US web outfit Endurance plunges after Gotham City points the finger April 28, 2015 TWELVE thousand words wiped half a billion dollars off the value of web-hosting firm Endurance International yesterday after Gotham City Research launched the latest salvo in its battle against firms it alleges are worthless. The research note, entitled A Web of Deceit, placed a $0 target price on Endurance shares, which were trading at $21.94 [...]
StanChart mulls leaving UK as bank levy rises April 28, 2015 STANDARD Chartered is considering leaving Britain over mounting pressure from the bank levy, its finance director said yesterday. It comes after HSBC’s bosses said the hostile atmosphere in the UK could push it to move to another country. Hong Kong or Singapore are both considered likely destinations for the pair. Standard Chartered expects to pay [...]
Insider trader Pardip Saini gets an extra 538 days in jail for failure to pay fine April 28, 2015 A convicted insider trader was yesterday told he must spend a further 538 days in prison for failing to cough up a court order of more than £450,000. Pardip Saini had been ordered to pay £464,565 by 12 March after being sentenced to three-and-a-half years in jail for insider trading in 2012. The Financial Conduct Authority [...]
Growth stalls as parties speed to the finish line April 28, 2015 New preliminary figures released yesterday showed that growth in the UK economy slowed in the first three months of this year. The slowdown could dent the re-election prospects of the Conservatives and Liberal Democrats, yet economists and business groups played down the significance of the data. The Office for National Statistics (ONS) reported that GDP [...]
Splurges in the US and Europe helps UPS deliver higher profits April 28, 2015 DELIVERY firm UPS posted higher profits for the first three months of 2015, its financial results revealed yesterday. For the period the world’s largest delivery company made 2.4 per cent more deliveries daily than the same time last year. The company’s export shipments from the US jumped 6.7 per cent led by European growth of 9.4 [...]
Andy Harrison’s Whitbread exit dents shares April 28, 2015 SHARES in Whitbread slipped 2.5 per cent last night after Andy Harrison announced plans to step down following five years as chief executive in which pre-tax profits have surged by more than 220 per cent. The Costa Coffee and Premier Inn owner has seen its market value grow fourfold to almost £10bn since Harrison joined [...]
RBS puts chief exec in place ahead of Williams & Glyn float April 28, 2015 ROYAL bank of Scotland has appointed Jim Brown as chief executive of Williams & Glyn, the company’s new UK challenger bank. Brown is currently boss of RBS’ Irish business and will replace John Maltby. Williams & Glyn comprises 314 branches and is focussed on lending to small businesses. Brown is best knowns for turning around [...]
No horseplay as racecourse group rakes in cash April 28, 2015 RACECOURSE Media Group (RMG), which owns 34 British racecourses, received £74.4m in media rights revenues in 2014, a 15 per cent increase on the previous year. RMG chairman Simon Ellen yesterday put the increase partly down to the addition of Ascot to the firm’s portfolio, with chief exec Richard Fitzgerald lauding the racecourse’s “global reputation”.
Coach hits the buffers as sales plummet amid rebrand attempt April 28, 2015 LUXURY fashion retailer Coach posted a steep drop in sales yesterday as the company attempts to rebrand. For the three months ended 28 March, sales were $929m (£606) – a 15 per cent drop compared with the same period last year. The decline in sales led to a decline in net income to $100m from [...]
Who’s the fastest City London Marathon runner? Capco star Andy Greenleaf steals a march on Mark Carney April 28, 2015 Who is the fastest runner in the City of London? The Capitalist has challenged City runners to beat the banker by submitting their Virgin Money London Marathon race times and we've already seen some pretty impressive times come in. Fit as a proverbial fiddle, Bank of England governor Mark Carney was commended for completing [...]