 Asian markets are reacting to positively to data from the US showing consumer confidence at a six year high and house prices rising in January. Investors are still hoping the Chinese government may introduce stimulus measures to boost its sliding economy. Markets were buoyed by easing tensions over Ukraine as Western leaders continued to show [...]
Flowers: Chancellor wanted a Co-op deal March 25, 2014 DISGRACED former chairman of the Co-operative Bank Paul Flowers has accused the chancellor of being the driving force behind a deal which ultimately exposed the bank’s dire financial situation. In an explosive interview on the BBC’s Newsnight programme, Flowers told Jeremy Paxman that he came under “considerable” pressure from the government to complete a successful [...]
King crushes US with $7bn float March 25, 2014 THE BRITISH firm behind hit mobile game Candy Crush Saga will make its stock market debut today, in a blockbuster flotation that values the company at more than $7bn (£4.2bn). King Digital Entertainment, which will start trading on the New York Stock Exchange this afternoon, sold 22.2m shares priced at $22.50 – the midpoint of their [...]
British bosses warn that Scottish economy will struggle on its own March 25, 2014 SCOTLAND’s economy is poorly equipped to stand on its own if voters choose independence from the UK, according to a damning verdict by the Confederation of British Industry (CBI) today. The business group says that while the Scottish economy functions well as a part of the UK, tax revenues would be at the mercy of [...]
Women now make up one fifth of top UK boardrooms March 25, 2014 THE NUMBER of women in Britain’s biggest company boardrooms now stands at more than 20 per cent, with just 48 more women needed on FTSE 100 boards before the government’s 25 per cent target is met. Women now make up 20.7 per cent of all FTSE 100 boards, according to the latest Cranfield Female FTSE board report, leaving [...]
Dimon ally quits JP Morgan to go to Carlyle Group March 25, 2014 PRIVATE equity firm Carlyle Group yesterday named as co-president and co-chief operating officer JP Morgan’s Michael Cavanagh, who had been considered a leading contender to succeed the bank’s CEO Jamie Dimon. Cavanagh is currently co-head of JP Morgan’s corporate and investment bank. His move to Carlyle is a testament to the rise of alternative asset [...]
Facebook in $2bn virtual reality buyout March 25, 2014 SOCIAL media giant Facebook has bought Oculus, a virtual reality gaming firm, for $2bn. The shock deal saw Facebook founder Mark Zuckerberg pay $400m in cash and 23.1m in Facebook shares, as well as a $300m cash incentive if certain key milestones are reached. “Mobile is the platform of today, and now we’re also getting [...]