Esure confirms intention to float on LSE February 27, 2013 INSURER Esure this morning confirmed plans to list on the London Stock Exchange in a £50m float. The offer will comprise the sale of new shares and the partial sale of existing stakes held by current investors, including founder Peter Wood. Esure, which owns Sheilas’ Wheels, will float up to half its business in an [...]
EADS posts strong profits February 27, 2013 EUROPEAN defence and aerospace giant EADS benefited from double-digit revenue and profit growth last year, boosted by a strong performance from its Airbus division. Net profit jumped 19 per cent to €1.2bn (£1bn), on revenues 15 per cent higher at €56.5bn. Revenues at aircraft maker Airbus rose 17 per cent to €38.6bn, reflecting strong commercial [...]
European markets looking healthier February 27, 2013 Most European indices are in the green this morning: FTSE100 +0.38 per centDAX +0.44 per centCAC +0.69 per centIBEX +0.81 per centFTSE MIB +0.89 per cent There was some improved consumer confidence data out of Germany as the Gfk Consumer Confidence Survey increased from 5.8 to 5.9. French consumer confidence remained unchanged. Generally markets are calming after yesterday's Italian panic. [...]
Centrica annual earnings jump five per cent February 27, 2013 ENERGY giant Centrica this morning posted a five per cent jump in adjusted earnings, boosted by the colder weather. Centrica, which owns British Gas, reported adjusted earnings of £1.4bn, in line with expectations. Operating profit for the FTSE energy giant came in at £2.74bn, up 14 per cent from the previous year. British Gas, which [...]
Sterling still reeling from a Tucker punch February 27, 2013 When Monetary Policy Committee member Paul Tucker mentioned that some at the Bank had been considering negative nominal interests rates yesterday he knocked the pound down to below 1.51 against the dollar. While sterling regained some strength during the day, it's fallen back down to around that 1.51 level again this morning. Our banking specialist Tim [...]
FTSE 250 Results Round-up – 27/02 February 27, 2013 Barratt Developments, the residential property development company, released results for the six months to December (results) with profits increased by 113.4 per cent to £46.1m. Chief executive Mark Clare said that: Although we remain cautious as to whether the thaw in lending conditions will be sustained, improvements in mortgage lending and the success of the [...]
FTSE 100 Results Round-up – 27/02 February 27, 2013 Weir Group, the engineering company, has released full year results for the year ended December (results). They saw pre-tax profits rise from £396.3m to £443.1m. Chief executive Keith Cochrane has said that 2013 will bring more challenging markets. ITV, the media company, has released full year results for the year ended December (results). The [...]
Gold prices spike overnight February 27, 2013 As we discussed yesterday, gold prices will move upwards when markets expect inflation. This happens as gold is seen as a good store of value. They did exactly that overnight. Our reporter Julian Harris writes: The price of gold rebounded sharply last night after US Federal Reserve chief Ben Bernanke leapt to the defence [...]
Centrica’s residential energy profits heat up February 27, 2013 Centrica, the utility company, has released results for the full year to the end of December (results) and have announced a headline 11 per cent increase in profits in residential energy supply. Phil Bentley is to step down as managing director of British Gas by the end of June and will leave the company by [...]
Pay the bank to hold your cash February 26, 2013 Deputy governor admits the Bank of England is considering negative interest rates STERLING took a tumble yesterday as Bank of England bosses revealed they are considering pushing interest rates below zero and might turn the printing presses back on. Paul Tucker, deputy governor of the Bank of England, told MPs: “Nobody on the Monetary Policy Committee [...]