CBI director-general John Cridland: “Gosh, we really need to invest in infrastructure” November 6, 2014 In his fourth-floor office overlooking St Paul’s and the City of London, CBI director-general John Cridland seems at one with the world. The 49-year-old from Boston, Lincolnshire, is enjoying the relatively new offices and their proximity to the City and he is confident the economy is in good shape and that his members, who are [...]
Cable & Wireless in game-changing $1.85bn deal to buy Columbus International November 6, 2014 Cable & Wireless Communications (CWC), the Caribbean and Central American telecoms operator, has agreed a deal to buy Columbus International, a fibre-based telecoms provider backed by US cable TV billionaire John Malone, for $1.85bn (£1.13bn). The FTSE 250-listed firm said the huge deal, which was worth nearly as much as CWC’s entire £1.14bn market [...]
Virgin Money IPO boosted November 6, 2014 BANKERS working on the flotation of Virgin Money are likely to exercise their “greenshoe” option when it floats later this month. A source close to the deal said enthusiasm from investors meant the company would sell an extra tranche of shares on top of the initial stake, thought to be 25 per cent, it had [...]
Zynga fails to make a hit in third quarter November 6, 2014 VIDEO gaming firm Zynga’s losses increased to $57.1m (£36.1m) in the third quarter of 2014, compared with a loss of $68,000 last year, as the FarmVille maker struggled to create its next hit and doubled down on efforts to make current offerings more mobile-friendly.
AstraZeneca surpasses revenue expectations as Pfizer bid fades November 6, 2014 PHARMA giant AstraZeneca yesterday reported that third-quarter revenues had grown five per cent to $6.54bn (£4.09bn), beating analyst expectations of $6.41bn. The results mark the FTSE 100-listed firm’s third consecutive quarter of growth, having rejected a £74bn takeover bid by Pfizer in May. “I’m pleased to report our third consecutive quarter of revenue growth, driven [...]
Hester says RSA recovery is on track but premiums dip by £1bn November 6, 2014 Insurance firm RSA saw its shares decline by almost five per cent yesterday as it reported premiums of £5.68bn for the first nine months of 2014, down nine per cent from £6.74bn last year. The company said profit for the third quarter was “strong”, due to £198m gains from its disposals of Noraxis and its [...]
Economy hits Credit Agricole November 6, 2014 FRENCH bank Credit Agricole’s shares tumbled yesterday as its profits were impeded by poor economic growth at home. Net income rose 2.1 per cent on the year to €1.46bn (£1.14bn) in the third quarter. Revenues rose 1.3 per cent year-on-year, and the bank was boosted as its cost of risk decreased by 17.1 per cent. [...]
Commerzbank triples profits November 6, 2014 GERMAN lender Commerzbank saw its profits surge in the third quarter as bad loans fell and its investment bank performed well. Operating profit in the third quarter topped out at €343m (£268m) – more than triple that of the same period last year – while total loan volumes increased and capital ratios improved. Operating profit [...]
Morrisons’ sales slump begins to slow down November 6, 2014 SALES at WM Morrison fell again in the third quarter, but yesterday investors were pleased at promising individual sales figures. The supermarket’s sales fell 6.3 per cent on the year, on a like-for-like basis – an improvement on the 7.6 per cent fall in the previous quarter. Its shares jumped by 6.22 per cent on figures [...]
Sour first half for Tate & Lyle as profits plummet by 40 per cent November 6, 2014 SUGAR manufacturer Tate & Lyle revealed yesterday that operational and supply-chain disruption had led to a 40 per cent drop in profit in the first six months of the 2014 financial year. Profit before tax fell from £173m to £104m during the period, while sales dropped from £1.5bn to £1.2bn, a 21 per cent decline. [...]