Mastercard plots £1bn bid for Vocalink after banks told by regulator to give up stakes in payments handler March 3, 2016 Mastercard is plotting a bid for bank-owned payments handler Vocalink, it has been reported. Sky News said the credit card issuer has approached the board of Vocalink over a deal that could be worth up to £1bn. The approach comes shortly after the new payments industry regulator said Vocalink’s current ownership structure is "hampering competition and [...]
Urban planner Sir Terry Farrell slams plans for transport hub at Old Oak Common as “London’s worst cock-up in 50 years” March 3, 2016 One of the capital's largest-ever regeneration schemes could end up being its "worst cock-up in years", one of London's best-known urban planners has warned. In an interview with the Evening Standard, Sir Terry Farrell said the £10bn Old Oak Common scheme has been the victim of in-fighting by politicians. The 100-acre site in North West London is set to become a [...]
Travis Perkins’ share price pushed higher despite a disappointing summer and an impairment charge over its plumbing business March 3, 2016 Building material supplier Travis Perkins has posted a 7.6 per cent rise in core profits and forecast a better year than last in 2016, after warning earnings would be at the lower end of expectations in October. Pre-tax profits in 2015 were down 30 per cent to £224m, negatively impacted by a £141m impairment charge to its plumbing business due to “challenging market conditions”. [...]
Domino’s is putting more cheese on your pizza thanks to drop in food prices March 3, 2016 Ordering Domino's Pizza this evening? Then you may find that the pizza chain has been more generous with the cheese topping on your Margherita, as a drop food prices helped contribute to a jump in sales and profits last year. Chief executive David Wild said its franchisee saved around £11m thanks to record low cheese prices, a drop in [...]
Admiral’s share price hits record highs and leads the FTSE 100 higher after strong results March 3, 2016 Insurance group Admiral has posted a six per cent rise in pre-tax profit to £377m which sending its shares to a record high and leading the FTSE 100 to fresh highs for the year. Higher car insurance rates were one of the biggest drivers of profit for the company, as Admiral pulled in more customers but lowing its prices to [...]
BHP Billiton downgraded by Moody’s as commodity price rout continues to bite March 3, 2016 Moody's have downgraded BHP Billiton debt rating, saying the prolonged commodity price rout will continue to eat into the miner's balance sheet. The credit rating agency cut BHP's long-term debt rating by two notches to A3, citing the impact of metal prices on its earnings and cash flow. BHP today said that it will pay at least $1.1bn in compensation [...]
Shawbrook’s share price follows profits higher at the challenger bank, as small business lending and buy to let loans soar March 3, 2016 SHAWBROOK chief executive Steve Pateman has warned the bank is unlikely to see its buy to let loan book grow as quickly in 2016, amid concerns the market is getting out of control. Earlier this year, Bank of England governor Mark Carney said recent developments in the booming buy to let mortgage market posed a [...]
Genel share price soars despite biggest loss ever: Former BP boss Tony Hayward oil firm Genel falls to £1bn loss March 3, 2016 Genel shares closed up 13.5 per cent today at 88.25p per share, despite reporting its biggest annual loss since a stock market flotation four years ago. This followed a previously announced writedown to its oil field reserves in Iraqi Kurdistan. The figures Genel's losses before tax ballooned by 271 per cent to $1.2bn, up from $312.8bn in 2014. Its revenue fell 33.8 per cent [...]
Gala Coral earnings and revenue up, but Ladbrokes shares dip ahead of proposed bookmaker merger March 3, 2016 Gala Coral reported increases in revenue and earnings this morning ahead of its proposed merger with Ladbrokes. The results The bookmaker reported net revenue of £333.3m in the 16 weeks ending 16 January. This was up £47.1m, or 16 per cent, year on year. And, with growth in its retail divisions and online, it recorded earnings before [...]
McLaren chief executive Mike Flewitt: There is no way we will ever make an SUV March 3, 2016 As the automotive world’s great and good descended on Geneva for its annual motor show this week, one topic was being discussed: SUVs. After Porsche launched its mammoth Cayenne range in 2012, this year Maserati followed suit, with the $72,000 Levante. Even Ferrari came over all practical, with the launch of its four-seater GTC4 Lusso. [...]