FTSE 100 rally continues January 30, 2013 The FTSE 100 rally showed signs of continuing this morning, as the blue chip index edged up 0.1 per cent, despite a slew of weak trading statements from large-cap companies. Oil and gas services firm Petrofac topped the blue chip loser board, shedding more than seven per cent. Other large-cap fallers dropped on the back [...]
Phoenix in £250m share placing January 30, 2013 Phoenix Group Holdings, the closed life assurance funds group created by entrepreneur Hugh Osmond, this morning confirmed plans to raise £250m in a share placing. The placing will enable the firm to reduce its debt pile, from £2.36bn to £1.85bn, as part of a major restructuring. Phoenix declared a final dividend of 26.7p a share, [...]
United Utilities on track for targets January 30, 2013 Waste and water group United Utilities said today that it is trading in line with expectations, although it said that revenue had increased at a rate slightly below the regulated price rise. This reflected the ongoing impact of a tough economic climate, the FTSE 100 utility firm said this morning. Depreciation, power and other costs [...]
Imperial Tobacco warns that black market could hit first-half profit January 30, 2013 Imperial Tobacco said this morning it expects first half operating profit to be down year on year, hit by growing competition from the black market in Europe. The cigarette group said this morning that market trends had worsened in a number of key markets, including the EU and Russia. Imperial, which makes brands including JPS, [...]
Third quarter profits fall at Johnson Matthey January 30, 2013 Chemicals firm Johnson Matthey saw profits plunge over the third quarter, due to lower sales in its precious metals products division. Underlying pre-tax profits sank 19 per cent to £84.3m over the third quarter. The precious metal product division, which refines and fabricates precious metals such as platinum, posted a seven per cent drop in [...]
Tories lose crunch vote on reforms January 29, 2013 THE CONSERVATIVES will find it almost impossible to win the 2015 general election, polling companies warned last night, after their Liberal Democrat coalition partners scuppered plans to reform constituency boundaries and reduce the number of MPs in parliament. Lib Dems joined Labour and the smaller parties to vote in favour of delaying the boundary reform [...]
Shock for private equity world as Permira struggles to raise fund January 29, 2013 PERMIRA, one of Europe’s best known buyout groups, has been forced to extend the closing date for its fifth fund from the end of January to possibly as late as March, amid concerns that it is struggling to get to its target. Investors had previously been told that the first closing date for the fund, [...]
Bank bonuses chopped back after year of scandal January 29, 2013 BARCLAYS and RBS are expected to slash bonus payouts in the coming months after a series of scandals hit the industry. The deepening payment protection insurance crisis has hit both banks to the tune of several billion pounds and shows no sign of ending, while Barclays was hit by a £290m Libor fine last year. [...]
What the other papers say this morning January 29, 2013 FINANCIAL TIMES Brussels softens line on ringfencing The European commissioner in charge of regulatory reform of the region’s banks has signalled a retreat from plans to force lenders to build barriers around their securities trading operations, as policy makers focus on stimulating growth. Michel Barnier told the Financial Times that any implementation of last year’s [...]
FTSE hits new 56-month high on miner rally January 29, 2013 THE FTSE 100 climbed to a new four and a half year high yesterday, driven up by a rally in mining stocks. The index closed up 44.78 – 0.7 per cent – at 6,339.19, its best close since May 2008, with 13 of these close-to-45-points coming from gains among miners. The biggest rises came from [...]