Why counterfeited £1 coins are useful to the UK economy March 19, 2014 Chancellor George Osborne's facelift for the £1 coin could have unintended consequences for the UK's economy. Designed to tackle counterfeiting in the UK, the new 12-sided coin should be much harder to forge than existing currency. The Royal Mint estimates that three per cent of all £1 coins are fakes, or £45m worth. Some warn [...]
Average earnings increase by 1.4pc March 19, 2014 Average weekly earnings in the UK, between November and January, rose by 1.4 per cent. Analysts had expected a 1.3 per cent climb, following the previous reading of a 1.1 per cent increase. Excluding bonuses, earnings rose 1.3 per cent – again, slightly above the 1.2 per cent forecast. Month-on-month, earnings rose 0.2 per cent [...]
Bank of England minutes reveal risks of further pound gains March 19, 2014 Members of the UK's interest rate setting committee voted unanimously against any policy change in March. The Bank of England's Monetary Policy Committee (MPC) chose to keep rates at their historic lows of 0.5 per cent, with asset purchases also unchanged. Minutes of the MPC reveal that sterling could strengthen further as the UK's economy [...]
Cambian Group plots market debut March 19, 2014 Specialist care and education provider Cambian Group has said it’s planning to raise about £20m through an Initial Public Offering. The latest in a slew of companies to head towards a debut on the London Stock Exchange, Cambian’s listing is being lead by JP Morgan, with Numis as a joint bookrunner. The firm will have [...]
What you need to know before the open March 19, 2014 Europe is expected to open mixed this morning after Vladimir Putin said yesterday that he’ll respect the sovereignty of Ukraine, going no further than recognising Crimea as part of Russia. Foreign secretary William Hague’s accused Russia of a “land grab”, calling the situation the most serious test of European security this century. Of course, we’ve [...]
Ophir Energy ends drilling operations at Gabon well March 19, 2014 Africa-focused oil company Ophir Energy has ended drilling operations at the Padouk Deep-1 well off the coast of Gabon, according to announcement made on Wednesday. The company said "no significant hydrocarbon shows in targeted reservoirs." Ophir said the key pre-drill risk was that of seal and trap integrity. However, Ophir added: Minor shows were interpreted [...]
Intertek sees mixed growth as US and European markets wane March 19, 2014 Intertek, the London-based inspection, testing and certification firm, has posted what chief executive Wolfhart Hauser has called a mixed set of results for 2013, with growth varying across its markets. The group saw a nine per cent increase in profit before income tax to £281.8m in 2013, with revenue rising almost six per cent to [...]
Smiths Group faces challenge in healthcare markets as profits drop March 19, 2014 Global technology company Smiths Group has reported a fall in pre-tax profit of four per cent to £215m for the six months to 31 January. Revenue fell by two per cent to £1.4bn while the company's dividend rose two per cent to 12.75p. Smiths said that its strength in commercial markets had been offset by challenges [...]
Budget: Political artist Kaya Mar gives us a sneak preview of his latest work March 19, 2014 AS USUAL, all eyes will be on the House of Commons today for George Osborne’s Budget. But there’s a new tradition emerging that might draw the crowds outside parliament too. Artist Kaya Mar has become a regular fixture outside both Downing Street and Westminster during the Budget, showing off his politically inspired portraits. He has kindly [...]
Asian markets calm ahead of Fed policy review March 19, 2014 Asian markets are having an indecisive day ahead of the Federal Reserve's policy review. Investors are keeping a close eye on the Ukraine situation but tensions appear to have cooled for the time being after Vladimir Putin's comments that Russia did not intend to annexe any other parts of Ukraine. However, Western leaders have promised [...]