Rich-lister Carlos Slim set to bid adios to Philip Morris March 11, 2015 Mexican telecom billionaire Carlos Slim is retiring from tobacco company Philip Morris International’s (PMI) board of directors, the company announced yesterday. He will step down in May. Ranked by Forbes as the world’s second richest person, Slim has been on PMI’s board since 2008, when the company spun-off from its parent, Altria Group. Before 2008, [...]
Hawkish Martin Weale could be set to change interest rate hike vote March 11, 2015 UK rate-setter Martin Weale has hinted he could revert back to voting for a hike in interest rates, a decision he had only recently reversed. “Despite the international concern about very low inflation, I see the decision of whether or not to tighten policy as finely balanced,” the Bank of England official told an audience [...]
Glencore in debt for equity swap with Russneft March 11, 2015 Mining firm Glencore is finalising a purchase of a 49 per cent stake in Russian oil refinery firm Russneft. The companies are preparing a deal to convert $900m (£604m) of debt into equity, which will see Glencore take on a 49 per cent holding in the producing side of the Russian firm. Glencore, which is [...]
Plain cigarette packaging: MPs vote in favour of law that will see standardised packaging from 2016 March 11, 2015 MPs have voted in favour of plain packaging on cigarettes which will see just a brand name and health warnings appear on packets from next year. Some 367 MPs voted in favour of the move while 113 voted against after a long-running battle between business and health campaigners since the government first made a move [...]
Bank of England’s Martin Weale: Interest rate hike remains “finely balanced” March 11, 2015 The eventual interest rate hike remains "a finely balanced tug of war" and "pulls in both directions have intensified", a member of the Bank of England's rate-setting committee said in a speech made today. Weale said the bank must weigh the fact rising wages without a corresponding pick-up in productivity will strengthen the case for [...]
The UK economy could gain £38bn by improving digital technology by 2020 March 11, 2015 Better use of digital technology would boost the UK economy by £38bn and help increase global output by almost a trillion pounds. Improving digital technology in the world’s top 10 economies would benefit the global economy by more than £900bn in increased productivity by 2020, according to a new analysis of the global digital economy. The [...]
Domino Printing share price jumps by a third after £1bn Brother Industries buyout March 11, 2015 Shares in Domino Printing Sciences, the UK tech company, jumped more than 31 per cent to 945.7p in early trading after it revealed it had been bought for £1bn by Japanese printer giant Brother. Under the terms of the deal, shareholders in FTSE 250-listed Domino, which makes printers that put sell by dates and bar [...]
Google’s share price under departing finance chief Patrick Pichette rocketed March 11, 2015 Google’s long-standing finance chief Patrick Pichette has announced he’s leaving the tech company to travel the world. Pichette is one of the most senior executives, with the tech giant having overseen the firm’s finances for the last six and a half years. Since then, the value of Google stock has rocketed by almost two thirds [...]
London house prices: Foxtons share price dips as slowing luxury market takes its toll March 11, 2015 The figures Upmarket estate agent Foxtons had a topsy-turvy year in 2014, with the gradual slowing in London house price growth dragging down its share price. Earlier in the year when prices were still rising fast the skies were only blue. Chief executive Nic Budden said it best: last year was a year of "contrasting [...]
Investor cheer boosts Boohoo share price seven per cent March 11, 2015 Shares in online retailer Boohoo are back in fashion after it reported a 27 per cent surge in full year revenue. Shares in the Manchester-based group jumped as much as seven per cent to 27 pence in early morning trade today. But despite the gains, they remain well below last year's initial public offering price, [...]