Ladbrokes to close 50 shops as profits dive February 25, 2014 Bookmaker Ladbrokes has reported a collapse in profit before tax of 66 per cent to £67m for the year ended 31 December. The company has been hit hard by tax changes to gaming machines and the rising cost of horse racing picture rights. Richard Glynn, chief executive, commented: While our financial results for 2013 were disappointing, [...]
Persimmon profits more than double on booming demand February 25, 2014 Another house builder riding the wave of surging demand. Following bumper results from Bovis yesterday, Persimmon has said this morning that its profit before tax more than doubled in 2013. The 54.5 per cent increase to £337.1m came about as the group “responded quickly” to growing customer demand, outperforming its original long term plan. Chairman Nicolas [...]
MtGox shuts down in fresh blow for Bitcoin February 25, 2014 MtGox, one of the world's largest Bitcoin exchanges, has suspended trading and taken its website offline, as well as erasing the company's twitter account. This follows the resignation of the exchange's chief executive Mark Karpeles, on Sunday. The Financial Times reports that a document circulated online says the exchange has lost a staggering 744,000 Bitcoins [...]
Asian shares jump after bullish day on Wall Street February 25, 2014 Asian shares a regaining some momentum after a bullish day on Wall Street helped ease fears over Chinese credit contraction. An unexpected rise in German business sentiment provided further reason for optimism over the Eurozone recovery. The Nikkei has jumped 1.4 per cent while the Hong Kong Hang Seng Index is up a more modest [...]
Any Other Business – 25/02 February 25, 2014 HSBC lifted the gates yesterday and let its wave of financial reportage wash over analysts, investors, journos and anyone else interested enough to wade through 31 separate releases. Part of the flotsam and jetsam that washed up on the shore was the 598-page annual report – bigger and beefier than last year (2012’s report was [...]
Markets hit fresh highs February 24, 2014 BOOMING stocks hit fresh highs on both sides of the Atlantic yesterday as upbeat investors kept on pumping cash into equities, fuelled by economic recovery and low interest rates. The surge in stocks follows a flood of merger and takeover activity, with Facebook’s $19bn (£11.4bn) buyout of messaging service Whatsapp last week setting the tone [...]
WhatsApp voice service to challenge mobile carriers February 24, 2014 WHATSAPP, the messaging app bought by Facebook last week, yesterday announced it will take on mobile operators with a new voice capability, while Facebook chief executive Mark Zuckerberg admitted that the firm could be worth far more than the $19bn (£11.4bn) he paid for it. “I actually just think that by itself it’s worth much [...]
Three stabbed at Bishopsgate February 24, 2014 THREE men in their 20s were taken to hospital yesterday afternoon after they were stabbed outside 199 Bishopsgate in the heart of the City. A fight is thought to have begun outside All Bar One. Much of Bishopsgate, which hosts offices for institutions like Deutsche Bank and RBS, was closed off until around 6.30pm, with witnesses in nearby [...]
Moscow gives new Kiev leaders chilly reception February 24, 2014 POLITICAL tensions worsened in the disordered aftermath of Ukraine’s change in government yesterday, as the Russian state balked at the new administration’s overtly pro-European stance. Ukrainian finance minister Yuriy Kolobov announced yesterday that the country was seeking about $35bn (£21.03bn) in financial assistance over the next two years. Following the recent violence in Kiev and [...]
Call a tax a tax demands MP in NI rename row February 24, 2014 THE CONSERVATIVE MP calling for an end to National Insurance payments has won the backing of business leaders at the Institute of Directors. Backbench MP Ben Gummer will set out his argument to rename National Insurance the “Earnings Tax” in parliament today, and has admitted that this is the first step in a plan to [...]