Big Six energy suppliers set to lose customers October 1, 2014 THE BIG six energy suppliers could face the loss of a quarter of their customers over the next six years, knocking £500m a year off their collective profits, according to a report issued yesterday. Some large companies could be driven out of the market, the research arm of Citigroup investment bank said in a report [...]
Analysts call for Blinkx to sell up after second profit warning hits October 1, 2014 VIDEO search and advertising group Blinkx should sell up to a corporate buyer and return cash to shareholders, analysts said yesterday, after the group issued another profit warning sending shares plummeting. Nearly 13 per cent of Blinkx’s value was wiped off after the firm reported its earnings before interest, taxes, depreciation, and amortisation (EBITDA) for [...]
Apple retains smartphone sales lead ahead of iPhone 6 launch October 1, 2014 APPLE’S UK smartphone sales remained steady up to the launch of its new iPhone 6 last month, defying the historical trend of a sales slump ahead of the new devices release, according to data from Kantar Worldpanel. The iPhone 5C was the best selling smartphone in the UK during August, with 8.9 per cent share [...]
Regulator slaps £10,000 fine on Ageas for phantom phone calls October 1, 2014 OFCOM has handed a £10,000 fine to Ageas Retail for making abandoned calls to its UK customers. The watchdog found that the insurer made 148 of these calls, where consumers answer the phone to find there is no one on the line, on three separate days within a seven-week period. A spokeswoman for Ageas said the [...]
Five-in-one joy as firms scoop £3.2bn MoD deal October 1, 2014 BABCOCK, the UK engineering firm which manages naval bases at Devonport and Clyde, has been awarded a contract worth £2.6bn by the Ministry of Defence (MoD). Meanwhile, BAE Systems, which manages Portsmouth Naval Base, has struck a £600m deal. Both new contracts will run until 2019. The MoD said the new arrangement, which brought five [...]
The biggest motor show in the world zooms into Paris today October 1, 2014 THE PARIS motor show is getting into gear for its launch today, with a huge line up of exhibitors keen to show off their newest car models at the world’s biggest motor show. An array of top car makers will offer public debuts for their latest cars at the show, which has an Automobile and [...]
Property trusts and merchants group clinch trio of acquisitions October 1, 2014 MCKAY Securities, LondonMetric Property and Grafton Group each added to their respective portfolios yesterday in a clutch of deals. McKay Securities, the only real estate investment trust specialising entirely in the south east and London office and industrial markets, announced the off-market freehold acquisition of The Planets in Woking for £8.75m. The property is adjacent [...]
Crude oil prices finally on the up after slumping to two-year low October 1, 2014 BRENT crude oil futures stabilised yesterday, rising by $1 after falling to a two-year low earlier in the week. Brent, the international benchmark, fell to $94.67 (£58.52) per barrel on Tuesday. The drop marked a 16 per cent loss for the quarter, the biggest in two years. US crude also fell to a two-year low. Analysts [...]
City Moves for 2 October 2014 | Who’s switching jobs October 1, 2014 Gibson Dunn & Crutcher The law firm has announced two appointments to its London office. Charlie Geffen (pictured) joins as a partner and chair of its London corporate practice from Ashurst, where he was senior partner. Mark Sperotto also joins as a partner from Ashurst. EY Phil Dunne has been appointed partner to lead the [...]
Best of the Brokers for 02 October 2014 October 1, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ROYAL MAIL UBS has upgraded to “neutral” from “sell”, but cut the target price to 400p from 450p. The broker believes Royal Mail is no longer significantly overvalued now, with near-term earnings estimates more realistic, but cautioned on modernising challenges and tough trading [...]