Turner vows to act if FSA finds new mis-selling May 22, 2012 THE CHAIR of the FSA, Lord Turner, has assured MPs that if the watchdog finds “widespread evidence” that banks have been mis-selling financial products to small firms, “we will take action”. His warning came as the Treasury Select Committee kicked off an inquiry into corporate governance, particularly in banks. At a hearing yesterday, Lib Dem John Thurso [...]
US home sales on the rise as Fed official says QE3 is not required May 22, 2012 HIGH levels of American home sales were recorded in April, boosting hopes for the US recovery, as a leading member of the Federal Reserve said that conditions are not ripe for more quantitative easing. Sales of already-owned homes shot up by 3.4 per cent to an annual rate of 4.62m units last month, the highest [...]
Deloitte: firms are hoarding £64bn cash pile May 22, 2012 BRITISH companies are sitting on a £64bn cash pot built up by delaying payments to suppliers, a new study claims. Research by Deloitte found that, on average, suppliers were paid four days later in 2011 than they were two years earlier in order to help companies amass funding for their daily cash flow. This has [...]
Profits double as Bloomsbury turns to ebooks May 22, 2012 SHARES in Bloomsbury jumped 6.6 per cent yesterday as the British publisher said its pre-tax profits from continuing operations more than doubled last year. Continuing pre-tax profits were up 53 per cent to £12.1m, while total turnover grew 11.5 per cent to £103.2m. Bloomsbury pointed to its “huge ebook growth” as a source of the income [...]
Big Yellow hit by tax raid on storage space May 22, 2012 STORAGE giant Big Yellow yesterday reported annual losses of £35.6m – triggered by writedowns linked to an impending tax rise. The government is planning to slap VAT on self storage payments, which means that storage costs could shoot up as much as ten per cent. The company’s losses in the year to the end of [...]
Glencore takes over Congolese copper mine May 22, 2012 COMMODITIES giant Glencore yesterday announced that it had taken control of the Mutanda copper operation in Congo for $480m (£304.4m). Glencore had a stake in the company but is now in the driving seat. The move marks the first step in a planned merger of the mine with its nearby Kansuki concession. Mutanda, in central [...]
Cobham extends deadline for Thrane as paperwork piles up May 22, 2012 DEFENCE technology group Cobham yesterday extended the deadline for shareholders in Thrane and Thrane to decide whether to accept its £275m offer for their firm. Thrane, a Danish satellite communications company, will have until 18 June to decide on the bid. The delay was triggered by the amount of paperwork associated with the deal, the [...]
Greencore earnings on the rise May 22, 2012 Anglo-Irish convenience food company Greencore yesterday reported climbing revenue and profits. The company, which is making special Jubilee themed sandwiches to be stocked in Sainsbury’s and Waitrose, said first-half revenue soared 49.9 per cent to £567.7m. Operating profits were up 36.7 per cent to £31.7m for the six months to the end of March. The [...]
UK Mail delivers strong revenues May 22, 2012 Logistics and parcel delivery firm UK Mail yesterday said its revenue jumped 8.4 per cent to £429m in the year to the end of March. The group said its figures were helped by a rise in parcel prices, which were introduced in May last year. But profits before tax and exceptional items fell from £16.1m [...]
Sechin takes the helm at Rosneft May 22, 2012 Russian Prime Minister Dmitry Medvedev yesterday appointed Igor Sechin as chief executive of state-controlled Rosneft, putting the man who ran energy policy in the last government in charge of Russia’s largest oil company. Sechin recently masterminded three offshore deals with western oil majors. He pledged to boost Rosneft’s production in taking the post.