The government has just sold off more Lloyds shares May 12, 2015 After being in government for just a few days, the Tories have sold another load of shares in taxpayer-backed Lloyds, reducing its stake in the bank to less than 20 per cent. It sold £500m shares in Lloyds under a trading plan to gradually sell off shares, that was first outlined in December. And this means [...]
Experian’s growth stalls despite strong UK performance May 12, 2015 One word sums up Experian’s growth during the last financial year: sluggish. The figures Total revenues were $4.8bn (£3.1bn), while revenue growth was at one per cent at actual exchange rates, rising to three per cent at constant currency rates. Organic revenue rose one per cent, after a stronger final quarter. Benchmark profit before tax [...]
Why Opec thinks oil prices will stay below $100 for a decade May 12, 2015 The Organization of the Petroleum Exporting Countries (Opec) thinks oil will stay below $100 for a decade, and it's worried a low oil price environment won't be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that Opec thinks a best-case scenario will see oil prices [...]
Citi avoids Libor charge but faces forex-rigging settlement May 11, 2015 Giant investment bank Citi will not face prosecution over Libor manipulation from the US Department of Justice, yesterday announcing that the investigation is at an end. However, Citi is expected to be one of at least four banks settling the allegations of foreign exchange manipulation with US regulators this week. The bank has already paid [...]
Easter holidays and rise in emerging market routes boosts Heathrow airport passenger numbers May 11, 2015 Heathrow airport saw passenger numbers rise over the recent Easter getaway period. Last month, the hub had 6.14m passengers pass through it. This is a 1.2 per cent rise over March and April from the same time last year, including the early Easter break. There was also a boost in transfer passengers using the airport, [...]
Whistl’s 2,000 jobs at risk as deliveries end May 11, 2015 Whistl, Britain’s second-largest postal service, has suspended deliveries, putting the jobs of its 2,000 workers at risk. The Dutch-owned company, which was formerly known as TNT Post, has sent home its staff and is reviewing the viability of its loss-making “final mile” service. The move boosted shares in its rival Royal Mail by 3.74 per [...]
HSS Hire returns to takeover fray after IPO with £11m All Seasons aircon deal May 11, 2015 Tool hire firm HSS Hire, which floated on the stock market earlier this year, yesterday paid £11.3m to buy heating and air conditioning hire firm All Seasons Hire. All Seasons, which will retain its name when it merges into HSS, had previously supplied equipment to HSS’ OneCall division that had put the firm on the [...]
Greene King and Spirit deal gets amber light from market regulator May 11, 2015 The Competition and Markets authority (CMA) yesterday gave pub company Greene King and Spirit a week to sort out hurdles that could halt their planned £774m merger. The authority said the current proposal would “substantially” lessen competition in the pubs sector. However, it pointed to difficulties in only 16 locations, which is small considering that [...]
Death rate rise propels profits at funeral provider Dignity May 11, 2015 An unusually high death rate helped Dignity, the UK’s only listed funeral provider, make higher profits last quarter. Deaths across the UK rose to 175,000 for the three months ending March, up nearly 20 per cent compared with last year. Revenue followed trend and rose to £85.5m from £69.1m in 2014. “The year has started [...]
Insurance customers may be ripped off by poor sales information May 11, 2015 Insurance firms received a slap on the wrist from the City watchdog yesterday for failing to provide proper information to customers on the costs of various payment options. The Financial Conduct Authority’s study found that insurance sellers do not always make it clear how much customers will pay if they pick various different payment options. For [...]