Serco share price jumps as losses beat expectations August 11, 2015 Shares in troubled outsourcer jumped nearly three per cent to 129.2p in early trading after it displayed Churchillian levels of stoicism… The figures In a statement this morning, Serco said revenues in the six months to the end of June fell to £1.8bn, from £2bn this time last year, while its operating profit fell to a £24.8m loss [...]
Farming unions and Farmers for Action to meet Morrisons as supermarket price wars drive down milk prices August 11, 2015 Dairy farmer groups are meeting with Morrisons bosses today as the two groups attempt to solve the ongoing dispute over milk prices. The meeting – which a Morrisons spokeswoman played down as “a cup of tea and a chat between a couple of people” – comes on the back of a week-long demonstration by [...]
Ladbrokes reports a 44 per cent slide in pre-tax profits due to regulation and lower win margin August 11, 2015 Looks like Labrokes' winning streak is over, after profits tumbled 44 per cent over regulatory changes and a lower gross win margin. The figures Pre-tax profits at Ladbrokes fell 44 per cent to £24.7m in the six months to June, from £44m in the first half of 2014. Earnings per share were dropped 44.2 per cent to 2.4p [...]
Chinese central bank devalues renminbi following weak data August 11, 2015 The People’s Bank of China (PBoC) has allowed the renminbi to depreciate nearly two per cent against the US dollar, cutting the currency to its lowest value in three years, following disappointing trade and inflation data. Read more: China’s unravelling: Will it devalue the yuan next? Every morning at 9:15am local time, the Chinese central bank [...]
Google share price jumps 5pc after shakeup leaving it part of “Alphabet” with Sundar Pichai taking over from Larry Page August 11, 2015 “G is for Google.” But that’s about to change, as Google announced restructuring plans leaving the search giant as a subsidiary of new parent company Alphabet. The new company will function as a "collection of companies" with Google as the largest one. The idea behind the new organisation is to slim down Google, with Alphabet [...]
Tory plans for elected mayors to open franchise door for Rotala August 11, 2015 Bus operator Rotala yesterday said a fresh government initiative to refranchise provincial bus services would open the door for further growth at the group. The company, which reported a six per cent fall in revenues, said Tory government plans to give directly elected mayors power over local transport will put a wave of new bus [...]
Nostrum in talks over $36m deal to buy Tethys August 11, 2015 Nostrum Oil and Gas was yesterday back in talks to purchase the beleaguered Tethys Petroleum after a $47.7m (£31m) refinancing deal between Tethys and AGR Energy fell through. Nostrum is offering Tethys, which operates in central Asia, CA$0.2185 per share, around 10.7p, valuing the company at just over £36m. Tethys had chosen to enter talks [...]
Clydesdale Bank PPI woes to cost a further £420m August 11, 2015 A further £500m is being made available to Clydesdale Bank by parent company NAB to cover compensation for payment protection insurance (PPI) mis-selling and interest rate hedging products mis-sold to business customers. The combined figure of £500m is the parent company’s top estimate for the final amount Clydesdale will require to facilitate the payout of [...]
Esure share price drops as profit hits the brakes August 11, 2015 Shares in Esure tumbled by 9.6 per cent yesterday after it published interim results showing a 21.3 per cent fall in underlying profits before tax. Profits in Esure’s motor insurance arm fell to £3.3m, 80.7 per cent down on the previous year’s half-year figure of £17.1m. The online insurance firm, which owns Sheilas’ Wheels and [...]
Regulators rule out huge fines in Co-op Bank probe August 11, 2015 The City’s watchdogs are set to announce the conclusion of their 18-month enforcement probe into the Co-operative Bank today, with the scandal-hit lender expected to avoid any threat of huge fines. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) launched their investigations of the troubled firm in January 2014. The regulators will [...]