Royal Mail profits up in wake of pension reforms November 27, 2013 Royal Mail has reported pre-tax profits of £1.58bn in the six months ended 29 September. A one-off gain of £1.35bn from pension reforms accounted for most of the increase in profits. However even without the pension reform profits rose £94m from last year. The recently-privatised mail service said that the state of industrial relations has [...]
United Utilities discounts prices as profit rises £29m November 27, 2013 United Utilities, the UK's largest water company, saw first-half underlying operating profit rise £29m to £343.2m, from £314.7m last year. The company said it will use a £75m tax rebate to provide a £20m customer discount, offsetting the allowed real price increase for 2014/15. Revenue increased to £853.3m, from £822.9m a year ago. This, said [...]
What you need to know before the open – 27/11 November 27, 2013 Data will be coming in pretty thick and fast for the UK and US today, although we're not expecting any surprises as far as UK GDP goes. US trading is expected to be pretty light today, ahead of the Thanksgiving break tomorrow. Rising military tension between China and Japan prompted mixed reactions on Asian markets, [...]
Merkel seals the deal as Germany prepares for coalition government November 27, 2013 German chancellor Angela Merkel has secured a coalition agreement with the opposition Social Democrats (SPD), putting her on course for a third term as German Chancellor. The deal reached between Merkel's Christian Democrats (CDU) and the SPD includes the introduction of a national minimum wage and promises to raise spending on social security without further [...]
It’s open season on banks again November 26, 2013 BANKERS faced a series of fresh attacks yesterday, as Labour pushed for tougher licences for bankers and the chancellor opened the door to harsher lending controls. Labour won a vote in the House of Lords last night to force bankers to face regular checkups from regulators, and risk losing their licence if they do not [...]
Dubai property group’s £1.6bn London flotation is delayed November 26, 2013 BANKS advising Damac, the Dubai-based property group, on its London flotation last night went back on plans to price the shares. The decision came after some investors said they wanted to know whether Dubai would be the venue for Expo 2020, which will be announced today. Advisers said there was sufficient demand to go ahead [...]
Cameron calls for tighter rules on EU migrants November 26, 2013 PRIME Minister David Cameron has announced a new set of restrictions on migrants from the European Union, promising steps to limit government benefits. Cameron now says that migrants arriving in the UK from Romania and Bulgaria next year, when controls on their movement in the EU are lifted, will not be able to access out-of-work [...]
Rock bottom rates may be here for even longer November 26, 2013 INTEREST rates could stay at rock bottom for even longer than the Bank of England has promised, senior official Charlie Bean told MPs yesterday. The Bank has said it will consider raising rates when unemployment falls to seven per cent. But if inflation is at or below its two per cent target, the Bank could [...]
City A.M. scoops top award November 26, 2013 City A.M.’s editor Allister Heath was yesterday named Business Commentator of the year by the judges at Editorial Intelligence’s prestigious Comment Awards, which celebrate the achievements of the UK’s finest print and online commentators. ALLISTER HEATH NOW RANKED 5TH MOST RESPECTED ECONOMIC AND BUSINESS COMMENTATOR IN UK Allister Heath has also soared up the rankings of [...]
What the other papers say this morning – 27 November 2013 November 26, 2013 FINANCIAL TIMES RBS faces possible criminal probe The Serious Fraud Office is considering a criminal investigation into allegations Royal Bank of Scotland defrauded companies by forcing them out of business, amid growing pressure on the bank over its treatment of SMEs. The SFO has conducted interviews with former executives of UK firms affected by RBS’s [...]