Barclays sets aside another £750m for forex probes as profits jump and costs fall March 3, 2015 The figures Barclays' full-year adjusted pre-tax profits soared 12 per cent to £5.5bn, well ahead of the £5.3bn analysts expected for 2014. An additional £750m has been set aside for forex settlements, bringing the total to £1.25bn. Chief executive Anthony Jenkins said the bank expected to "make significant progress in this area" in 2015. A further £200m provision has also been made for [...]
Insurers win reprieve over rule changes after Bank of England ERM warning March 2, 2015 Insurers such as Just Retirement have escaped a potentially devastating blow to their earning power thanks to a regulatory re-think over new capital requirements. The Bank of England’s prudential regulation authority (PRA) had been considering rules that may have forced them to abandon the highly lucrative equity release mortgage (ERM) market. Industry sources last [...]
Tullow oil set to drop out of FTSE 100 in reshuffle March 2, 2015 The FTSE 100 is set for a reshuffle later this month with Tullow Oil expected to drop out of the benchmark of the biggest companies listed on the London Stock Exchange. Meanwhile, Virgin Money and AA are likely to be added to the FTSE 250, the next 250 biggest companies after the top 100, after [...]
Hewlett-Packard buys Aruba Networks in biggest deal since Autonomy March 2, 2015 Hewlett-Packard is buying Wi-Fi network gear maker Aruba Networks for $2.7bn (£1.8bn) in cash in a bid to bolster its networking business. The world’s second-biggest PC maker is offering $24.67 a share. Including cash and debt, the companies valued the deal at around $3bn. The purchase is a boost for HP’s wireless local area network [...]
Amlin share price dip as profits drop due to challenging marketplace March 2, 2015 Lloyd’s insurer Amlin saw shares fall by 4.63 per cent yesterday, after reporting declining profits for 2014. Profit before tax fell from £325.7m in 2013 to £258.7m, despite gross written premiums increasing from £2.47bn to £2.56bn. Combined operating ratio worsened, from 86 per cent to 89 per cent. The provider increased its dividend to 27p [...]
Star fund manager Neil Woodford says UK pharma still a good bet March 2, 2015 British science is in great shape according to Neil Woodford, one of the UK’s best known and most successful fund managers. Woodford, a long time investor in pharmaceuticals, said the industry remains an attractive place for those looking to make long- term returns on their investment as innovation and R&D productivity continues to gather pace, [...]
Mikhail Fridman and LetterOne fund attack UK government attempt to block North Sea oil and gas fields deal March 2, 2015 Russian oligarch Mikhail Fridman has issued a stinging attack on the government over its attempts to block a deal which would see his fund LetterOne take ownership of North Sea oil and gas fields. A letter to the UK government called the decision “not rational” and criticised its last minute decision just days before the [...]
Queens Park Rangers shareholders write off loans worth £60m as losses narrow March 2, 2015 A short statement by Queens Park Rangers posted today showed things are not going well for the club: having posted a loss of £9.8m in the year ending May 2014, their shareholders were forced to write off £60m of loans in during the year, which "strengthened the club's balance sheet". We bet it did. Admittedly, [...]
Aviva takes its client to court over an insurance contract capable of making him wealthier than the company itself March 2, 2015 Aviva France is fighting one of its clients in court over a life insurance contract that could make him a billionaire by the end of the decade. Called a Fixed Price Abitrage Life Insurance Contract, it was given to the now 25-year-old Max-Hervé George by his father when he was seven. It was the brainchild [...]
Marks & Spencer to enter Beijing as it shuts five Shanghai stores March 2, 2015 Marks & Spencer is poised to open stores in Beijing and Guangzhou – but will reduce its presence in greater Shanghai. Currently M&S has around 15 stores in China, but this will be the first time it has entered the country’s capital city. The high street giant said it had “firm intent” to enter those [...]