Builders shrug off wet February March 4, 2014 THE UK’S rapid construction growth continued despite February’s terrible weather, with firms reporting only a minor slowdown in the recent rapid expansion. The headline score of the most recent purchasing managers’ index (PMI) from Markit and the Chartered Institute of Purchasing & Supply (CIPS) was 62.6 for the construction sector. The figure is down from [...]
Lowest M&A since 1987 at end of 2013 March 4, 2014 THERE were fewer mergers and acquisitions in the fourth quarter of 2013 than at any time since official records began more than a quarter of a century ago. Despite the upturn of the economy as last year came to a close, and a spate of activity since the beginning of the new year, only 99 [...]
Biggest lenders face tougher capital rules March 4, 2014 BIG BANKS could be underestimating their risks and so holding insufficient capital buffers against some loans, global regulators warned yesterday. Currently the biggest banks can use their loan books to estimate the risk associated with different types of debt and so decide how much capital to set against them. Stefan Ingves, head of the Bank if International [...]
Jeremy Tigue to retire March 4, 2014 F&C INVESTMENT TRUST HEAD TO STAND DOWN FUNDS veteran Jeremy Tigue is retiring from F&C Fund Management after an impressive 33 years service at the company Tigue has run the £2.6bn Foreign & Colonial Investment Trust for 17 years but that’s just a fraction of its lifespan. The fund originally launched way back in 1868. He [...]
Scoban licenced to join private banking market March 4, 2014 NEW PRIVATE bank Scoban is set to open its doors late this summer after the Bank of England gave it the green light to enter the market. It is the second new entrant under the new licencing regime established last year, and the first to enter the private banking market which serves high net worth clients. The [...]
Brand Index: Hot housing market masks finance fear for many Brits March 4, 2014 THE LATEST figures from the YouGov/Cebr consumer confidence index show that the economic recovery is finally starting to move from a headline to a concrete reality for greater numbers of ordinary people. Champagne bottles are by no means being uncorked in large numbers, but there has been a steady increase in the percentage of people [...]
Glencore beats forecasts with £7.9bn earnings March 4, 2014 INTEGRATED miner-trader Glencore Xstrata yesterday pleased investors and analysts with consensus-busting earnings, in its first full-year results since the completion of its merger. Adjusted earnings of $13.1bn (£7.86bn) were flat but beat company-compiled estimates by seven per cent and Barclays forecasts by five per cent. Core profit from Glencore’s trading arm rose 17 per cent, [...]
Fresnillo slumps after low prices and legal issues knock its results March 4, 2014 FRESNILLO’S share price nosedived nine per cent in early trading yesterday, after the Mexico-focused miner reported a 64.4 per cent decline in full-year profits due to legal issues and lower metal prices. The FTSE 100-quoted company said gold production had declined by 10 per cent after legal proceedings halted operations at the Soledad-Dipolos mine and [...]
Regus plans to open 300 sites in 2014 March 4, 2014 WORKSPACE provider Regus plans to open at least 300 sites this year targeting more travel hubs such as stations and airports to meet changing work habits. Regus, which runs over 1,800 workspaces across the world, opened 448 new sites last year and expanded into new markets like Africa. Profits fell four per cent to £81.5m [...]
RWE posts first losses in 60 years March 4, 2014 GERMAN power giant RWE, which owns UK firm Npower, yesterday posted its first annual loss in more than 60 years due to writedowns, as increased renewables capacity hit the profitability of its power plants. RWE posted a net loss of €2.8bn (£2.3bn), down from €1.31bn in 2012, due to impairment losses of €4.8bn. The firm’s [...]