Bottom Line: Clarke gave investors a nasty shock but deserves more time October 2, 2013 TESCO chief executive Philip Clarke may be sticking to his guns and ruling out a European retrenchment – despite a 68 per cent drop in profits in the region – but investors are clearly sceptical. Though analysts seemed to have the fall priced in, shareholders still took flight, sending shares down as much as two [...]
House building grows at fastest pace for decade October 2, 2013 THE RAPID upswing in the UK’s construction sector continued in September, with purchasing managers pointing to continued strong growth last month. According to figures released yesterday by Markit and the Chartered Institute of Purchasing and Supply, residential construction grew at its fastest pace for nearly a full decade in September. The last time house building [...]
JP Morgan tops fee tables again as deal revenues rise 10 per cent October 2, 2013 BANK of America Merrill Lynch was the biggest gainer in investment banking fees over 2013, Thomson Reuters’ data showed yesterday. The bank earned $4.05bn (£2.5bn) in the first three quarters of the year, up 19.3 per cent on the year. But JP Morgan kept its lead, almost $400m ahead of its closest rival and also [...]
Empire State shares climb in market debut October 2, 2013 SHARES of Empire State Realty Trust, owner of the Empire State Building, climbed in their first day of trading yesterday as investors bet the marquee property will be able to attract more tenants as New York’s technology sector continues to grow. The shares, which were initially sold late Tuesday at $13 a piece, rose as [...]
Fisher defends credit schemes as IMF fears risk October 2, 2013 THE FUNDING for Lending Scheme (FLS) has been a success so far, top Bank of England official Paul Fisher said yesterday, arguing it has dragged down borrowing costs. But his assessment came as the International Monetary Fund warned schemes to boost the supply of credit could build up bad debts and risks to the economy [...]
Abu Dhabi and Dubai exchanges hire advisers for possible merger October 2, 2013 PLANS for a merger between Abu Dhabi’s and Dubai’s main stock exchanges gained momentum yesterday, after it emerged that both parties have hired banks to advise on a possible deal. Merging the Dubai Financial Market and the Abu Dhabi Securities Exchange would be one of the biggest reforms in the country’s financial industry in recent [...]
Bitcoins seized as FBI shuts down illegal drug marketplace in US October 2, 2013 US LAW enforcement authorities have shut down Silk Road, the web marketplace for illegal drugs like heroin and cocaine as well as criminal activities including murder for hire, and arrested its alleged owner, the Federal Bureau of Investigation (FBI) said yesterday. The FBI arrested Silk Road owner Ross William Ulbricht, 29, known as Dread Pirate [...]
Dividends under threat as firms struggle with slump in earnings October 2, 2013 NEW RESEARCH by the Share Centre has found that dividend cover, which measures earnings against dividends paid to shareholders, has fallen to a three-year low. A lower dividend cover ratio suggests that profits have fallen, making a cut in dividends more likely. A higher ratio indicates a healthier profit level. Though FTSE 350 firms have [...]
Boardroom pay rules are set for fresh shake-up October 2, 2013 THE FINANCIAL Reporting Council is weighing up a change to the rules governing boardroom pay, which could see executives banned from sitting on remuneration panels at other companies. The watchdog’s consultation was launched a day after new laws came into effect giving investors the right to a binding vote on executive pay. The FRC will [...]
Oxbridge and Imperial top uni rankings as red bricks struggle October 2, 2013 OXFORD, Cambridge and London’s Imperial College have maintained their positions in the world’s top 10 universities, according to rankings released today – but other British institutions are falling behind foreign rivals. The University of Oxford remains the second best institution in the world according to the Times Higher Education magazine’s 2013-14 rankings, sharing the honour with [...]