Nationwide in line to buy RBS SME customers November 27, 2012 NATIONWIDE’S profits were cut almost in half as the building society joined Britain’s banks in increasing its payment protection insurance compensation provisions, as well as recording losses on housing loans in its first half results published yesterday. The building society yesterday confirmed it would like to buy the 316 branches RBS is being forced to [...]
Maude wants government to hand contracts to private firms November 27, 2012 THE GOVERNMENT is today encouraging private sector firms to bid for more than 1,700 public sector contracts worth up to £84bn in the hope of stimulating economic growth. Writing in today’s City A.M., cabinet minister Francis Maude says that in the past unnecessary bureaucracy has hindered efforts to create strong links between the public and [...]
Pension funds in new drive to open up on savers’ fee costs November 27, 2012 SAVERS and employers are set to receive more information on pensions fees in a new drive to boost competition in the sector and improve pension funds’ reputations, with a fresh code of conduct published today. Firms following the new guidance will send employers a standard template summarising how pension charges are levied, and the services [...]
Buffett backs Dimon for US Treasury role November 27, 2012 BILLIONAIRE investor Warren Buffet yesterday threw his weight behind JP Morgan chief Jamie Dimon (above) as a possible successor to US Treasury secretary Timothy Geithner. “I think he’d be terrific,” Buffett said. “If we did run into problems in markets, I think he’d actually be the best person you could have in the job.”
Severn Trent dampened by wet summer November 27, 2012 WATER company Severn Trent yesterday said it was on track to meet full-year earnings targets, after rising prices countered lower usage during a wet summer. An inflation-linked price hike of 5.2 per cent helped to offset a 2.8 per cent fall in consumer consumption in the six months to the end of September, the utility [...]
FT Group chief executive Rona Fairhead leaves after 12 years November 27, 2012 THE CHIEF executive of the Financial Times Group stepped down yesterday, in a move that is likely to heighten speculation that the newspaper’s owner Pearson is looking to sell it off. Rona Fairhead, who spent 12 years at Pearson, and six as head of the FT Group, is departing after missing out on the chief [...]
Flagship back-to-work scheme attacked for failing unemployed November 27, 2012 THE GOVERNMENT’S efforts to bring the long-term unemployed back into the workforce was attacked yesterday, as figures showed it found jobs for less than three per cent of participants. Labour leader Ed Miliband said the Work Programme, which outsources responsibility for finding jobs to a variety of private, public and charitable organisations, was a “miserable [...]
De La Rue print run is in line to drive up profits November 27, 2012 BANKNOTE printer De La Rue yesterday said it was on track to surpass the £100m operating profit mark next year after posting a seven per cent increase in banknote orders for the past 12 months – despite a big delay in orders. The Basingstoke based firm, which also prints passports for governments, said its order [...]
What are the growth prospects for De La Rue? November 27, 2012 CHARLES PICK | NUMIS After the recent profits warning for the current full year, some of the main first half numbers were already known. The growth aim has not changed, but the trajectory whereby growth is attained has, due to the recent order delays suffered at the currency division. PAUL JONES | PANMURE GORDON Currency [...]
British Assets Trust lifts earnings November 27, 2012 F&C’s listed investment trust British Assets Trust, one of the oldest trusts in the world, yesterday said it had increased its revenue earnings per share, a key measure of how well the trust is performing, up to 6.6p from 5.7p this year. However, the £442m trust failed to beat its FTSE benchmark after posting a [...]