NPower facing wrath of Ofgem over late billing June 19, 2014 BRITAIN’S energy regulator yesterday warned one of the country’s leading suppliers that it could be barred from telesales and hit by a £300m fine if it failed to resolve customer complaints over late bills. Regulator Ofgem started an investigation into NPower’s late billing of customers after 1.4m complaints were received last year. It warned that [...]
Buyback sees Rolls’ shares speed ahead June 19, 2014 Rolls-Royce, the FTSE 100 power systems manufacturer, yesterday announced plans for £1bn in share buybacks, a move that saw its stock jump by more than eight per cent. The buyback – the company’s first since it was privatised in 1987 – will be financed through the proposed divestment of its gas turbine energy business to [...]
Car makers report a 32pc fall in commercial vehicle production June 19, 2014 THE UK motor industry’s trade association yesterday reported that commercial vehicle manufacture slumped by almost one-third in May as output was affected by restructuring. The Society of Motor Manufacturers & Traders (SMMT) said that in May output fell by 32 per cent, while in the year-to-date, it was down 22.8 per cent. However, it was confident that [...]
Abramovich ups Velocys stake June 19, 2014 Roman Abramovich, the Russian billionaire owner of Chelsea Football Club, has increased his stake in synthetic fuel producer Velocys from 3.5 to 7.7 per cent. The stake is now worth nearly £20m. Abramovich’s Ervington Investments had invested £5m in the Aim-listed company in January 2014. Velocys, formally known as Oxford Catalysts, provides modular technology for [...]
WPP makes new Vietnam move June 19, 2014 WPP, the world’s largest advertising group by revenue, yesterday said it will acquire digital creative agency Sofresh in what is the company’s third Vietnamese based acquisition this year. Sofresh was founded in 2007 by Ly Viet Vu and Justin Cohen and reported 2013 revenues of close to £1m. It currently employs 85 people. WPP will [...]
TLA Worldwide turns to football June 19, 2014 Aim-listed sports agent TLA Worldwide appears to have caught football fever from the World Cup, announcing its first foray into the sport. From 2015, the International Champions Cup, a pre-season tournament that this year features both Manchester giants and Liverpool, will take place in the Asia Pacific region. So far, the competition has taken place in the [...]
Best of the Brokers for 20 June 2014 June 19, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com LIONTRUST ASSET MANAGEMENT Panmure Gordon has maintained its “buy” rating for Liontrust, keeping the target price at 336p. The broker believes that with profits marginally ahead of expectations for the last financial year and an outlook for more growth in profits this year, [...]
London Report: Rolls rally lifts market closer to record high June 19, 2014 Arally by aircraft engine-maker Rolls-Royce and the US Federal Reserve’s reassurance over monetary policy yesterday pushed the FTSE 100 up to trade just below a record high. The London market ended the day 0.4 per cent higher at 6,808.11 points, not far from a record 6,950.60 set in 1999. Rolls-Royce surged 8.1 per cent to [...]
New York Report: S&P hits new heights due to Fed optimism June 19, 2014 THE S&P 500 ended on a record high yesterday, extending gains for a fifth day on investors’ optimism that the Federal Reserve would keep interest rates low for a long period of time. While the The S&P 500 gained 2.50 points or 0.13 per cent, to close at 1,959.48, the Dow Jones industrial average eked [...]
Letters to the Editor – 20/06 – The estuary option, Flatter the better, Best of Twitter June 19, 2014 The estuary option This week, Sir Howard Davies, chairman of the Airports Commission, was questioned by the London Assembly. Some of his answers were worrying. He seemed to refuse to acknowledge the benefits a new four-runway hub airport would bring to Britain. When hubs are being built all over the world, with upwards of four [...]
