London Stock Exchange Group share price leaps as it confirms talks with Deutsche Boerse February 23, 2016 Shares in London Stock Exchange Group jumped more than 16 per cent to 2,689p in lunchtime trading, after reports emerged that it is talks with its German rival, Deutsche Boerse, over a merger. The London Stock Exchange subsequently confirmed the talks. "The boards believe that the potential merger would represent a compelling opportunity for both companies to strengthen [...]
Drax Group share price falls as company slashes final dividend while profits for year ended December 2015 tumble February 23, 2016 Share price in Drax Group dropped today after the energy company cut its dividend and reported a sharp drop in profits. The company reported a profit before tax for the year ended December 2015 of £59m, down from £166m the year before. The electrical power company also announced it would be shelling out just 0.6p [...]
Provident Financial share price up as lender announces boost to profits for year ended December 2015 February 23, 2016 Share price in Provident Financial rose this morning as the company announced a boost to its profits for the year ended December 2015. The lender, which has over 2m customers, reported statutory profits before tax of £273.6m, up 21.8 per cent compared with £224.6m the year before. Shares rose after the results were announced, trading up 2.8 per cent [...]
Why investors are fretting about the bond market: High yield spreads are pricing in 2008 levels of defaults – while some experts say a liquidity squeeze is beginning February 23, 2016 Does the jump in high yield spreads say anything about the global economy? Markets have focused on oil prices as a barometer of health in the global economy and stock markets, but historically high yield spreads over the risk-free rate have been a much better indicator. Spreads have widened considerably lately, and now “the market as [...]
Standard Chartered share price down as group chief executive dubs 2015 performance “poor”, bank brings in annual loss of $1.5bn and underlying profits plummet 84 per cent February 23, 2016 Share price in Standard Chartered dropped this morning as the company revealed that it had made a loss overall for the year and that its underlying profits before tax had dropped sharply. The bank today announced underlying profits before tax of $0.8bn (£0.6bn) for its year ended December 2015, down 84 per cent from $5.2bn the year [...]
Housebuilding is the new black: Persimmon share price rises as profits leap 34 per cent February 23, 2016 Another day, another bit of good news coming out of the housebuilding sector, after Persimmon reported a 34 per cent jump in pre-tax profits. The figures Underlying pre-tax profits rose to £637.8m in the year to the end of December, up 34 per cent on last year's £475m, while full-year revenues rose 13 per cent to £2.9bn. The company said legal completions jumped eight [...]
Ladbrokes share price jumps as it beats expectations – but new gambling and point-of-consumption taxes take their toll February 23, 2016 Not a great day for Ladbrokes, after it reported a 50 per cent fall in profits for 2015 as increased taxes began to have an impact. The figures Ladbrokes said trading profits fell 50.3 per cent, from £112.2m last year to £55.8m in 2015. That's above analyst expectations – last week Deutsche Bank said it expected profits to fall to £44m. [...]
Swiss Re income boosted by “absence of natural catastrophes” as it appoints Christian Mumenthaler to replace Michel Liès as chief executive February 23, 2016 Swiss Re, the insurance giant after which the Gherkin was once named, said today that has appointed a new chief executive. The company said Christian Mumenthaler, currently head of its reinsurance division, will step up to the plate on 1 July, after current boss Michel Liès said he was planning on retiring. The news came Swiss Re said [...]
Anglo American, Antofagasta, Glencore and Rio Tinto all see shares jump while BHP Billiton becomes latest FTSE miner to slash its dividend February 23, 2016 Some of the world’s biggest mining firms led the FTSE 100 above 6,000 yesterday, as rising commodity prices saw the beleaguered industry bounce back. All five of the index’s top risers were miners, with Glencore and Anglo-American recording double-digit gains and Rio Tinto and Antofagasta also rising sharply. Dual-listed BHP Billiton, which was last night [...]
London ranks 39th in the world for quality of living because of smog and traffic, says Mercer February 23, 2016 London may pride itself on being the world’s top financial centre. However the capital falls short in terms of quality of living, ranking just 39th according to Mercer’s latest annual study. The global consulting firm surveyed 450 cities worldwide based on 38 different factors such as the political and economic environment, public services and healthcare. [...]