Founder of tech firm Playtech pockets £326m March 5, 2014 THE 40-year old founder of gaming software firm yesterday pocketed £326m from selling 15 per cent of his stake in the firm. Israeli billionaire Teddy Sagi first offered a 10 per cent stake to the market on Tuesday evening, but demand was so great that by Wednesday morning he decided to sell 15 per cent, [...]
Business growth in Eurozone hits 32-month high March 5, 2014 HOPES for a strong economic recovery in the Eurozone were boosted yesterday by figures showing a rise in retail sales and a two and a half year high in private sector growth. Data company Markit published its latest composite purchasing managers’ index for the euro area, revealing a score of 53.3 for February. While all [...]
British firms defy bad weather to hire new staff at record pace March 5, 2014 A LEADING business survey revealed yesterday that UK private sector job creation in February reached its fastest rate since the research began in the late 1990s. Markit’s composite purchasing managers’ index (PMI) has a sub-index for employment which rose to 56 in February, up from 55.7. All numbers above 50 point to growth. “The brightening outlook has [...]
Rate of US services expansion plummets to a four-year low March 5, 2014 AMERICA’S economic prospects were dealt a blow yesterday as three separate sets of data pointed to a stuttering recovery. A widely-regarded measure of the US service sector plummeted to reveal the slowest rate of growth for four years. The Institute for Supply Management said its services index fell to 51.6 last month, the worst score [...]
Rolls-Royce to overhaul ethics in face of probe March 5, 2014 AEROSPACE and defence giant Rolls-Royce yesterday outlined a new strengthened ethics policy, as it awaits the outcome of a fraud investigation into allegations of bribery and corruption. In its annual report, the FTSE 100-quoted firm said it had re-launched an ethics hotline available 24 hours a day, where individuals can raise any concerns. It also [...]
Rise in temporary hiring helps buoy earnings at Michael Page March 5, 2014 MICHAEL Page has become the latest recruitment firm to cheer a return to hiring in white collar jobs. The firm’s revenues rose 1.6 per cent last year to break the £1bn barrier and pre-tax profits rose 3.5 per cent to £67.1m, Page announced yesterday. Revenue from permanent placements fell 4.5 per cent to £403m, but [...]
Admiral results solid not flashy says top boss March 5, 2014 CAR insurer Admiral has announced good results for 2013 with overall profits up 7 per cent despite an 8 per cent fall in group turnover. Profit before tax in 2013 was £370m compared to £345m the year before, while earnings per share were up at 104.6 pence, a 10 per cent increase. Group chief executive [...]
Cuadrilla ramps up its Bowland shale estimates March 5, 2014 CUADRILLA’S shale gas resource in the north west of England may be twice as large as previously thought, according to a geologist at the energy company. Speaking at the Shale UK conference in London, Huw Clarke said that more detailed analysis suggests that the actual reserves may be much higher than original estimates of 200 [...]
Green scheme take-up slated March 5, 2014 CARILLION’S chief executive Richard Howson yesterday said the government had not given enough support to early adopters of energy efficiency scheme the Green Deal. “Take-up has been very slow and I don’t expect that market to pick up in 2014,” he told City A.M. The FTSE 250 support services firm’s revenues fell seven per cent in [...]
Melrose warns on slow sales March 5, 2014 MELROSE Industries’ share price plunged over eight per cent yesterday, after the engineering buyout firm warned that sales growth in 2014 would not be easy to achieve, due to challenging market conditions. But pre-tax profit rose 48 per cent in 2013 to £226.1m. “Our strategy of ‘buy, improve, sell’ is by now well understood,” said [...]