British savers free to choose at last March 19, 2014 @allisterheath WHAT a remarkable, extraordinary Budget. In recent years, the chancellor’s announcements have largely been ignored by the financial markets; not yesterday. This was the biggest market-moving Budget that I can remember, with the shares of many of the City’s blue chip financial companies crashing and others rocketing. It contained the greatest surprise in years [...]
Yellen says Fed may raise rates by spring 2015 March 19, 2014 THE Federal Reserve will probably end its massive bond-buying programme this coming autumn, and could start to raise interest rates around six months later, Fed chair Janet Yellen said yesterday. US stocks fell after the statement with the Dow closing 0.7 per cent lower at 16,222.17. The Fed had pledged not to raise rates until [...]
What the other papers say this morning – 20 March 2014 March 19, 2014 FINANCIAL TIMES Starbucks aims to double market cap Starbucks wants to almost double its market capitalisation to $100bn (£60.5bn), chief executive Howard Schultz said yesterday, even as the US coffee chain underscored the changing landscape facing retailers as more consumers shop online and by mobile phone. THE TIMES London hit by Deutsche Bank job cuts [...]
Lynch slams HP’s actions as misleading in Autonomy probe March 19, 2014 FORMER Autonomy chief executive Mike Lynch hit out at HP yesterday calling the US tech giant’s actions misleading in the investigation into Autonomy’s finances. Autonomy is currently at the centre of fraud investigations by the Serious Fraud Office and the US Department of Justice for its allegedly inflated profits prior to its $11bn (£6.74bn) takeover [...]
Co-op reshuffles management in group’s first wave of reforms March 19, 2014 THE MANAGEMENT team at the Co-op was reshuffled yesterday in the embattled group’s latest bid to show the leadership is serious about reforming its structure. It came as the mutual delayed its annual results and general meeting from next week to 17 April. The shake-up is the first stage of a series of reforms which [...]
Smiths plunges as strong pound hammers profit March 19, 2014 SMITHS Group fell 50p or nearly four per cent per cent yesterday after a weak performance from its medical unit and a strong pound negatively impacted on first-half profits. The FTSE 100-quoted firm, which makes mechanical seals, bomb detectors and medical devices, reported a four per cent decline in pre-tax profit to £215m, while revenue [...]
Bottom Line: Time is running out for turnaround plan March 19, 2014 SMITHS Group is on borrowed time. The only industrial conglomerate left in the FTSE 100, its shares have been buoyed by ongoing hopes that the five-division firm, whose diverse interests range from medical devices to engineering, would be broken up and sold off. The example of similarly diversified firm Invensys, which sold off its rail [...]
Care specialist Cambian set to float in London March 19, 2014 CARE homes and specialist schools operator Cambian is to join the London stock market in a float that is believed to value the firm at north of £500m. Cambian announced its initial public offering yesterday, after a rise in outsourcing from local authorities and the NHS has given the firm a major chance to expand [...]
Unite Islington scheme gets nod March 19, 2014 Unite has won planning permission to build a new £93m student housing block in Islington, the group confirmed yesterday. Unite bought the 260,000 square feet scheme on Holloway Road from London Metropolitan University last year. It plans to develop the site in joint venture with Singapore’s investment fund GIC and build a mixture of shared [...]
Doughty Hanson sells stake March 19, 2014 Doughty Hanson, the private equity group, was last night selling its remaining shareholding in the cable management firm HellermannTyton through a share placing. JP Morgan and Goldman Sachs acted as bookrunners and placing agents. The placing is expected to comprise around 47m shares, representing 21.8 per cent of the group. Hellermann Tyton’s shares closed 1.8 [...]
