Greek finance minister mulling speedy return to bond market April 1, 2014 THE GREEK government is eyeing a return to international bond markets, with finance minister Yannis Stournaras saying a bond issue could come in the first half of this year. Yesterday saw the Eurozone’s other finance ministers signing off on the latest package of bailout aid for the struggling economy, freeing up an €8.3bn (£6.88bn) tranche. Greece [...]
A quarter of payday lenders to shut down April 1, 2014 AT LEAST a quarter of payday lenders will not be able to cope with new rules on how they treat customers, the Financial Conduct Authority has forecast. The City watchdog took over regulating the consumer credit industry yesterday. It wants to stop lenders rolling over debts more than twice and stop them accessing customers’ bank accounts [...]
Bottom Line: Weir’s bold deal is already rolling downhill April 1, 2014 BLENDING rock-crushers with oil pipes could be an unwieldy combination, but a merger between Weir and Metso would help both firms ride out any tremors in the global economy, which have prompted Weir to issue two profit warnings in as many years. Both companies have been shifting their focus to services while industrial companies trim [...]
Growth cooling for UK industry as Europe lags April 1, 2014 GROWTH in the UK manufacturing sector slowed during March, but stayed ahead of the major Eurozone economies, according to a major survey of firms released yesterday. Markit’s purchasing managers’ index (PMI) figure for the UK was down on last month, and came in below expectations at 55.3. Any number above 50 indicates that the sector [...]
…Yet productivity lift shows real wages could begin to rise again April 1, 2014 OFFICIAL figures released yesterday showed the fastest increase in productivity in the UK for two years, adding to hopes that real wages will begin to rise again after years of decline. Output per hour worked rose by 0.7 per cent in the final quarter of 2013, compared to the same period last year, following six [...]
Aberdeen plans more cuts amid fund outflows April 1, 2014 EUROPE’S biggest independent fund manager Aberdeen Asset Management yesterday said it will trim further costs from the business following its takeover of Scottish Widows Investment Partnership (Swip). The business, led by chief executive Martin Gilbert, said outflows from its funds had slowed in March after a turnaround in investor sentiment towards key emerging market funds. [...]
Analyst Views: What did you make of Aberdeen’s results yesterday? April 1, 2014 PHIL DOBBIN | ESPIRITO SANTO We feel this additional payment [for Swip] was already expected by the market and is not, in the company’s words, “a game changer”….Overall we are reassured that net flows, while difficult in January and February, are not deteriorating in March. PETER LENARDOS | RBC Aberdeen is stabilising, and that is [...]
Miner BHP lifted by plan to spin off $20bn arm April 1, 2014 MINING giant BHP Billiton’s share price climbed over two per cent yesterday, after it confirmed that it is considering spinning off a portfolio of non-core assets. “We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in free cash flow [...]
Kleinwort Benson goes for new chief after BHF Bank acquisition April 1, 2014 KLEINWORT Benson chief executive Sally Tennant was replaced with immediate effect yesterday, stepping down as head of the private bank. Tennant is now set to become a senior adviser at the organisation, as she is replaced as CEO by chief financial officer Martha Boeckenfeld. Boeckenfeld is to keep both roles, according to a statement from [...]
Exova valuation could reach as high as £650m April 1, 2014 EXOVA, a laboratory-based testing company, has said its valuation might be as high as £650m, according to the advisers to its forthcoming London flotation. The indicative price range for the Edinburgh-based company, which works mainly for oil and gas, aerospace and other transport industries, is 210p to 260p. The management team is led by Ian [...]
