Taylor Wimpey reports sunny outlook for spring as it shrugs off slowing housing market March 3, 2015 The figures Britain's second biggest homebuilder said full-year revenue rose 17 per cent to £2.7bn, up from £2.3bn a year earlier. This was helped along by operating profit which swelled 53.6 per cent to £480m. Total home completions jumped 6.5 per cent to 12,454 (including joint ventures) up from 11,696 in 2013. Total average selling price [...]
Barclays sets aside another £750m for forex probes as profits jump and costs fall March 3, 2015 The figures Barclays' full-year adjusted pre-tax profits soared 12 per cent to £5.5bn, well ahead of the £5.3bn analysts expected for 2014. An additional £750m has been set aside for forex settlements, bringing the total to £1.25bn. Chief executive Anthony Jenkins said the bank expected to "make significant progress in this area" in 2015. A further £200m provision has also been made for [...]
Insurers win reprieve over rule changes after Bank of England ERM warning March 2, 2015 Insurers such as Just Retirement have escaped a potentially devastating blow to their earning power thanks to a regulatory re-think over new capital requirements. The Bank of England’s prudential regulation authority (PRA) had been considering rules that may have forced them to abandon the highly lucrative equity release mortgage (ERM) market. Industry sources last [...]
Tullow oil set to drop out of FTSE 100 in reshuffle March 2, 2015 The FTSE 100 is set for a reshuffle later this month with Tullow Oil expected to drop out of the benchmark of the biggest companies listed on the London Stock Exchange. Meanwhile, Virgin Money and AA are likely to be added to the FTSE 250, the next 250 biggest companies after the top 100, after [...]
Hewlett-Packard buys Aruba Networks in biggest deal since Autonomy March 2, 2015 Hewlett-Packard is buying Wi-Fi network gear maker Aruba Networks for $2.7bn (£1.8bn) in cash in a bid to bolster its networking business. The world’s second-biggest PC maker is offering $24.67 a share. Including cash and debt, the companies valued the deal at around $3bn. The purchase is a boost for HP’s wireless local area network [...]
Amlin share price dip as profits drop due to challenging marketplace March 2, 2015 Lloyd’s insurer Amlin saw shares fall by 4.63 per cent yesterday, after reporting declining profits for 2014. Profit before tax fell from £325.7m in 2013 to £258.7m, despite gross written premiums increasing from £2.47bn to £2.56bn. Combined operating ratio worsened, from 86 per cent to 89 per cent. The provider increased its dividend to 27p [...]
Star fund manager Neil Woodford says UK pharma still a good bet March 2, 2015 British science is in great shape according to Neil Woodford, one of the UK’s best known and most successful fund managers. Woodford, a long time investor in pharmaceuticals, said the industry remains an attractive place for those looking to make long- term returns on their investment as innovation and R&D productivity continues to gather pace, [...]
Party like it’s 1999: Nasdaq breaks through 5,000 psychological barrier for first time since dotcom bubble in 2000 March 2, 2015 Time to party like it's 1999. The Nasdaq has closed at 5,008 points – the highest level since the dotcom bubble. The index has been on a 10-day winning streak – the longest since 2009. This is the first time the tech-heavy index, which now includes the likes of Apple, Facebook, Microsoft, Cisco, Intel and [...]
Mikhail Fridman and LetterOne fund attack UK government attempt to block North Sea oil and gas fields deal March 2, 2015 Russian oligarch Mikhail Fridman has issued a stinging attack on the government over its attempts to block a deal which would see his fund LetterOne take ownership of North Sea oil and gas fields. A letter to the UK government called the decision “not rational” and criticised its last minute decision just days before the [...]
What’s in store for London’s financial services sector? March 2, 2015 Going into this year, a general election in May, as well as the possibility of a "Brexit" all loom over the City's future. So what are some of the biggest risks facing London's financial services industry? It's an important question. Financial and related professional services contributed £174bn to the UK economy in 2012, or 12.6% of the total. [...]