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. [...]
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 [...]