Jobs market tough for recruitment firm Page August 13, 2013 RECRUITMENT group Michael Page posted an 11 per cent drop in pre-tax profit for the first six months of the year yesterday, and said conditions are likely to remain tough in the coming quarter. The professional jobs specialist said revenues were down 0.9 per cent at constant exchange rates at £503.2m, while profits before [...]
Bottom Line: Australia slowdown not a bust August 13, 2013 SUCH is the FTSE’s reliance on mining and commodities stocks that closely watched data from the sector – be it a slowdown in the Chinese economy or a lift in factory output – can make or break a day’s trading. But as Michael Page proved yesterday, the knock-on effects go even further. The white-collar [...]
BP sues US over ban on federal contracts after Gulf oil disaster August 13, 2013 OIL GIANT BP is suing the US Environmental Protection Agency (EPA) to try to overturn a ban on it gaining new US government contracts. The FTSE 100-listed firm was temporarily suspended from bidding on new federal contracts – including lucrative military fuel supply deals – last November after pleading guilty to its role in the [...]
May planning counter-terrorism tactics to tackle organised crime August 13, 2013 HOME secretary Theresa May is to unveil a major new policy that will call for organised crime to be tackled in the same way as counter-terrorism, City A.M. has learned. The policy, to be unveiled in a speech shortly before this autumn’s Conservative conference, will help boost May’s party leadership ambitions. She has already impressed Tory [...]
FBI arrests in penny stock fraud August 13, 2013 US Federal prosecutors said yesterday they had arrested seven people in a more than $140m (£90.6m) international penny stock scheme that involved fraudulently inflating share prices and trading volumes. Two people charged, including the alleged mastermind, remain at large, according to the office for the US Attorney for the Eastern District of New York.
Czech PM hands in resignation August 13, 2013 The Czech cabinet dominated by allies of leftist president Milos Zeman resigned yesterday after losing a confidence vote last week, clearing the way for early elections that could resolve a political deadlock. Zeman accepted the resignation and said Rusnok would stay on in a caretaker capacity until the formation of a new government.
Investment bank fees plummet August 13, 2013 Fees paid out to investment banks globally in the retail sector are down seven per cent since last year, figures released yesterday show. Around $1.18bn (£764m) has been paid so far this year, down from $1.27bn last year. It is the slowest year-to-date period for fees in the sector since 2010, the figures published by [...]
Carney’s pledge is welcomed by Resolution boss August 13, 2013 MARK Carney’s decision to introduce long-term guidance on interest rates is a major boost for British business, the board of FTSE 100 insurer Resolution said yesterday. “Were rates to rise then we would stand to profit,” chief financial officer Tim Tookey told City A.M. “It’s very helpful for the UK economy for the Bank of [...]
Analyst Views: Do these results justify Resolution’s restructuring? August 13, 2013 MARCUS BARNARD ORIEL SECURITIES The company is starting to look more interesting as it reorganises its businesses to add value and grow. The shares have performed well but the company is still addressing issues of integration and reorganisation. We would look for more evidence of delivery and growth to drive a further re-rating. Hold. [...]
Fracking for gas attracts strong support within UK August 13, 2013 A NEW poll of public attitudes to fracking has indicated that more people in the UK support than oppose its use. The survey, conducted by ICM for the Guardian, showed that nearly half, 44 per cent, said that fracking should take place in the UK. The results indicate that a plurality of respondents in every age group [...]