L&G chief financial officer Mark Gregory to retire after 17 years at business February 4, 2016 Legal & General's chief financial officer Mark Gregory is leaving the business after 17 years. He will retire from the group on 31 January, although will remain on hand until a successor is appointed to "ensure there is a smooth transition". Gregory has been an executive director on the board for the last seven years, initially [...]
Royal Dutch Shell’s share price jumps despite reporting full year earnings 80 per cent down as it confirms it will cut 10,000 jobs February 4, 2016 Royal Dutch Shell is hurting like everybody else, with falling oil prices causing an 80 per cent decline in its full year earnings – but the company's share price jumped 3.44 per cent in early morning trading. The figures Royal Dutch Shell reported full year earnings on a current costs of supplies basis of $3.8bn (£2.61bn), compared with $19bn [...]
Credit Suisse’s share price plummets as it posts first annual loss since 2008, plans 4,000 job cuts: Tidjane Thiam issues warning of global uncertainty February 4, 2016 Credit Suisse's share price plummeted this morning on news it is planning to cut 4,000 jobs following its first annual loss in eight years, alongside a warning that it is "not clear" when financial markets will start to rebound. The figures The Swiss lender has reported a pre-tax loss of CHF 2.42bn (£1.65bn) for the full year [...]
Metro Bank float may take the (dog) biscuit February 4, 2016 How much is a dog biscuit worth? A lot, if you believe the contents of documents sent to shareholders in Metro Bank ahead of its listing on the London Stock Exchange in March. Since its launch six years ago, the first new lender to hit UK high streets in more than a century has done a [...]
Stamp duty hike boosts rental demand for London’s top end homes February 4, 2016 The hike in stamp duty on top-end homes has sparked a surge in super-prime rental deals over the last year, new research shows, as well-heeled families put off plans to buy. Knight Frank said rental deals on properties charging £5,000-plus per week rose by 10 per cent in 2015 as people hold off buying following George [...]
Taylor Wimpey chief executive Pete Redfern launches a major review into UK home ownership with Labour shadow minister John Healey February 4, 2016 Taylor Wimpey chief executive Pete Redfern will today launch a major review into British home ownership, at the request of Labour shadow housing minister John Healey. The new, independent review will be carried out by Redfern and a panel of expert advisers, including former Monetary Policy Committee (MPC) member Kate Barker and Andy Gray, former managing [...]
Average house prices in over half of London neighbourhoods are now £500,000 or more February 4, 2016 House prices have broached the £500,000 barrier across 51 per cent of London postcode districts, new research has found – backing up evidence the capital's homes are becoming increasingly unaffordable. The report, by estate agent Stirling Ackroyd, found even areas such as Peckham, which were traditionally seen as pretty affordable, have now joined the half-a-million [...]
XL Group profit jumps in 2015 following acquisition of Lloyd’s insurer Catlin February 3, 2016 Insurer XL Group has reported profit of $228.5m (£156.6m) for the final quarter of 2015, up from $139.5m in the same period of 2014, while profit for the full year increased to $1.2bn from $188.3m in the preceding 12 months. The Dublin-based, New York-listed firm, which purchased Lloyd's insurer Catlin Group for £2.7bn last year, posted gross [...]
Yum! Brands share price falls as investors left lukewarm by fourth quarter results February 3, 2016 Shares in Yum! Brands fell 1.41 per cent to $72.42 during after hours trading, with investors left feeling lukewarm on the release of its fourth quarter results. This came despite China's same-store sales rising two per cent in China, ahead of expects for a 1.9 per cent increase. The group's total revenue slumped 1.2 per cent to [...]
Brent and WTI crude: Oil prices soar as the US dollar dives February 3, 2016 Oil prices surged today, helped by the tumbling US dollar following comments by a US Federal Reserve official and weak economic data. Brent crude, the international benchmark, rose 8.31 per cent to $35.44 per barrel. Meanwhile, West Texas Intermediate (WTI) crude, added 9.3 per cent to $32.66. "We're getting the rally in crude oil from the pounding [...]