Virgin Money cuts price on flotation shares November 5, 2014 CHALLENGER bank Virgin Money has lowered expectations for its post-float valuation, City A.M. understands. Having originally touted a post-IPO market cap of between £1.5bn-£2bn, it has reduced its expectations to £1.25bn-£1.45bn following its IPO later this month. Virgin Money shelved its flotation plans in October, citing market turbulence, following new lender Aldermore’s decision to pull [...]
Goal for BT as BSkyB loses sports channel legal battle November 5, 2014 BSkyB will be forced to offer its sports channels to BT's YouView customers after it lost a legal battle with its new rival. The UK Competition Appeals Tribunal ruled today that rules which determine what price Sky must offer its channels at should also cover internet television services. Until now, the broadcaster has resisted providing [...]
Dollar rises as US jobs data beats expectations November 5, 2014 Having experienced a blip over the summer, the US jobs market continued its recovery in October, creating 230,000 new jobs, data by payroll company ADP showed today. The figure beat expectations of 220,000, causing the dollar to rise 0.4 per cent against both the pound and the euro. The data comes ahead of Friday's non-farm [...]
Carlyle Group and Euromoney buy Dealogic for $700m November 5, 2014 Complex things afoot in the world of financial analytics: Euromoney has announced it is acquiring a 15.5 per cent stake in a new company incorporated by US buyout firm Carlyle Group to buy Dealogic, the financial software company. This morning Dealogic put out a statement saying it was recommending a $700m (£440m) offer from [...]
£20m Holiday.com luxury domain name auction “moved” November 5, 2014 An auction of some of the most valuable domain names in the travel industry – including Holiday.com, which had been expected to fetch £20m – has been moved. A spokesperson for the World Travel Market event at London’s Excel Centre, at which the auction was due to be held today, said it had been [...]
Exclusive: Virgin Money cuts expectation for post-IPO market cap November 5, 2014 Challenger bank Virgin Money has lowered expectations for its post-IPO valuation, City A.M. understands. Having originally touted a post-IPO market cap of between £1.5bn-£2bn, it has reduced its expectations to £1.25bn-£1.45bn following its IPO later this month. Virgin Money shelved its flotation plans in October citing market turbulence, but on Tuesday it said more [...]
Rolls-Royce share price jumps as it announces plans to cut 2,600 jobs November 4, 2014 Shares in Rolls-Royce jumped 2.63 per cent in mid-afternoon trading after it announced plans to lay off 2,600 staff – including its finance director. In a statement to the stock market today, the company said the cuts, which will mainly take place in its aerospace division, were "consistent" with plans announced last month. It added [...]
What should businesses do about the overtime holiday pay ruling? Here’s everything we know November 4, 2014 A ruling handed down by the Employment Appeals Tribunal (EAT) today means employers might have to shell out millions – some have even suggested it could be billions – in holiday pay to workers who are paid overtime. The decision was on a case brought forward by three employees of Bear Scotland, a road [...]
Overtime should be taken into account when calculating holiday pay, court rules November 4, 2014 Thousands of small businesses could be at risk after a court ruled that overtime should be taken into account when holiday pay is calculated. The Employment Appeals Tribunal ruled this morning on whether employees who work overtime should receive additional, backdated holiday pay. In a case brought against Scottish road maintenance firm Bear Scotland, three [...]
European Commission slashes 2015 eurozone growth forecast to 1.1 per cent November 4, 2014 The European Commission (EC) has cut its 2015 growth forecast for the eurozone from 1.7 per cent to 1.1 per cent, citing a slowdown in market activity, as well as the threat from rising tensions in Ukraine and a lack of investment. It added that growth in the bloc this year is expected to reach [...]
