IFS warns on an independent Scotland’s economic viability November 18, 2013 Without significant fiscal tightening, an independent Scotland would not be overly financially sustainable, says the Institute for Fiscal Studies (IFS). In a report published today, the IFS said that "even under the most optimistic scenario", the country would be left with a £3bn black whole in its public finances – 1.9 per cent of national income. [...]
Jammie deal for Canadian teachers as pension fund buys dodger maker Burton’s November 18, 2013 The maker of Jammie Dodgers and Maryland cookies is to be bought by a Canadian teachers' pension fund. The deal will see the Ontario Teachers' Pension Plan (OTPP), become the owners of Burton's Biscuits and is expected to be concluded by the end of the month. The second largest biscuit manufacturer in the UK, Burton's [...]
Bitcoin breaches $600 barrier November 18, 2013 Crypto currency Bitcoin has breached the $600 barrier this morning, having passed $500 yesterday. In April the digital store of value crashed from $220 – then thought spectacularly high – to fall below $100. While many thought that this may herald the end for the currency, its value has continued to rise since then (although [...]
Rolls Royce wins $5bn and $300m engine orders from Etihad and Qatar Airways November 18, 2013 Rolls Royce said this morning that it has won a $5bn (£3.1bn) order from Etihad Airways for Trent XWB engines to power 50 Airbus A350 aircraft, along with a $300m (£251.32m) order from Qatar Airways for Trent 700 engines to power five Airbus A330 freighter aircraft. The announcements come on the first day of the [...]
Occupancy rise bolsters accommodation group Unite’s performance November 18, 2013 Unite, the student accommodation group, has announced a strong lettings performance for the 2013/14 academic year, boosted by a rise in student occupany. Average occupancy reached 98 per cent, compared with 96 per cent for the same period a year ago. The update covers the period from 1 July to 15 November. (Release) The group [...]
Directors’ pay soars 14 per cent in the past year November 18, 2013 The Income Data Services (IDS) has calculated that pay for senior directors has risen by 14 per cent over the past year. The average pay for a director of a FTSE 100 company totalled £3.3m. The IDS confirmed that the basic pay rises has been "relatively restrained" and bonuses had fallen by 8.8 per cent. [...]
Petrofac shares plummet on flat growth forecast for next year November 18, 2013 Energy services provider Petrofac saw shares drop more than 15 per cent this morning after it said that it expected new income in 2014 to see "flat to modest growth year-on-year". It blamed delays in its Upper Zakum project in Abu Dhabi and the Berantai project in Malaysia. (Reuters) When it comes to outlook for [...]
Prosecco demand sees Majestic Wine profits sparkle November 18, 2013 Majestic Wine has posted a rise in pre-tax profits of 4.2 per cent to £9.2m, in the six months to September. Total sales for the period were up by 3.3 per cent to £130.2m. A significant proportion of that increase came from a spike in sales of sparkling wine of 39 per cent. The company [...]
RBS continues talks over sale of equity derivatives unit November 18, 2013 Royal Bank of Scotland has confirmed this morning that it is in continuing talks to sell its investor products and equity derivatives business, but does not name the third parties involved. (Release) The news comes two and a half weeks after the part-nationalised lender announced its to set up a £38bn internal 'bad bank' to [...]
Aviva to sell Italian insurer stake to JC Flowers November 18, 2013 Aviva has announced this morning that its reached a conditional agreement to sell all of its 39 per cent stake in Italian insurer Eurovita Assicurazioni to private equity firm JC Flowers, for €33m. (Release) Proceeds, said the insurance group, will be used for general corporate purposes. Two weeks ago, Aviva said that there "remains much work [...]