Finance chief Halford plans Vodafone exit October 3, 2013 VODAFONE finance chief Andy Halford announced yesterday that he will leave the company in March 2014 after Vodafone’s £84bn sale of its stake in Verizon Wireless closes. Halford, a 14-year Vodafone veteran, said: “Next year will be the right time for me to move on and seek the next challenge in my career, It has [...]
New regulations to close 15,000 payday lenders October 3, 2013 PAYDAY lenders must do more to check borrowers can afford loans, stop rolling over debts so many times, and will face limits on how they access customers’ bank accounts, the City watchdog said yesterday. The proposed rules are expected to lead 25 to 30 per cent of the estimated 50,000 firms in the sector – [...]
Britain backs global accounting rules despite investor concerns October 3, 2013 BRITAIN still believes a specific reference to “prudence” would improve international accounting standards, but reasserted yesterday the rules as they stand are legally binding, hoping to end any uncertainty over the matter. Rules on how companies are audited, drawn up by the International Accounting Standards Board (IASB), are mandatory in Britain and elsewhere in the [...]
Inside Track: King’s New York flotation will be a Saga worth watching October 3, 2013 EXCITEMENT about the flotation of one of the UK’s hottest internet companies, King, is increasing by the day. Sadly the listing will not be in London, which robs the City of a fantastic opportunity to demonstrate that our public markets are fully recovered, even for high-flying growth companies. That aside, the growth of King, the [...]
Q and A: What is happening to payday loans? October 3, 2013 Q Why are changes being made? A Payday lenders are under fire for lending at interest rates that can reach as high as an annualised 5,000 per cent. Now the City has a new conduct regulator, it is taking charge of the sector to look after consumers. Q What changes are on the way? A [...]
Aviva receives £500m boost from US sale October 3, 2013 BRITISH insurance giant Aviva was one of the top risers on yesterday’s FTSE after banking $800m (£495m) more than expected from the disposal of its US business. The company’s shares closed up 1.4 per cent after announcing that it had sold Aviva USA to Athene Holding for $2.6bn, well above the $1.8bn expected when the deal was first [...]
Elliott Advisors’ earnings rise as firm eyes modest expansion October 3, 2013 LONDON-BASED hedge fund adviser Elliott Advisors UK (EAUK) has said its turnover was steady last year, following several turbulent years in the wake of the financial crisis. EAUK, whose sole client is the activist US hedge fund Elliott Management, said revenues in 2012 fell from £52.6m to £50.7m and profit after tax rose from £1m [...]
Heathrow and airlines hit out at charge ruling October 3, 2013 HEATHROW and its airlines reacted furiously to the industry watchdog’s ruling yesterday on how much the airport can hike its charges over the next five years. The Civil Aviation Authority capped Heathrow’s tariffs for airlines in line with inflation from April 2014 – a blow to the airport, which had asked for a 4.6 per [...]
First Group wins an extension to its Great Western rail franchise October 3, 2013 FIRST Group has won 23 more months of running the Great Western rail route between London and the south west. The franchise was due to expire this month, and will need to be renewed again before the government awards the long-term contract to start in 2016. Many of Britain’s rail operators have been handed extensions [...]
Gulf of Mexico energy producers shut down ahead of hurricane October 3, 2013 ENERGY companies in the Gulf of Mexico started shutting in production yesterday and were evacuating some workers as Tropical Storm Karen headed toward a crucial part of the basin, which overall provides nearly a fifth of daily US oil output. The National Hurricane Center said the storm was expected to be at or near hurricane strength [...]