Cost of St Jude storm set to exceed £1bn November 4, 2013 The St Jude storm could cost up to £1.1bn across Europe, according to broker Willis Re. The UK was the first country to be hit by the storm and last week Willis Re said the insurance industry could end up paying out between £300m and £500m. As a result of the storm seven people died [...]
G4S will co-operate with tagging services investigation November 4, 2013 Private security company G4S has announced its intention to "co-operate fully" with a Serious Fraud Office (SFO) investigation. In July, justice secretary Chris Grayling said that G4S had overcharged on two government contracts – including charging for tagging people who were already behind bars or deceased. Grayling said that the extent of that overcharging ran [...]
Twitter shares expected to double on first day of trading November 4, 2013 Analysts see Twitter's market entry as incredibly undervalued, with a market debut of just $11bn (£6.9bn) planned for this Thursday. Twitter is expected to price its initial public offering (IPO) this Wednesday, having announced that it will sell 70m shares at $17 to $20 each. While experts have suggested that Twitter have underplayed their hand [...]
Energy blame game and immigration debates are damaging says CBI president November 4, 2013 Political blame games and factually incorrect debates around immigration will be deemed unhelpful and damaging by the president of the Confederation of British Industry (CBI), Sir Mike Rake (pictured above, left), today. At the CBI's annual conference, its president is expected to stress the importance of cooperation between the government and business to deliver [...]
Businesses more flexible in wake of recession says Goldman Sachs November 4, 2013 Businesses are showing a much greater degree of flexibility than in previous recessions, according to a research note by Goldman Sachs. Dividends were cut at a much earlier stage compared to past recessions, business investment fell dramatically and wages have adjusted more quickly due to a more flexible labour supply, and employment has remained resilient [...]
UK construction surge continues in October as sector growth hits six year high November 4, 2013 The UK's construction sector continues to expand at a tremendous pace, according to the latest purchasing managers' index (PMI) data. In October construction PMI stood at 59.4, from 58.9. Economists had forecast that the PMI for the sector would come in flat at 58.9. World First's Jeremy Cook says that "it is the residential side [...]
Samsung extends patent agreement with Nokia for five years November 4, 2013 Mobile giant Nokia has reached an agreement with Samsung to extend a patent license agreement for five years. The deal which was due to expire at the end of 2013, will see Samsung pay further compensation to Nokia from 1 January 2014. The total amount of compensation will be agreed in a binding arbitration agreement, [...]
HSBC’s 30 per cent profit rise pushes shares up as bank cooperates with forex probe November 4, 2013 HSBC have announced a 30 per cent increase in profit before tax, at $4.5bn (£2.8bn) in the third quarter of 2013, compared with $3.4bn in the same period of 2012. The boost, said the lender, was from strong growth in the UK and Hong Kong. Shares climbed on the news this morning. (Release) In the [...]
Eurozone manufacturing orders gain momentum in October November 4, 2013 Expansion in Eurozone manufacturing orders has picked up in October, according to new purchasing managers' index (PMI) data from Markit. The headline manufacturing PMI figure rose from 51.1 to 51.3, in-line with analyst predictions of an increase to 51.3. Any number above 50 implies expansion, so manufacturing orders appear to be gaining at a faster [...]
Ryanair shares tumble after second profit warning November 4, 2013 Ryanair has suffered an 11 per cent fall in its share price after posting its second profit warning in two months, meaning the company's profits will likely fall for the first time in five years. Weak economic conditions in the Eurozone and intense competition from rival low cost airlines have played a large part in [...]