Hargreaves hits out at auditors July 30, 2013 FINANCIAL services firm Hargreaves Lansdown has dropped Deloitte as its auditor, appointing PwC for the 2014 financial year. The group also criticised the closeness of firms with their auditors. CEO Ian Gorham said: “Failing to seek fresh expert challenge should be a source of embarrassment.” Hargreaves Lansdown has used Deloitte’s services since 2006, and the [...]
JLT eyes targets in the Middle East July 30, 2013 INSURANCE broker Jardine Lloyd Thompson (JLT) is looking at potential acquisitions to grow its business in developing markets, one of its top executives said yesterday. “We are actively looking to build our geographical reach,” Mark Drummond Brady told City A.M., highlighting the Middle East, Indian subcontinent and sub-Saharan Africa as growth areas. “We have a pipeline of [...]
Potash company breaks up cartel July 30, 2013 URALKALI has dismantled the world’s largest potash cartel in a move that it expects to slash prices by 25 per cent, heralding a reshaped industry and pummelling shares of companies that produce the key fertiliser ingredient. The break-up of the Belarus Potash Company (BPC), a joint venture with Belarussian partner Belaruskali, could cause a price [...]
Vodafone launches Kabel bid July 30, 2013 Vodafone officially launched its takeover of German cable firm Kabel Deutschland yesterday after getting the go-ahead from its target’s home regulators to publish details of the €7.7bn (£6.7bn) bid. Kabel’s shareholders have until 11 September to make a decision on the offer, which is worth €87 per share, and which the board has said it [...]
Thomson Reuters stays steady July 30, 2013 Financial news provider Thomson Reuters yesterday said revenues ticked up two per cent to $3.1bn (£2bn) in the second quarter. The Anglo-Canadian outfit, listed in New York, said earnings per share were constant at $0.48. “I am pleased with the progress we continue to make despite challenging market conditions, particularly in the banking and legal [...]
Warhammer enjoys record year July 30, 2013 The company behind the Warhammer model range yesterday announced a record pre-tax profit of £21.4m for the year ending 3 June. Tom Kirby, chairman and acting CEO of Games Workshop, said it had been “a mixed year” with a nine per cent increase in profit followed by a sales slump in the second half. Kirby said [...]
Brand Index: Welby’s challenge highlights how vulnerable Wonga is July 30, 2013 LAST week, in an interview with Total Politics magazine, the Archbishop of Canterbury Justin Welby said that he has told Wonga CEO Errol Damelin he wants to compete the payday loans company out of existence by strengthening credit unions. Mentions of Wonga were seen by 45 per cent of UK Twitter users on Thursday and [...]
GKN tops FTSE as planemakers hike production July 30, 2013 ENGINEERING firm GKN topped the FTSE 100 yesterday after beating forecasts with a five per cent rise in half-year profits to £278m. The results were boosted by a strong performance from GKN’s aerospace unit, which makes airframes for Airbus and Boeing. The division posted a 37 per cent rise in profit, as plane makers ramped [...]
Covent Garden portfolio sends Capco property values soaring July 30, 2013 CAPITAL & Counties (Capco) said a strong performance from its bustling Covent Garden estate helped push the total value of its property up by 13 per cent to £2.1bn in the first half of the year. The developer has been sprucing up its Covent Garden portfolio, attracting trendy restaurants and retailers including Dior and the [...]
Weir profit fall beats forecast July 30, 2013 FTSE 100-listed engineering firm Weir Group yesterday posted a smaller than expected fall in first-half profit and said the continued recovery of the US energy market should help it meet full-year forecasts. Pre-tax profits declined by 14 per cent to £193m and revenue fell 10 per cent to £1.19bn over the period. “We anticipate good [...]