Virgin Money IPO: Retail investors denied place in yet another float October 2, 2014 Virgin Money defended its choice to sell its shares exclusively to institutional investors – as revealed yesterday in City A. M. – arguing it made for a smoother flotation. Small investors have missed the chance to invest in the majority of IPOs over the past year – the last very large float with a [...]
Mark Carney wants power to limit your mortgage if house price boom threatens banks October 2, 2014 The Bank of England wants major new powers to cap mortgage loans, yesterday arguing it may need to rein in the housing market if the price boom starts to endanger banks. Officials want the ability to cap the loan-to-value (LTV) ratio of mortgages, as well as the debt to income ratios of some borrowers. The demands [...]
Record boom in construction adds kick to economic growth October 2, 2014 CONSTRUCTION is booming, posting its strongest three-month expansion for 17 years and helping to fuel growth. That is according yesterday’s publication of the purchasing managers index (PMI) by Markit and the Chartered Institute of Purchasing and Supply, which scored 64.2 in September. This an increase from 64 in August as the survey measure stays well [...]
Americans set for September jobs recovery October 2, 2014 THE NUMBER of Americans entering new claims for unemployment benefit fell last week, according to figures published yesterday, indicating that today’s jobs figures could provide a significant rebound from a disappointing August. The data from the US Department of Labour shows initial claims for state unemployment drop by 8,000 to 287,000 last week. An improving labour [...]
Balfour Beatty share price falls despite sale of Pinderfields and Pontefract Hospital stake October 2, 2014 Balfour Beatty’s £61.5m sale of its stake in Pinderfields and Pontefract Hospital will not be enough to buoy shareholder confidence following the firm’s profit warning on Monday, analysts have said. The company disposed of its 50 per cent interest in the public-private partnership (PPP) yesterday, selling to an HCIL subsidiary, and also announced three new [...]
Ted Baker defies retail gloom with strong international and web sales October 2, 2014 Ted Baker profits rose 24 per cent to £14m in the last half year, as the fashion retailer benefited from international sales. The brand’s revenue also lifted 17.4 per cent to £182m and web sales rose 49 per cent, to £14m. UK and European sales soared 15.1 per cent to £104.5m, American and Canadian sales [...]
New Jaguar Roars in to take Paris by storm October 2, 2014 The world’s biggest car event scorched into top gear yesterday as the Paris Motor Show got under way. A wide variety of new models are being shown off, including the Jaguar F-Type Project 7, which has a five-litre V8 supercharged engine delivering the fastest acceleration of any production Jaguar. The show opens its doors to [...]
Ryanair soars as passenger numbers rise to record high October 2, 2014 Budget airline Ryanair received a boost yesterday as it revealed passenger numbers in September had hit a new record high. Ryanair’s total passengers last month hit a record 8.5m, soaring by 400,000 compared to 8.1m in September 2013. The budget airline also saw its load factor, the percentage of seats occupied on flights, increase to [...]
Triumphant Germans provide Tui Travel reason to cheer as sales rise October 2, 2014 TUI TRAVEL yesterday revealed optimistic profit forecasts for the year after strong sales over the summer, particularly from the UK and Germany which are both expected to hit record profits. There was a significant surge in bookings for Tui from Germany after victory in the World Cup, with package holiday sales up 22 per cent. [...]
Brent crude oil price drops to two-year low October 2, 2014 BRENT crude oil fell to a two-year low yesterday, dropping 1.2 per cent to $92.93 a barrel, with analysts blaming a lack of demand for the decline. Daniel Sugarman, market strategist at ETX Capital, said any turnaround in the market would depend on the political situation in the Middle East. He told City A.M.: “Islamists are [...]