What precisely is the sweet smell of success? March 26, 2014 WHAT does success smell like? “The sweet smell of success” is one of those cliches that often leaves you wondering if indeed there is a particular odour relating to triumph. Does success smell like the interior of a hand-crafted Rolls-Royce? Does it smell like a freshly popped bottle of Krug? Lynx Africa? Well, the folks [...]
Time for cheques, bank hubs and rock and roll March 26, 2014 WORD reaches The Capitalist that we are but a guitar string away from a fully-fledged City rock band. As many of you know, economist and former MPC member Andrew Sentance has a rock streak, and he and his friend author Peter Cook have been skirting around the idea of forming the Square Mile’s first official [...]
Lamprell slides as it warns on order delays March 26, 2014 LAMPRELL’S share price plunged 6.7 per cent yesterday, after the rig maker warned that revenues would be lower this year and next year due to delays in new orders. The London-listed company reported a $36.4m (£22m) profit in 2013, recovering after a challenging 2012 when it fell into $111m losses. Lamprell’s expansion into wind turbine [...]
APR Energy surges on revenue growth and South Pacific deal March 26, 2014 TEMPORARY power provider APR Energy delighted the market yesterday with in-line results and its largest ever industrial contract. The London-listed firm reported record new contract wins last year, with full-year revenues up 16 per cent to $308m (£186m) and adjusted core earnings up 15 per cent to $181m, in line with analysts’ expectations. APR said [...]
Renminbi trading in London to be cleared by early next week March 26, 2014 AUTHORITIES from the UK and China will sign an agreement next Monday to allow investors in London to clear and settle the Asian giant’s currency. The deal paves the way for London to establish itself as the prime location for renminbi trading in Europe. Both countries’ central banks – the Bank of England and the People’s [...]
Bellway raises forecast for new homes as property market grows March 26, 2014 HOUSEBUILDER Bellway yesterday raised its forecasts and said it now expects to deliver 20 per cent more homes this year thanks to returning confidence in the housing market and a surge in customer demand. Pre-tax profits jumped 73 per cent to £103.8m in the six months to 31 January, beating analyst forecasts, while earnings per [...]
John Laing-backed green fund raises £160m in London float March 26, 2014 A JOHN Laing-backed infrastructure fund yesterday said it has raised £160m in an initial public offering and will invest the proceeds in a portfolio of renewable energy, waste and waste water assets in the UK. John Laing Environmental Assets Group (JLEN) will acquire the portfolio of assets from infrastructure group John Laing and a fund [...]
Tui’s bookings and prices rise March 26, 2014 Tui Travel, Europe’s biggest tour operator by revenues, said bookings for its key summer period were progressing in line with its expectations, giving it confidence it would meet a target for annual profit growth of seven to 10 per cent. The group, which owns the Thomson and First Choice holiday brands, said average summer holiday [...]
Interserve replaces auditor March 26, 2014 Outsourcing group Interserve has ditched Deloitte as its auditor and hired Grant Thornton in its place. FTSE 250-listed Interserve decided to end its 15-year relationship with Big Four auditor Deloitte after a competitive tender. The contract is the latest coup for Grant Thornton, which became the auditor of a FTSE 100 firm for the first [...]
BG Group wins Myanmar rights March 26, 2014 BG Group yesterday revealed plans to explore for oil and gas off the coast of Myanmar later this year, in line with its plan to enter a new geological basin each year. EU sanctions against Myanamar were permanently lifted last year, two and a half decades after a military regime overruled the election of Aung [...]
