Queens Park Rangers shareholders write off loans worth £60m as losses narrow March 2, 2015 A short statement by Queens Park Rangers posted today showed things are not going well for the club: having posted a loss of £9.8m in the year ending May 2014, their shareholders were forced to write off £60m of loans in during the year, which "strengthened the club's balance sheet". We bet it did. Admittedly, [...]
Eurozone consumer price index falls for third month in February March 2, 2015 Consumer prices fell across the Eurozone for the third month running in February, according to a flash estimate. However, the rate inched up on the previous month. Annual consumer price inflation was -0.3 per cent, mildly better than the -0.4 per cent economists had forecast, the European Union's statistics agency said. This follows a fall [...]
Aviva takes its client to court over an insurance contract capable of making him wealthier than the company itself March 2, 2015 Aviva France is fighting one of its clients in court over a life insurance contract that could make him a billionaire by the end of the decade. Called a Fixed Price Abitrage Life Insurance Contract, it was given to the now 25-year-old Max-Hervé George by his father when he was seven. It was the brainchild [...]
Marks & Spencer to enter Beijing as it shuts five Shanghai stores March 2, 2015 Marks & Spencer is poised to open stores in Beijing and Guangzhou – but will reduce its presence in greater Shanghai. Currently M&S has around 15 stores in China, but this will be the first time it has entered the country’s capital city. The high street giant said it had “firm intent” to enter those [...]
FTSE 100 and 250 promotions and relegations: Tullow Oil, Afren set to slip after quarterly review March 2, 2015 Tullow Oil and Afren are likely to slip out of their respective FTSE indexes after this week's quarterly review. Analysis by Société Générale said Tullow Oil could fall out of the FTSE 100. The Irish firm recently reported a £1.3bn pre-tax loss, its first in 15 years, having revealed a $2.3bn (£1.5bn) write-off in January. [...]
Eurozone manufacturing flat in February March 2, 2015 The Eurozone's manufacturing sector showed disappointing growth in February, figures out this morning have shown. Markit's Eurozone manufacturing Purchasing Managers' Index (PMI) hit 51 in February. That's down from the flash estimate of 51.1, and flat on the 51 it hit in January. Still, at least the region's manufacturers can take some solace in the [...]
Rangers FC chairman David Somers resigns days before EGM March 2, 2015 The chairman of Rangers has resigned from the troubled Scottish football club just days before a crucial extraordinary general meeting in which the fate of the board is due to be decided. David Somers was facing one of its major shareholders who has called for the entire board to be removed. Dave King is seeking [...]
Olympic Park development: Balfour Beatty just agreed to build two new neighbourhoods in East London March 2, 2015 Builder Balfour Beatty has signed a deal to construct 1,500 homes at East Wick and Sweetwater, the next two neighbourhoods to come out of the Olympic Village. The project, at Queen Elizabeth Olympic Park, will deliver 450 affordable homes, 530 for private sale and 500 to be rented out under a similar model to the [...]
Afren share price jumps as much as 27 per cent after debt deadline extension March 2, 2015 Some off the heat is off London-listed oil producer Afren after it secured an extension on its debt repayments. Afren obtained another deferral of the $50m (£33m) amortisation until 31 March 2015 on its $300m Ebok debt facility. The payment was initially due on 31 January, and the previous extension expired on 27 February. It will continue [...]
Thorntons share price slides as sales melted by supermarket woes March 2, 2015 The figures The latest figures from chocolate maker Thorntons were hard to digest for investors, sending shares down more than seven per cent in early trading. Like-for-like sales in the first half of the year to 10 January were £128m – a fall of eight per cent. Pre-tax profit fell 11 per cent to £6.5m, largely as a result woes [...]