Rolls-Royce to pay ex-finance chief Mark Morris £900,000 November 5, 2014 Departing Rolls-Royce chief financial officer Mark Morris is to receive a final remuneration package of more than £900,000. His departure was announced yesterday, and took effect immediately, with no reason given for his leaving. The package, also revealed yesterday, includes £717,150 to be paid in lieu of his 12-month notice period. Morris will receive 12 [...]
Crude oil down again as Saudi drops US prices November 4, 2014 The price of Brent crude oil fell again yesterday, to $82.68, continuing months of decline for the benchmark commodity. Yesterday’s dip followed Saudi Arabia dropping its US prices, although it increased prices for Asian and European markets. Analysts at Numis said the price cut was seen as further evidence of Saudi Arabia’s efforts to fight [...]
Thousands will lose their jobs at Rolls-Royce November 4, 2014 ENGINE-MAKER Rolls-Royce saw shares go up by 1.56 per cent yesterday after revealing that it was going to cut 2,600 jobs, in a move that it said would result in annualised cost benefits of around £80m. Rolls-Royce chief executive John Rishton said the firm would work closely with employees and their representatives to achieve the reductions [...]
Legal & General share price up as insurance group bucks annuities trend November 4, 2014 Shareholders appeared pleased with Legal & General’s quarterly update, published yesterday, pushing share prices up by over two per cent. The insurance group reported growth in revenues, operating profit, customer numbers and net cash. The company sold a record £3.9bn worth of annuity sales in the nine months to September 2014, up five per cent [...]
Interim report leads to plunge in shares at JLT November 4, 2014 INSURANCE broking group Jardine Lloyd Thompson (JLT) saw share prices fall by almost six per cent yesterday after releasing its results for the period from 1 July to 3 November. The broker said that trading since the first half of 2014 was broadly in line with its expectations, and claimed this was “despite the continuing [...]
Another departure at Balfour Beatty as chief financial officer Duncan Magrath steps down November 4, 2014 Construction company Balfour Beatty announced the departure of chief financial officer Duncan Magrath yesterday. Magrath, who has been with the infrastructure firm for eight years and in the top finance role for six, will leave the business in 2015 after a successor has been found. He will also continue as a member of the board [...]
Glencore reports rise in copper production after mines expand November 4, 2014 GLENCORE’S copper production rose eight per cent in the first nine months of the year thanks to strong output from Africa while the company’s trading division performed in line with its expectations. The miner and commodity trader has the biggest exposure to copper among the diversified miners. The London-listed company, which makes almost half its [...]
Ex-City sheriff Sir Paul Judge hit by setback over ENRC leak case November 4, 2014 The High Court has rejected an application made by Sir Paul Judge to strike out claims brought against him by his former employer, Eurasian Natural Resources Corporation (ENRC). He has also been ordered to pay 80 per cent of the company’s costs, which have yet to be determined. A source told City A.M. they [...]
Weir Group share price falls as engineering firm plans to cut 350 jobs in efficiency drive November 4, 2014 Engineering firm Weir Group will close five of its manufacturing facilities and cut around 350 jobs in 2015, the company announced yesterday in its third-quarter results. A group-wide review undertaken with the aim of identifying opportunities to reduce costs “while aligning resources globally to capture end market opportunities”. In addition to the plant closures, Weir [...]
DCC Energy hit as mild weather impacts profits November 4, 2014 Mild weather in the six months to September knocked results at support services firm DCC, as operating profit in its energy division took a 4.7 per cent downward turn, falling from £33.5m to £31.9m. Tommy Breen, chief executive at DCC, said the group estimated that the warmer than expected weather had had a negative effect [...]
