Tui share price rises ahead of merger with German parent December 4, 2014 Tui Travel has reported a three per cent rise in pre-tax profits to £472m ahead of its merger with parent company Tui AG. The travel company behind Thomson and First Choice posted operating profits of £612m, up four per cent on last year and an increase of 11 per cent to £654m on a constant [...]
Betfair pays £200m to shareholders as profits rise 112 per cent December 4, 2014 It been a bumper half year for Betfair. The figures for the six months to 31 October 2014 are the stuff of a financial officer’s dreams: profit before tax up 112 per cent to £67.3m, revenue up 26 per cent to £237.6m, EBITDA up 51 per cent at £73.9m, and a £200m pay-out to shareholders. [...]
Ofgem slaps “unacceptable” British Gas with £11.1m penalty December 4, 2014 British Gas has been penalised to the tune of £11.1m by Ofgem after it failed to meet energy efficiency targets, the regulator said today. Ofgem said British Gas had not reached targets on insulating homes under two efficiency schemes that ran until 2012. It delivered on 62.4 per cent of its Community Energy Savings Programme [...]
Autumn Statement 2014: Rich pickings for George Osborne – banks, mansions, multinationals, tobacco December 3, 2014 George Osborne delivered sweeping reforms to property tax yesterday, in an Autumn Statement that aimed to raise extra billions from banks, tobacco companies, international corporations and buyers of expensive properties. Attempting to knock the wind out of Ed Miliband’s Labour party, the chancellor sought to neutralise several of the opposition’s key policies, taking on the [...]
ICAP’s charity day competes with Osborne’s giveaways December 3, 2014 ICAP’S Michael Spencer went head-to-head with the Autumn Statement for column inches yesterday – holding his annual charity day, with the likes of Cheryl Fernandez-Versini (pictured), Prince Harry, Damian Lewis, Lord Jeffrey Archer and Dame Helen Mirren all helping to raise money by making trades. The inter-dealer broker is supporting around 200 charities globally and [...]
Autumn Statement 2014: George Osborne hits banks to help home buyers December 3, 2014 Chancellor plays Robin Hood by grabbing from the wealthy to fund stamp duty sweetener for those lower down property ladder. THE UK ECONOMIC OUTLOOK ● The UK’s economic growth has outperformed the March forecast of the Office for Budget Responsibility (OBR), giving Britain the fastest growth rate in the G7. ● Unemployment has fallen [...]
Qatar appoints Sheikh Abdullah bin Mohammed bin Saud Al-Thani as new chief for sovereign fund December 3, 2014 Qatar’s sovereign wealth fund yesterday appointed a member of the emirate’s royal family to replace its chief executive. The Qatar Investment Authority (QIA), which manages as much as $300bn (£191bn), including significant stakes in Barclays, Credit Suisse, Sainsbury’s and London department store Harrods, has named Sheikh Abdullah bin Mohammed bin Saud Al-Thani as CEO. He will [...]
US growth and hiring defy global slowdown worries December 3, 2014 Employers across the US are hiring more staff in all industries, Federal Reserve officials said last night. Despite worries about the strength of growth across Asia and Europe, the Fed’s regular Beige Book publication showed a very upbeat recovery in the US. Conditions were so buoyant that labour shortages were reported in some regions, with firms struggling [...]
Walsh is on the grid for F1 December 3, 2014 The former chief executive of drinks giant Diageo is being lined up to be chairman of the Formula One board. If Paul Walsh is appointed, it could signal the beginning of the end of Bernie Ecclestone’s control of the motorsport. Sky News reported that a board meeting is scheduled for next week to discuss replacing [...]
Abercrombie & Fitch feels the pinch December 3, 2014 STRUGGLING clothing retailer Abercrombie & Fitch cut its full-year profit forecast yesterday as higher discounts and efforts to refresh its merchandise by dropping its logo-centric approach failed to attract young customers.