British Gas boss Weston hired as Aggreko chief May 29, 2014 CENTRICA yesterday confirmed that the head of its supply arm British Gas will be leaving to join Aggreko, meaning that it now has to find replacements for its top three executives. The FTSE 100-listed energy giant said that Chris Weston has tendered his resignation to become chief executive of Aggreko, the temporary power provider, subject [...]
Virgin Galactic cleared by US for launches May 29, 2014 RICHARD Branson’s Virgin Galactic took one small step towards its goal of commercial space flight yesterday after agreeing with US flight authorities on a flight path for its space shuttles to use. The flight path from Virgin Galactic’s multi-million dollar US base Spaceport America has been approved by the Federal Aviation Administration (FAA) to provide [...]
Severn Trent hikes dividend as profits soar May 29, 2014 SEVERN Trent yesterday unveiled a 7.1 per cent rise in pre-tax profits, slightly ahead of market expectations, but ongoing negotiations with the regulator over its spending plan continue to overshadow the water company. New chief executive Liv Garfield, who joined eight weeks ago, said the FTSE 100 firm was in “constructive dialogue with Ofwat” over [...]
Analyst Views: What did you make of Severn Trent’s results? May 29, 2014 ANGELOS ANASTASIOU | WHITMAN HOWARDSevern Trent Water appears to be on track with no surprises, and Severn Trent Services is performing in line with the updated guidance in the company’s statement from 14 February. However, of greater interest remains the outcome of the price control review and potential takeover attractions. JAMES BRAND | DEUTSCHE BANKSevern [...]
Saga nudges past issue price on its first day May 29, 2014 Over-50s insurance-to-holiday provider Saga yesterday joined a small band of newly floated firms trading above their issuance stock price, as it began trading in London. The group, which was listed on the stock market at 185p, rose to 188p during the day but ended up barely above its initial price, closing at 185.25p. Saga, which [...]
Shares slump at Kingfisher after earnings miss May 29, 2014 KINGFISHER’S shares fell nearly five per cent yesterday after first quarter profits fell short of City expectations, despite its B&Q chain delivering its best performance in a decade. The group, which also owns Screwfix and Castorama in France, said underlying operating profits increased by 20.3 per cent to £142m in the 13 weeks to 3 [...]
Westfield delays vote to split up its empire as shareholders object May 29, 2014 WESTFIELD yesterday delayed plans to restructure its AU$70bn (£39bn) empire after shareholders failed to back the plan. Westfield Group, which is listed in its Australian homeland, plans to form a company called Westfield Corporation to house its UK and overseas operations, but delayed the crucial vote by up to two weeks after shareholders looked unlikely [...]
Watchdog fears it is scaring off City innovators May 29, 2014 INVENTORS creating new finance technology will be welcomed into the City watchdog to find out how regulations can be made to work for them, Financial Conduct Authority (FCA) chief executive Martin Wheatley said yesterday. He has spent the last year setting up a new era in regulation which aims at protecting consumers from possible misleading or [...]
Electra spared Bramson activism as investment and returns mount May 29, 2014 ELECTRA Private Equity yesterday said it was still in the dark about why activist Ed Bramson had built a near 20 per cent stake in the firm, as it unveiled encouraging results. Management at the listed group, which yesterday posted a five per cent rise in the value of its assets, said it had met [...]
3i selling spree gathers pace May 29, 2014 PRIVATE equity outfit 3i yesterday continued its bout of selling portfolio companies by offloading German motor engine part maker Hilite International. The deal, which is worth £384m, follows a series of disposals last year by the group, which made the company £669m. Hilite has been sold to a subsidiary of Aviation Industry Corporation of China. [...]
