Esure shares slide as payouts and competition hurt profits March 10, 2015 SHARES in motor insurer Esure crashed by nine per cent yesterday after the company reported a slump in profits. Full-year profits for 2014 fell 12.8 per cent to £103.8m, as increased competition and higher claims ate into its sales. The company was also forced to reduce its final dividend to 11.7p from 13.3p. Gross written [...]
Analyst predicts Barclays will cut investment arm March 10, 2015 Barclays will struggle to reform its investment banking operations, and could have to announce a series of major cuts to the unit, Macquarie analyst Ed Firth predicted yesterday. Chief executive Antony Jenkins and finance boss Tushar Morzaria last week committed to the arm’s future in the bank, but did note that more changes would be [...]
Ailing Australian car makers see a subsidy U-turn March 10, 2015 AUSTRALIA’s government yesterday performed an abrupt U-turn after announcing it would no longer cut AU$500m (£254m) in subsidies for its automotive sector. A commitment to axe the fund had been made in Prime Minister Tony Abbott’s budget last year, but the cut led to fears the manufacturers would bring forward their plans for factory closures. [...]
Firms fear UK risks losing tax competitiveness March 10, 2015 BRITAIN’S tax system has become more competitive over the past five years, but moves to change the way international companies pay tax could undo some of that good work, analysts at EY said today. The professional services firm’s survey found that 68 per cent of businesses believe the tax system has become more competitive under [...]
Virgin Atlantic returns to profit on Delta alliance March 10, 2015 Virgin Atlantic is back in the black after its partnership with Delta Airlines helped to return the carrier to profit in 2014 for the first time in three years, it emerged yesterday. The airline, founded by Sir Richard Branson 30 years ago, used the positive news to pledge it would seek to exceed its previous [...]
Close posts earnings up 16pc but Winterflood unit weighs March 10, 2015 Close Brothers yesterday said that adjusted operating half-year profit to the end of January rose by 16 per cent to £108.6m despite weakness from its Winterflood arm. Its asset management business, led by Martin Andrew, accounted for £5.1m of the profit – a rise of 59 per cent in the corresponding period the previous year. [...]
Gatwick airport sees passenger numbers surge March 10, 2015 Passenger numbers at Gatwick swelled in February, figures reveal today, adding weight to the airport’s claim that it should be allowed to add a runway instead of Heathrow. More than 2.4m passengers travelled through Gatwick Airport last month, a seven per cent increase on the same period in 2014. The growth was driven by international [...]
City Moves for 11 March 2015 | Who’s switching jobs March 10, 2015 Linklaters The law firm has announced the appointment of Michael Kent as divisional practice head of finance and projects for a four-year term. He has been a partner at Linklaters since 1999, and currently heads its global financial regulation group. Baring Asset Management Rod Aldridge has been appointed head of wholesale distribution for Europe, the [...]
FTSE 100 index in biggest drop of the year – London Report March 10, 2015 Britain’s top share index yesterday suffered its biggest decline so far this year, hit by drops in insurer Prudential and energy stocks such as BG. Prudential fell 3.1 per cent as the loss of its chief executive, Tidjane Thiam, to Credit Suisse took the shine off a 14 per cent rise in 2014 operating profits. [...]
Weibo boasts unprecedented user growth and better than expected results – yet investors aren’t happy March 10, 2015 Weibo's user numbers soared last year and revenue went up, but many investors aren't getting the earnings per share they hoped for. The figures China's answer to Twitter had a good 2014 as far as earnings and user growth were concerned – revenue went up by 77 per cent to $334.2 (£222m), while daily active [...]