Profits rocket as Gatehouse Bank expands May 13, 2014 PROFITS jumped to £4m in 2013, Gatehouse Bank reported yesterday, up 67 per cent on the year. The Sharia-compliant lender recorded revenues of £12.8m in the 12-month period, with financing activities growing by 30 per cent. Revenues from investments in listed instruments increased 600 per cent on the year, offsetting a 70 per cent drop in [...]
Independent Essar directors back sell-off May 13, 2014 ESSAR Energy’s independent committee reluctantly recommended that the firm’s minority shareholders accept a take-private offer from the majority stakeholder yesterday, despite continuing to believe that it “materially undervalues” the company. The board and some minority shareholders of the India-focused energy firm, which also owns the struggling Stanlow refinery in north west England, had long been [...]
Richard Branson bets on Bitcoin with new stake in payment firm May 13, 2014 BITPAY, the Atlanta-based Bitcoin payments processor, has reportedly raised $30m (£17.8m), and Richard Branson is one of the investors. In an email cited by the Wall Street Journal, the business magnate took the opportunity to make a statement about virtual currency more widely, saying: “Banking as we know it is in the midst of enormous [...]
Alkane sells shale assets to Egdon May 13, 2014 Alkane Energy yesterday confirmed it has agreed to sell its onshore shale gas assets to Egdon Resources in return for 40m shares. Egdon will have access to Alkane’s shale interests in 10 licence areas, which are estimated to hold up to 28 trillion cubic feet of gas. “This deal will make us the UK’s second-largest [...]
Rio ramps up output ahead of time May 13, 2014 FTSE 100-listed mining giant Rio Tinto yesterday confirmed that the next stage of increased production of its flagship Pilbara iron ore mine in Australia is two months ahead of schedule. The project has reached a run rate of 290m tonnes a year and is set to reach 360m tonnes a year by the end of [...]
Government to cut solar support May 13, 2014 The UK government plans to cut subsidies for large solar farms next year rather than in 2017, as it said that the industry is developing much faster than anticipated and “by 2017, there could be more solar deployed than is affordable”. It wants to encourage the development of smaller-scale projects. Environmental campaigners have opposed the [...]
Tui Travel stays on track to hit full-year goals May 13, 2014 TUI TRAVEL reported a better than expected loss in the first half yesterday, driven by a strong performance in Germany and a jump in online bookings, which helped offset the impact of the late Easter this year. The owner of Thomson and First Choice posted an operating loss of £298m compared with a £289m loss [...]
Demand pushes Enterprise Inns to third straight growth quarter May 13, 2014 PUB GROUP Enterprise Inns said improving trade boosted by strong demand in the south of England and a support programme for its publicans left it confident of achieving full-year underlying net income growth. The group, landlord to some 5,500 pubs, has been investing in revamps to its estate, as well as better training for publicans, [...]
City Moves for 14 May 2014 | Who’s switching jobs May 13, 2014 Allianz Global Corporate & Specialty The corporate and specialty insurance business has announced the appointment of Elke Vagenende as head of financial institutions for its London regional unit. She has over 16 years’ industry experience, and joined in 2012 at head of product development. Vagenende was previously a senior underwriter at Liberty Mutual Insurance. Smith & Williamson [...]
Taylor Wimpey shares jump as it lifts forecasts May 13, 2014 SHARES in Taylor Wimpey jumped over seven per cent yesterday after the housebuilder raised its profit targets on the back of a resurgence in the housing market. Housebuilders have enjoyed a dramatic recovery over the past year thanks to the government’s Help to Buy scheme and improving consumer confidence, which has helped fuel demand for [...]
