Russian retail chain Lenta raises $950m to start trading in London February 27, 2014 RUSSIAN hypermarket Lenta is set to announce a price of $10 per global depository receipt (GDR) today for its forthcoming float in London, raising $952m for its private equity owners. The $10 price gives Lenta, which is controlled by David Bonderman’s TPG Capital, an equity value of about $4.3bn. Bankers had previously indicated a price [...]
Downloads to be ultra-fast at Virgin Media February 27, 2014 VIRGIN Media customers can now download a high definition movie in just four minutes after the cable broadband provider increased its service’s top speeds to 152Mb, double BT and Sky’s top consumer broadband speeds of 76Mb. Virgin’s ultrafast speed will not come at any additional cost for existing customers of Virgin’s fastest service, who will [...]
PM’s migration target in tatters as numbers rise February 27, 2014 EFFORTS by the government to reduce immigration are failing, as the level of net migration to the UK rises once again, back over 200,000 in the 12 months to September 2013. Figures released by the Office for National Statistics (ONS) showed that the number of people migrating to the UK rose to 532,000 in the [...]
Strict entrance laws straining UK’s workforce February 27, 2014 THE UK’S tightening immigration controls are keeping a lid on Britain’s qualified workforce, holding it at too low a level to cope with long-term demand, according to a major recruitment firm. Analysis by Randstad claims there are a third fewer skilled migrants arriving to the UK than before 2007, and 15 per cent more workers [...]
Struggling RSA asks for £775m from investors February 27, 2014 INSURER RSA has asked its shareholders for £775m to help steer it out of troubled water following huge losses in the Irish arm of the business. The group announced a rights issue alongside its disappointing annual results yesterday, in addition to further asset sales. RSA announced a £244m pre-tax net loss for 2013 which it [...]
Lloyds outstrips other big banks in UK’s mortgage lending boom February 27, 2014 LLOYDS is the driving force behind Britain’s mortgage boom, financing the recovery in house buying activity, the big four banks’ 2013 financial reports reveal. In stark contrast to Lloyds’ surging lending data, the other major banks cut lending or held relatively flat. Lloyds’ gross new mortgage lending came in at £36.9bn in 2013, up 40 [...]
Bottom Line: Taxpayer won’t ever be in profit February 27, 2014 ROSS McEwan chose the word “sobering” yesterday to sum up the catastrophic £8bn loss RBS posted for 2013, taking its total losses since its 2008 bailout to £45bn. The figure will certainly be sobering for the government, which pumped the same amount into the bank six years ago in return for an 81 per cent [...]
Bonham Carter moves upstairs as debts clear February 27, 2014 JUPITER’S chief executive Edward Bonham Carter bowed out of the top job yesterday, just as the business declared it was finally free from debt. The business, which manages stocks and bonds for investors, said it finally cleared the last £11m of borrowings this month, after working its way through a debt pile of £375m that [...]
Analyst Views: Jupiter has cut its debt – is there scope for a dividend hike? February 27, 2014 HALEY TAM | CITI “Jupiter paid off the last of its debt in February 2014, and is not reliant on its consolidation waiver, which runs to June 2015. There is clear potential for increased returns to shareholders in 2014 from the group’s strong operating cashflow generation of £122.1m in 2013. PETER LENARDOS | RBC CAPITAL [...]
Man Group stops the rot after its buyback lifts investor sentiment February 27, 2014 THE WORLD’S biggest listed hedge fund Man Group showed signs of a turnaround yesterday after unveiling a $115m (£68.9m) share buyback programme and $700m of net inflows for the fourth quarter. Shares in the company rose 14.3 per cent in trading yesterday as investors gave the thumbs up to the improved performance figures. “2013 was [...]