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. [...]
London house prices: Londoners need a 266 per cent pay rise to be able to afford a property in the capital February 23, 2016 Londoners need a 266 per cent pay rise to be able to afford a mortgage on a home in the capital, a leading industry body has claimed, painting a bleak picture for prospective buyers. The National Housing Federation (NHF), which represents affordable housing providers, said the average London home now costs £526,085 – more than [...]
BHP Billiton cuts dividend and profits slides as it battles commodity rout February 22, 2016 Mining giant BHP Billiton has cut its dividend as it struggles to maintain its A-grade ratting in the midst of its biggest ever profit slump. The company scrapped its pledge to keep its dividend steady or rising, slashing the dividend by 74 per cent. Dividend per share has been cut from 62 cents to 16 [...]
Sainsbury’s granted extended deadline of 18 March to make new bid for Argos owner Home Retail Group February 22, 2016 Sainsbury's has been given an extended deadline to make a new bid for Argos owner Home Retail Group. The supermarket group has until 5pm on 18 March to make a new offer for the company, almost four weeks from now. Home Retail's shares closed up 12.96 per cent today at 173.5p, after a rival bidder [...]
At the close: FTSE 100 index closes higher as the oil price rises with banks’ and miners’ share prices including Anglo American and Glencore rising despite housebuilders and HSBC’s share price falling February 22, 2016 The FTSE 100 index closed higher today after the price of oil rose and there was a bounce-back in mining companies and banking shares. The UK's blue-chip index rose 1.47 per cent to 6,037 points, led higher by Glencore and Anglo American. "Rallying commodity prices from crude oil to copper have boosted the beaten up [...]
UK North Sea explorer First Oil Expro goes into administration due to decline in brent crude price February 22, 2016 First Oil Expro, an Aberdeen-based UK North Sea oil explorer, has gone into administration. Two other oil companies, Enquest and Cairn Energy, have taken on the company's 15 per cent stake in the Kraken North Sea oil field. Enquest will now have a 70.5 per cent holding and Cairan 29.5 per cent. Parent company First [...]
Deutsche Bank cuts fixed-income jobs in London and New York February 22, 2016 Deutsche Bank is cutting 75 jobs from its fixed income division, split between London and New York. Staff are being notified today, according to reports. "We are restructuring our FIC business to make it more suited to future market demand," said a spokesperson for Deutsche Bank. The cuts will affect less than two per cent [...]