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 [...]
Serco earnings hit by prisoner tagging scandal March 4, 2014 SCANDAL-STRUCK outsourcing firm Serco’s acting chief executive yesterday said he was confident of a return to growth, despite a 62 per cent decline in full-year profit and a gloomy outlook for 2014. “The events of 2013 absorbed management’s focus and, therefore, interrupted the normal process of improving efficiency and developing our business into new areas,” [...]
Analyst Views: Were Serco’s full-year results in line with your expectations? March 4, 2014 SAM THOMAS | CANTOR FITZGERALD The results were disappointing, as we expected. Pre-tax profits decreased around two per cent to £254.4m, below consensus of £258.7m. While we welcomed Friday’s announcement that Soames would become group chief executive, he will have his work cut out. Serco is in need of serious repair. MIKE ALLEN | PANMURE [...]
Verizon in talks over TV content March 4, 2014 Verizon Communications is in talks with content providers to deliver web-based TV services to mobile platforms, chief executive Lowell McAdam told investors yesterday. A day earlier, Dish Network and Walt Disney announced a landmark deal that will allow the no2 satellite TV provider to deliver Disney-owned network content online, outside of a traditional TV subscription. [...]