Bank of England “clerical error” mis-states gilt purchases by £13bn May 7, 2015 Officials over at the Bank of England have admitted a clerical error meant data on the sale of UK government debt had mis-stated sales to the tune of £13.4bn. Figures out last week showed foreign investors were ignoring uncertainty surrounding the General Election, despite repeated warnings it could rile the markets, buying a record amount [...]
BT share price up after profits rise 14 per cent May 7, 2015 BT’s share price has risen half a per cent, after the company revealed a 14 per cent jump in pre-tax profits, which rose to £2.6bn for the 12 months ending 31 March. The figures Despite the headline rise in profit, BT’s revenue fell two per cent to £17.9bn for the year and £4.6bn for the [...]
Strong pound leaves insurer RSA struggling May 7, 2015 The figures Insurance company RSA said today that net written premiums rose one per cent year-on-year in the first quarter of 2015. RSA revealed it took about £1.5bn of premium income in the three months to March and expects to deliver about £380m of investment income in 2015. Why it's interesting Today's results show the recovery [...]
EasyJet suffers a hangover from French strikes as Ryanair surges ahead May 7, 2015 EasyJet managed to shake off the effects of French transport strikes to post a 3.8 per cent increase in passengers. The figures EasyJet said that, compared to April 2014, it had had 12 times (602) the number of flights cancelled, mostly due to air traffic control strikes in France. Nevertheless, the number of passengers flying [...]
Morrisons share price down after sales fall, despite slower rate under new boss David Potts May 7, 2015 The figures The Bradford-based retailer said that like-for-likes excluding fuel were down 2.9 per cent in the 13 weeks to 13 May. However, this was slightly less than analysts' forecasts of a decline of three per cent. Shares in Morrisons were trading down two per cent at 176.2 pence per share this morning. Why it's interesting [...]
Greece’s creditors deny a split as Monday deal hopes fade May 6, 2015 Greece’s creditors yesterday hit back at claims they were obstructing negotiations with the cash-strapped country, while officials cast doubt on an agreement being reached at a meeting of finance ministers on Monday. The Greek finance ministry also denied reports it was about to tax bank transactions or wealthy families to alleviate its fiscal position. “The [...]
Integrated Diagnostics Holdings IPO: Bravest bankers in the City float on election day May 6, 2015 Deutsche Bank successfully priced a main-market flotation on the London Stock Exchange yesterday, on the eve of the most uncertain General Elections in decades. Despite claims that investors would not stump up funds at the time of a close vote, Integrated Diagnostics Holdings’ initial public offering (IPO) came through successfully. The stock even rose sharply [...]
21st Century Fox earnings down despite box office film successes May 6, 2015 Rupert Murdoch’s 21st Century Fox yesterday reported a hit to its earnings for the third quarter, after asset sales and the fact it did not show the Super Bowl. Net income fell seven per cent to $975m (£640m), from $1.06bn a year earlier. The media giant posted quarterly revenues of $US6.8bn, which were down from [...]
Tidjane Thiam’s last Prudential results put spotlight on Asia while UK business lags May 6, 2015 Outgoing Prudential boss Tidjane Thiam yesterday said the company was no longer seeking to grow in the US and UK, and would instead focus on expanding in the Asian market. Thiam delivered his last set of results as the head of the insurance group, which detailed the firm’s 22nd consecutive quarter of growth. Sales across [...]
Legal & General faces down pension changes in record first quarter May 6, 2015 Insurance and investment group Legal & General (L&G) delivered a record performance in the first quarter of 2015, with cash generation up to £330m, an 11 per cent increase on the same period last year. General insurance gross written premium fell by four per cent to £81m, which the company attributed to “disciplined pricing”, noting [...]