Crest Nicholson rejoins market with £107m lift February 18, 2013 CREST Nicholson kicked off its first official day of trading on the London Stock Exchange yesterday after the housebuilder last week completed London’s largest public listing so far this year at £553m. Shares in the company edged down by 0.75 per cent to 262.38p – still significantly above its original listing price of 220p and [...]
Carlsberg hit by Russia sales and rising costs February 18, 2013 DANISH brewer Carlsberg said yesterday it had scrapped its profit margin target for eastern Europe, blaming volatile markets and raw material costs, and dampening hopes the region can offset sluggish demand in western Europe. The world’s fourth-biggest brewer said that sales growth had stalled in its key Russian market and the cost of an efficiency [...]
Flood defence contract delayed after West Coast Mainline fiasco February 18, 2013 THE ENVIRONMENT Agency is to relaunch the competition for a major contract to build flood defences after the process was delayed by the West Coast Mainline fiasco. The procurement process was delayed after last year’s decision to award control of one of the country’s main railway routes to FirstGroup. Existing operator Virgin Rail successfully challenged [...]
City Moves for 19 February 2013 | Who’s switching jobs February 18, 2013 Barings The asset management firm has announced the appointment of Angus Woolhouse as global head of distribution. Woolhouse has over 20 years’ experience in the asset management industry, and has held senior roles at Gartmore, Invesco and HSBC Asset Management. Colliers The commercial real estate services company has appointed Mark Emburey as a director in [...]
A weak pound helps UK exports but it risks a currency civil war February 18, 2013 AS David Cameron talks up British exports in India, it might seem good news that the pound sank yesterday. A weaker currency makes exports cheaper (to pay the price in pounds takes less foreign currency). In theory that boosts demand and, so the argument goes, rebalances the economy towards opportunities in emerging markets. It also [...]
Google faces EU measures over privacy policy February 18, 2013 EUROPEAN regulators threatened action against Google yesterday over recent changes to the web firm’s privacy policy. French data commissioner CNIL, which has led the EU’s 27 data regulators in pursuing Google, yesterday said the company had failed to adequately respond to demands to change its privacy rules. Last year, Google merged 60 policies into just [...]
Greencore rises on proof of no contamination February 18, 2013 IRISH food group Greencore’s shares bounced back by eight per cent yesterday after it said that tests had found no other traces of horsemeat in its products or at its convenience food sites. Shares in the company sunk more than 12 per cent at the end of last week when Asda withdrew its own- brand [...]
Investors start to regain faith in the Eurozone February 18, 2013 INVESTORS at last believe the European economy is on the right track, with investment beginning to flow back into the stricken continent, surveys and data showed yesterday. For the first time since 2010, a Fitch survey showed more investors are optimistic than pessimistic, as respondents “were swept up on a wave of new year enthusiasm.” [...]
MPs demand tax avoiders are named and shamed by HMRC February 18, 2013 INDIVIDUALS who take part in tax avoidance schemes should have their names made public by HM Revenue & Customs, according to the chair of an influential parliamentary select committee. Labour’s Margaret Hodge MP says the taxman “should name and shame those who sell or use tax avoidance schemes”, directing public anger at those who attempt [...]
Draghi warns currency war may hurt European growth this year February 18, 2013 THE STRENGTH of the euro risks harming economic growth and pulling down inflation too far, European Central Bank boss Mario Draghi told European parliamentarians yesterday. The bank president hit out at talk of a currency war between states vying to push down their exchange rates and improve their economies’ competitiveness, insisting the policies affecting currencies [...]