UK win over EU short-selling ban could open door to tackle swathes of legislation September 12, 2013 UK opposition to the European Union's "wide" powers to ban short-selling may be successful, as the rules could be unlawful, according to an EU court aide. Advocate general Niilo Jaaskinen: The emergency powers granted by that article to the European Securities and Markets Authority to intervene in the financial markets of member states so as [...]
Next plans growth as it does well in first half of 2013 September 12, 2013 High street retailer Next has published encouraging figures for the first half of 2013, with sales up 2.2 per cent at £1,677m. (Release) Next plans continued growth by developing product ranges and Next online, and acquiring new retail space. Profit before tax stood at £271.8m, up 8.2 per cent from the same period in 2012. [...]
Ocado sees sales swell ahead of Morrisons partnership September 12, 2013 It's been a really good 12 weeks for Ocado with confirmation that they'll be partnering up with Morrisons from early 2014. The e-grocer has seen gross sales up 18.8 per cent on the same 12 weeks to mid-August last year, reaching £189.2m (release). Orders are also looking more healthy. Per week numbers have risen 15.3 [...]
Engineering merger off as Amec gives up Kentz chase September 12, 2013 After a bid on 19 August, engineer Amec has given up on a purchase of smaller peer Kentz, concluding that "it does not intend to make an offer" (release). Amec's first proposal valued Kentz at £660m, an offer that shareholders found unappealing. Kentz have also commented on the withdrawal of Amec's offer (release): As previously [...]
Before the open: FTSE expected up as markets wait for Carney’s Westminister appearance September 12, 2013 Predictions before open this morning are reasonably good for the FTSE with most traders predicting an increase. Bank of England governor Mark Carney will be present at the Treasury Committee Hearing for an inflation report this morning at 10.00. Morning ftse +3, Dow Flat, dax +25, Nikkei -80, H/s +70, SP 1689, Brent 111.57, Nymex [...]
Morrisons tops FTSE despite profit decline as supermarket remains confident of second half bounce September 12, 2013 Supermarket Morrisons has seen its pre-tax profits drop from £440m to £344m in the half year to 4 August (release). The announcement also includes a 10 per cent decline in underlying profit to £401m. We anticipate an improvement in our sales performance during the second half and accordingly the Board believes the Group's performance for [...]
Privatisation of Royal Mail to begin in coming weeks September 12, 2013 The government has confirmed plans to privatise 497-year old Royal Mail. In "coming weeks" shares in Royal Mail will become available. 10 per cent of shares will be distributed to the Royal Mail's 150,000 employees, with the government retaining an as yet undecided share. More details and analysis on the liveblog.
Biggest privatisation in decades as Royal Mail float expected to raise £2.8-2.9bn in coming weeks September 12, 2013 The government has confirmed that it will now sell off Royal Mail "in coming weeks" as unions prepare strike action over what will be the biggest privatisation in decades. When offered to private hands on the London Stock Exchange, Royal Mail could go for as much as £3bn according to estimates. ETX Capital's spread suggests [...]
Verizon borrows $49,000,000,000 in just one day September 11, 2013 TELECOMS giant Verizon borrowed a record $49bn (£31bn) from the bond markets yesterday – an astonishing sum that is larger than the economies of more than 90 countries. The debt deal, which was so large that it took even Wall Street by surprise, will be used to finance the company’s $130bn purchase of Vodafone’s [...]
Pound soars to 8-month high on jobs figures September 11, 2013 STERLING jumped to its highest level in eight months yesterday as the UK posted another set of impressive labour market numbers. The pound was printing above $1.58 last night, having climbed from $1.49 since early in July. The rise has been steady across the last eight weeks, yet was boosted yesterday by a [...]