Tesco splits with auditor PwC after 32 years choosing Deloitte for turnaround May 11, 2015 Tesco has split with PwC, ending a 32-year relationship with the accounting firm following the worst year in the supermarket's near-century history. A Tesco spokesperson said: “We have issued an invitation to tender for the appointment of an auditor. Taking into account the term for which PWC has served as auditor, we have agreed with [...]
UK Oil and Gas Investments share price jumps on another Horse Hill oil estimate upgrade May 11, 2015 Shares in UK Oil and Gas Investments (UKOG), the company behind the oil discovery at Horse Hill near Gatwick, were up six per cent in early trading after estimates for how much oil there is in sandstone rocks in the area were upgraded. The new estimates are separate to the one made last month claiming [...]
ITE Group share price jumps as it shakes off Russia woes May 11, 2015 A sign of the times? Exhibitions and conferences business ITE Group, whose largest market is Russia and Ukraine, says it's back on form. The figures Alright, so the company's pre-tax profits fell 3.9 per cent to £17.5m in the six months to the end of March, while revenues dropped from £71.2m in 2014 to £56.1m. And net debt rose to [...]
Afren share price falls after it admits it will miss interest payment May 11, 2015 Afren will miss an interest payment on its debts as the company looks to preserve its cash during restructuring negotiations. The Africa-based oil firm, which has endured a 98 per cent collapse in its share price during a torrid year, will miss a $12.8m (£8.3m) interest payment resulting in a formal default on bonds due [...]
Lonmin to restructure business and cut up to 3,500 jobs as profits tumble May 11, 2015 South African mining company Lonmin has announced it could axe 3,500 jobs as it seeks to cut 10 per cent from its labour costs. In its half-yearly results released today (six months to 31 March) the miner, which owns the Marikana platinum mine where 34 workers were shot dead by police during a strike in [...]
HSBC creates £8bn UK small business fund May 11, 2015 HSBC has set aside £8bn to lend to small and medium-sized businesses in the UK. The bank's small and medium-sized enterprises (SME) loan offering will reach 43 areas of the country, with Scotland, Birmingham and Manchester, receiving at least £400m each. Fees on qualifying business loans worth between £1,000 and £300,000 will be waived or [...]
Tesco’s Dunnhumby could fetch over £2bn as new suitors Nielsen and WPP mull bid May 11, 2015 US data giant Nielsen is reportedly eyeing a bid for Tesco’s Dunnhumby amid a flurry of interest that could push the price tag for the company above the mooted £2bn mark. Tesco boss Dave Lewis hired Goldman Sachs earlier this year to explore a sale or partial sale of the business – which analyses the [...]
Outlook for UK wage growth still bleak despite rising job prospects May 10, 2015 Job prospects are improving but UK wage growth is likely to remain weak this year as companies continue to find no shortage of employees to recruit at current pay levels, the professional body for HR managers warned today. The Chartered Institute of Personnel and Development (CIPD), said falling inflation together with low job turnover and [...]
Barclays joins banks paying fines over forex-rigging scandal May 10, 2015 Barclays, RBS, JP Morgan and Citigroup are all expected to settle forex manipulation accusations with US regulators as soon as this week. Shares in the sector have been held down by uncertainty around the scale of the fines, which are expected to come in at around the £3bn mark. It comes six months [...]
RBS share price rise cuts losses as George Osborne considers bank sale May 10, 2015 George Osborne is considering selling some RBS shares this year even if the taxpayer makes a loss, as he runs out of patience with the bailed-out bank. The chancellor is understood to be weighing up the options for the future of the state-backed lender over the next two weeks. He has been buoyed by the [...]