WPP profits rise but concerns linger about “grey swan” events August 29, 2013 Advertising agency WPP has seen pre tax profits rise by 19.4 per cent to £524m in the first half of 2013, but concerns for the future remain, and WPP's "operating companies remain cautious" (release). Yet again the firm's management refer to the chance of "grey swan" events. Here are the four they have in mind: [...]
Serco reports fall in profits and vows to work with government over overcharging allegations August 29, 2013 Outsourcing group Serco has reported a 2.6 per cent fall in pre-tax profits and an 11.2 per cent fall in earnings per share in the first half of the yar. Pre-tax profits fell to £106.1m from £108.9m, while basic earnings per share fell to 17.19p from 19.35p. Serco, which makes around 45 per cent of [...]
Vodafone spikes on confirmation of Verizon deal talks August 29, 2013 Shares in Vodafone have risen as much as 9.4 per cent in early London trading this morning as the company says it is in talks over the possible sale of its $100bn (£64bn) stake in Verizon Wireless. Vodafone notes the recent press speculation and confirms that it is in discussions with Verizon Communications Inc. regarding [...]
Co-Op reports major losses in its banking division August 29, 2013 The Co-Operative Group has reported major losses for the first half of the year and regulators have reaffirmed its £1.5bn capital shortfall (release). The group made £559m of pre-tax losses in the first half of the year after writing off £496m of bad loans mostly relating to Britannia Building Society, which merged with its troubled [...]
Carney’s message for businesses and the regions August 29, 2013 Bank of England governor Mark Carney has told businesses not to “worry that the rug is going to be pulled out from under you too soon” in attempt to boost confidence in light of a future rise in interest rates, and stressed the importance of monetary policymakers getting out of London and talking directly to [...]
Before the Open – 29/08 August 29, 2013 Asian shares had a mixed performance last night as offshore markets rebounded from Syria concerns while mainland markets remained suppressed. The Hang Seng recovered slightly from multi-month lows, rising around 0.4 per cent to 21,606. However, the Shanghai Composite remained in the red, despite a good start on the back of a strong finish in [...]
Admiral Group reports boost in profits August 29, 2013 Motor insurance company and owner of price comparison website Confused.com Admiral Group has reported a 5.6 per cent increase in pre-tax profits and six per cent growth in earnings per share for the first half of the year (release). Pre-tax profits rose to £181.4m from £171.8m in the same period the year before. Basic earnings [...]
Confidence in Abenomics hit as Japanese retail trade drops sharply August 29, 2013 Source: Capital Economics Japanese retail trade contracted by more than expected in July, according to official figures from the Ministry of Economy, Trade and Industry. Compared with July 2012, retail trade fell by 0.3 per cent, following 1.6 per cent annual growth the month before. Analysts had expected to see no movement at all. [...]
Football fans descend on Mayfair hedgie August 29, 2013 HEDGE fund Sisu Capital was targeted by a group of angry football fans last night, as Coventry City supporters protested outside the firm’s Mayfair offices. The Sky Blues supporters are furious at Sisu – which took over the struggling midlands club in late 2007 – for moving the team’s home games to Northampton, over [...]
Carney tears up King’s rulebook August 28, 2013 BANK lending is in line for a £90bn boost after Mark Carney yesterday agreed to let the safest institutions divert resources away from regulatory liquidity buffers and into business and household credit. It comes after business secretary Vince Cable called the Bank of England the “capital Taliban,” claiming regulators’ tough capital requirements were hitting [...]