Bumi’s losses narrow August 29, 2013 Mining group Bumi has reported a 25 per cent fall in pre-tax losses and a 57 per cent fall in basic losses per share (release). Pre-tax losses fell to $85m from $113m in the same period the year before. Basic losses per share fell to 31 cents from 72 cents. Production rose by 19 per [...]
Serco reports fall in profits and vows to work with government over overcharging allegations August 29, 2013 Outsourcing group Serco has reported a 2.6 per cent fall in pre-tax profits and an 11.2 per cent fall in earnings per share in the first half of the yar. Pre-tax profits fell to £106.1m from £108.9m, while basic earnings per share fell to 17.19p from 19.35p. Serco, which makes around 45 per cent of [...]
Vodafone spikes on confirmation of Verizon deal talks August 29, 2013 Shares in Vodafone have risen as much as 9.4 per cent in early London trading this morning as the company says it is in talks over the possible sale of its $100bn (£64bn) stake in Verizon Wireless. Vodafone notes the recent press speculation and confirms that it is in discussions with Verizon Communications Inc. regarding [...]
Co-Op reports major losses in its banking division August 29, 2013 The Co-Operative Group has reported major losses for the first half of the year and regulators have reaffirmed its £1.5bn capital shortfall (release). The group made £559m of pre-tax losses in the first half of the year after writing off £496m of bad loans mostly relating to Britannia Building Society, which merged with its troubled [...]
Carney’s message for businesses and the regions August 29, 2013 Bank of England governor Mark Carney has told businesses not to “worry that the rug is going to be pulled out from under you too soon” in attempt to boost confidence in light of a future rise in interest rates, and stressed the importance of monetary policymakers getting out of London and talking directly to [...]
Before the Open – 29/08 August 29, 2013 Asian shares had a mixed performance last night as offshore markets rebounded from Syria concerns while mainland markets remained suppressed. The Hang Seng recovered slightly from multi-month lows, rising around 0.4 per cent to 21,606. However, the Shanghai Composite remained in the red, despite a good start on the back of a strong finish in [...]
Admiral Group reports boost in profits August 29, 2013 Motor insurance company and owner of price comparison website Confused.com Admiral Group has reported a 5.6 per cent increase in pre-tax profits and six per cent growth in earnings per share for the first half of the year (release). Pre-tax profits rose to £181.4m from £171.8m in the same period the year before. Basic earnings [...]
Confidence in Abenomics hit as Japanese retail trade drops sharply August 29, 2013 Source: Capital Economics Japanese retail trade contracted by more than expected in July, according to official figures from the Ministry of Economy, Trade and Industry. Compared with July 2012, retail trade fell by 0.3 per cent, following 1.6 per cent annual growth the month before. Analysts had expected to see no movement at all. [...]
Football fans descend on Mayfair hedgie August 29, 2013 HEDGE fund Sisu Capital was targeted by a group of angry football fans last night, as Coventry City supporters protested outside the firm’s Mayfair offices. The Sky Blues supporters are furious at Sisu – which took over the struggling midlands club in late 2007 – for moving the team’s home games to Northampton, over [...]
Any Other Business – 29/08 August 28, 2013 Wealth management firm Vestra hosted the unofficial Square Mile sports day last night, holding its second annual dodgeball tournament at the Honourable Artillery Company’s sports ground in Moorgate. Of course fancy dress was mandatory, with teams from Investec, Aberdeen Asset Management, Barclays and BNY Mellon all looking the part. More competitive than the dodgeball was the battle [...]