Plus Markets considers closure May 14, 2012 Plus Markets, the British stock exchange for small companies, said it planned to shut itself down after failing to attract an acceptable takeover offer. The loss-making group, which put itself up for sale in February, has informed Britain’s financial regulator that it plans an “orderly closure” after suffering a drop in its cash reserves, it [...]
Serco buoyed by UK contract wins May 14, 2012 British outsourcing company Serco said almost £4bn of contract wins in the first half of the year and an improving outlook in the UK left it confident of meeting 2012 targets. The British group said it expected first half revenue growth to be around six per cent, almost entirely from last year’s acquisitions, with good [...]
Travis Perkins sales rise as market share edges up May 14, 2012 Builders’ merchant and do-it-yourself retailer, Travis Perkins, said it was on track to meet profit expectations for the year after posting a rise in sales and market share gains in the first four months of the year. The group, which also trades as City Plumbing, Keyline, Tile Giant, Wickes and BSS, said group revenue rose [...]
DIMON: I WAS DEAD WRONG May 13, 2012 In an extraordinary mea culpa, JP Morgan chief executive Jamie Dimon said yesterday that he had been “dead wrong” to deny rumours that the bank could lose billions on a botched hedging strategy, a scandal that is likely to force several of the bank’s senior executives to quit. “I was dead wrong,” said Dimon in [...]
Voters inflict huge defeat on Merkel May 13, 2012 GERMAN leader Angela Merkel suffered a crushing defeat in local elections yesterday, after voters voiced their opposition to the Greek bailout at a time of austerity at home. In a shock blow to Merkel’s efforts to keep the Eurozone intact, the Social Democrats (SDP) received 38.8 per cent of votes in North Rhine-Westphalia and the [...]
City jobs market growing as recovery gathers pace May 13, 2012 THE NUMBER of newly available financial services jobs jumped to its highest level in six months in April, recruitment industry data showed today, as the sector continued to recover from last autumn’s crunch in financial markets. New City placements rose 19 per cent on the month, from 2,797 to 3,339 according to Morgan McKinley’s latest [...]
Greek elections loom as talks collapse again May 13, 2012 Greek politicians failed again last night to form a new government, increasing the likelihood of fresh elections next month. President Karolos Papoulias hosted a meeting of the three largest parties’ leaders but could not build a deal between pro-bailout PASOK and New Democracy, and anti-bailout Syriza. The two pro-rescue parties did offer to renegotiate parts [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 13, 2012 FINANCIAL TIMES Canary Wharf claims high ground on City Canary Wharf will finally come of age over the next two months when the UK’s “new” financial centre overtakes the traditional City of London as the biggest employer of bankers in Europe. According to Financial Times research, the transfer of 8,000 jobs by US bank JPMorgan [...]
London property searches soar May 13, 2012 Financial and political turmoil in southern Europe caused a surge of interest in London property last month with buyers from Greece and Spain showing strongly among investors seeking a safe haven for their money. The number of Greeks searching for homes costing more than £1.5m on the website of property agent Savills jumped 39 per [...]
Vauxhall nears Ellesmere deal May 13, 2012 Carmaker Vauxhall looks close to agreeing a deal with union leaders that could safeguard jobs at Ellesmere Port. Parent company General Motors has only promised to keep the Cheshire site open until 2014 and its future has been in doubt since GM revealed its European arm lost £355m in 2011. But talks between Vauxhall and [...]