Shell sells stake in Brazil project to Qatar for $1bn January 29, 2014 Shell has agreed a deal to sell a 23 per cent interest in the Parque das Conchas project (BC-10), off the coast of Brazil, to Qatar Petroleum International. The deal will see the oil giant make around $1bn (£0.6bn), as it continues its two-year, $15bn divestments drive. A series of three disappointing quarterly results and [...]
Nordea moves to double cost saving programme as profits disappoint January 29, 2014 Nordic banking group Nordea has seen its operating profit grow by two per cent to €1.01bn (£600m) for the fourth quarter while net profit slid by eight per cent to €773m from €842m in the previous year. Analysts at Reuters had forecast an operating profit of €1.1bn (£660m) for the period. In wake of the [...]
What you need to know before the open – 29/01 January 29, 2014 European bourses are expected higher this morning, ahead of the Fed’s Open Market Committee meeting and in the wake of Turkey’s rates hike. Over in Asia, the Nikkei leapt the most in five months on the news that Turkey has increased interest rates from 7.75 per cent to 12 per cent. Post a measurable [...]
Healthcare specialist BTG hails strong year January 29, 2014 International healthcare company BTG has reported “strong progress” over the last year, particularly in interventional medicine. The FTSE 250 company, which specialises in commercialising products that target critical care, cancer and vascular disease, has reiterated its revenue guidance of between £275m to £285m for the current financial year ending 31 March. During the period from [...]
Europe’s biggest drug maker to face $3bn hit from competition January 29, 2014 Swiss drug company Novartis has seen fourth-quarter profits fall as currencies in emerging markets weakened against the dollar. Europe's largest drug maker is feeling the heat as heart medication Diovan and cancer treatment Gleevec start to lose patent protection. Novartis lost its patent rights for Diovan in the US in 2012, but has not yet [...]
UK house prices jump 8.8pc from a year ago January 29, 2014 Figures from mortgage lender Nationwide have shown that house prices rose 8.8 per cent in January from a year earlier. UK house prices continued their forward march this month, increasing 0.7 per cent – their thirteenth monthly increase in a row – but slowing slightly, after December’s 1.4 per cent rise. This was still [...]
Tragedy on Bank Street January 28, 2014 JP Morgan employee who fell to his death from Canary Wharf office is named A JP MORGAN employee who died after falling from the London headquarters of the bank has been named as Gabriel Magee. Magee, a vice-president in technology, landed on the ninth floor of the 33-storey building at around 8am yesterday during the morning [...]
Turkey stuns global markets with rate hikes January 28, 2014 THE TURKISH central bank has hiked rates dramatically in a bid to stabilise the value of its currency. In a shock announcement at midnight Ankara time, the bank raised its overnight lending rate to 12 per cent, up from 7.75 per cent, and upped its overnight borrowing rate from 3.5 to eight per cent. It [...]
Best year for UK economy since 2007 now official January 28, 2014 STRONG ACTIVITY across the UK’s business and finance services drove the economy to growth of 0.7 per cent in the final quarter of last year, making 2013 both the strongest and first uninterrupted year of growth since 2007, before the financial crisis. Official figures released yesterday morning point to a broad recovery across the economy, with services [...]
Barclays cuts up to 400 jobs in investment January 28, 2014 HUNDREDS of investment bankers at Barclays will lose their jobs as the bank maintains its focus on costs, it emerged yesterday. The axe is likely to fall on poor performers in centres including London and New York, while staff also face a crackdown on travel as the bank tries to control costs. Employees will no [...]