Cable and Fallon are unwavering on Royal Mail pricing November 27, 2013 Things haven't let up for Vince Cable and Michael Fallon (pictured) as the pair continue to be quizzed by MPs on the sell-off of the Royal Mail. Both Cable and Fallon remained adamant that, although alternatives to the initial public offering (IPO) were explored, market circumstances meant the company was priced correctly. The government has been [...]
UK retail sales index drops to five month low November 27, 2013 One survey has just shown retail trends at their lowest level in five months. The Confderation for British Industry's (CBI) indicator dropped from two to one in November, despite analysts expecting a monthly rise to eight. The CBI said that high-street sales were flat in the year to November, disappointing retailers' expectations for the second [...]
As Bitcoin approaches $1,000 are investors suffering from tulip mania? November 27, 2013 Comparisons between the dramatic ascent of Bitcoin and the tulip bulb mania that gripped 17th century Europe aren't new. They were made by UBS' Art Cashin before the currency popped in April. It did – dropping from $220 to less than $80. Fans of the cryptocurrency would always tell you that this time things are [...]
WPP lands majority stake in Cerebra Communications November 27, 2013 WPP has announced that it has acquired a majority stake in the South African based agency, Cerebra Communications. The strategic communications company was founded in 2006 and employs 35 people with clients including Vodacom and Nedbank. Cerebra offers services such as community management, crisis management, social business strategy and creative communication campaigns. The acquisition adds [...]
London has highest number of business births but lowest rate of survival November 27, 2013 In 2012 the births of new businesses, at 270,000, exceeded the number of businesses deaths, which stood at 255,000. In London, birth rates were 14.8 per cent – the highest in the country – whilst the death rate was 11.7 per cent, meaning the capital also had the highest churn rate. Births stood at 65,000 and [...]
RBS could face criminal probe in wake of SME allegations November 27, 2013 Embattled RBS could face a criminal investigation, as news comes that the Serious Fraud Office (SFO) may be planning one, following government adviser Lawrence Tomlinson's claim that the bank forced small and medium-sized businesses into difficulties in order to make a profit from stripped assets. According to five unnamed sources cited by the FT, the [...]
Third quarter GDP growth confirmed at 0.8 per cent as exports see biggest fall since 2011 November 27, 2013 Third quarter GDP growth has been confirmed at 0.8 per cent by the Office for National Statistics (ONS). Three of the 34 economists polled by Bloomberg expected the first estimate of third quarter GDP to show growth of 0.7 per cent, while another three saw it at 0.9 per cent. The vast majority – the [...]
Albermarle & Bond shares collapse as board downgrade expectations November 27, 2013 Shares in Albermarle & Bond have taken a hammering this morning, falling by 40 per cent as the company released its trading update. The pawnbroking business has been in the process of renegotiating its debt and restructuring in the wake of the dramatic fall in the price of gold, on which the company had been [...]
German confidence climbs to six year high ahead of Christmas November 27, 2013 German shoppers are more optimistic about the state of the economy – as Chancellor Angela Merkel prepares to form a coalition government. Gfk's survey of consumer confidence has jumped from 7.1 to 7.4 in December. Last month's figure was revised up – from 7.0 to 7.1. Economists had expected a slight lift from 7.0 to [...]
Compass announces £500m share buyback as profits climb November 27, 2013 The world's largest caterer, Compass, has announced plans to return £500m to investors through a share buyback next year, along with its full-year results. Underlying profit before tax was £1.2bn, up 9.2 per cent from a year ago, in line with expectations. Shares are up over 1.5 per cent in trading this morning. The [...]