Labour promises to make smoking in cars a thing of the past January 29, 2014 Smokers are set to face a fresh wave of restrictions as the House of Lords prepares to vote on whether to make it an offence for drivers of a private vehicle to smoke when a child is present. Labour peers Lord Hunt, Lord Faulkner and Baroness Hughes are set to table the amendment to the [...]
The 3 big changes set to shake hedge funds in 2014 January 29, 2014 A great deal of opportunity it turns out, if you listen to the world’s biggest money manager BlackRock. Despite citing some startling statistics at a briefing in London today – more on that later – its strategists think increased volatility in markets this year will open up a pandora’s box of opportunity for smart managers. [...]
Here’s how Turkish tightening could prompt global rate hikes January 29, 2014 Last night's decision from the Central Bank of Turkey managed to catch everyone off guard. An emergency meeting saw the overnight lending rate hiked from 7.75 per cent to 12 per cent, and the one week repo rate up from 4.5 per cent to 10 per cent. The central bank's hand was forced into announcing [...]
Justin King to leave Sainsbury’s in July January 29, 2014 Justin King is stepping down as chief executive (CEO) of Sainsbury’s in July, it's been announced. King’s been in charge for ten years; he’ll be replaced by Mike Coupe, current group commercial director. He only formally told chairman David Tyler that he was stepping down this morning. The decision, he said, was entirely his own [...]
Shell sells stake in Brazil project to Qatar for $1bn January 29, 2014 Shell has agreed a deal to sell a 23 per cent interest in the Parque das Conchas project (BC-10), off the coast of Brazil, to Qatar Petroleum International. The deal will see the oil giant make around $1bn (£0.6bn), as it continues its two-year, $15bn divestments drive. A series of three disappointing quarterly results and [...]
Nordea moves to double cost saving programme as profits disappoint January 29, 2014 Nordic banking group Nordea has seen its operating profit grow by two per cent to €1.01bn (£600m) for the fourth quarter while net profit slid by eight per cent to €773m from €842m in the previous year. Analysts at Reuters had forecast an operating profit of €1.1bn (£660m) for the period. In wake of the [...]
What you need to know before the open – 29/01 January 29, 2014 European bourses are expected higher this morning, ahead of the Fed’s Open Market Committee meeting and in the wake of Turkey’s rates hike. Over in Asia, the Nikkei leapt the most in five months on the news that Turkey has increased interest rates from 7.75 per cent to 12 per cent. Post a measurable [...]
Healthcare specialist BTG hails strong year January 29, 2014 International healthcare company BTG has reported “strong progress” over the last year, particularly in interventional medicine. The FTSE 250 company, which specialises in commercialising products that target critical care, cancer and vascular disease, has reiterated its revenue guidance of between £275m to £285m for the current financial year ending 31 March. During the period from [...]
Europe’s biggest drug maker to face $3bn hit from competition January 29, 2014 Swiss drug company Novartis has seen fourth-quarter profits fall as currencies in emerging markets weakened against the dollar. Europe's largest drug maker is feeling the heat as heart medication Diovan and cancer treatment Gleevec start to lose patent protection. Novartis lost its patent rights for Diovan in the US in 2012, but has not yet [...]
UK house prices jump 8.8pc from a year ago January 29, 2014 Figures from mortgage lender Nationwide have shown that house prices rose 8.8 per cent in January from a year earlier. UK house prices continued their forward march this month, increasing 0.7 per cent – their thirteenth monthly increase in a row – but slowing slightly, after December’s 1.4 per cent rise. This was still [...]