FCA brings in Lloyds banker August 7, 2013 BANKING regulator The Financial Conduct Authority (FCA) has recruited Karina McTeague from Lloyds Banking Group as director of retail banking in its supervisory division. McTeague, who has held a series of risk, policy and general counsel roles at Lloyds, starts in November. The FCA also confirmed three other supervision directors, already acting in the posts [...]
Lift in German industry data August 7, 2013 THE EUROZONE received a modest boost yesterday as positive economic data emerged from its two largest economies, Germany and France. German industrial output shot up at its fastest pace in nearly two years in June, rising 2.4 per cent compared to May. The rebound was partly a correction from the previous month, when it fell due to [...]
Nikkei and yen take a dive August 7, 2013 Japan’s stock market index, the Nikkei, plummeted four per cent yesterday as the dollar slipped to a six-week low against the yen. The strengthening of the yen may undermine Japan’s ability to export, hitting companies like car manufacturers most of all.
London workers more productive August 7, 2013 City residents account for nearly three times the GDP output per person than the UK average, according to a new study by trade union GMB. GDP using the purchasing power standard (PPS) per individual measure for people living in inner London is 2.92 times the UK average and 3.28 times that of the 27 countries [...]
Aviation panel publishes proposals August 7, 2013 The Airports Commission has published more than 100 reports it has received on options for boosting Britain’s air capacity. Chairman Sir Howard Davies told the BBC that the commission had sifted through a “wide spectrum” of proposals. The panel will publish a shortlist later this year.
Spain’s empty airport up for sale August 7, 2013 The Ciudad Real airport in La Mancha has been put up for sale with the bargain price tag of €100m. The airport, which has not hosted a flight since late 2011, cost €1.1bn to build in 2008. The new buyer will take on a full-sized runway, a barely-used terminal building and €529m of debts.
Randgold profit and sales fall on weak gold price August 7, 2013 FTSE 100-listed Randgold Resources’ share price fell over four per cent in early trading, after plunging gold prices caused the miner’s second quarter profits to fall by almost two thirds. Profit fell to $54.1m (£35m), down from $141m year-on-year and $81.6m quarter-on-quarter. Gold sales fell by 18 per cent from the previous quarter, due to a [...]
Bottom Line: Less than glittering results even for a firm prepared for a gold price fall August 7, 2013 LUCKY for Randgold that it built its business model to deliver returns even if the yellow metal’s price dived. Its reserves were calculated at $1,000/oz and so haven’t had to be written down even as the price fell this year from around $1,700/oz to near $1,300/oz. That said, these numbers are not glittering. Profit before [...]
Bupa hails UK arm recovery August 7, 2013 BUPA chief executive Stuart Fletcher declared yesterday that the firm’s UK health insurance business is recovering, having been “not economically sustainable” a year ago. The news followed the private healthcare group’s first-half results, which showed that cost cutting in its British business had almost doubled underlying profit to £59.2m on flat revenues of £1.255bn and [...]
Vodafone splashes out on sport content for new 4G customers August 7, 2013 VODAFONE became the latest of the big name mobile networks to announce the launch of 4G data services yesterday. Chief executive Guy Laurence confirmed that the switch-on for high-speed data content would begin in London on 29 August, with 12 cities to be 4G-ready before Christmas. He also revealed a deal with Spotify and Sky [...]