Price soars as bond investors go loco for Lloyds’ new coco March 13, 2014 THE PRICE of Lloyds capital notes has soared in recent weeks as the bank prepares to swap them for contingent convertible (coco) bonds. The bank is issuing up to £5bn of the new instruments, but the only way to get hold of them is to hold the enhanced capital notes (ECNs) which the bank is retiring. However, [...]
Shock setback for Ireland as GDP contracts March 13, 2014 IRELAND’S economy unexpectedly shrank by 2.3 per cent in the final three months of last year, knocking the Eurozone country’s recovery. The official estimate, released yesterday, means that Irish GDP contracted by 0.3 per cent in 2013. Yet there was better news for the formerly bailed-out state, as it returned to standard bond auctions for [...]
Unions threaten to strike after government backtracks on pay March 13, 2014 UNIONS in the public sector are threatening strike action after the government chose to ignore the recommendations of the independent review body for pay, awarding a one per cent increase to some but not all workers in the NHS. Health secretary Jeremy Hunt announced yesterday that 550,000 NHS workers will get a one per cent [...]
Bundesbank reports profit hike with warning on interest rates March 13, 2014 GERMANY’S central bank will boost the government’s coffers by €4.6bn (£3.84bn) this year, announcing a significant profit in its annual report yesterday, up from €664m last year. The Bundesbank also warned the European Central Bank (ECB) not to stray from its inflation target, despite “controversial decisions” since the Eurozone crisis. The currency union has an [...]
City studs fail to romp home at Cheltenham March 13, 2014 IT WAS a misty start to the day at Cheltenham yesterday, but with champagne corks popping from around 10.30am it was by no means glum. Although punters were treated to six races and one charity race in total, all eyes were on The Ladbrokes World Hurdle Race, which shaped up to be something of a battle [...]
O’Leary’s return of the mac March 13, 2014 THE RYANAIR Chase gathered almost as much attention as the airline’s chief exec himself yesterday, as Michael O’Leary broke with sartorial tradition (true to form) and entered the parade ring in a beige mac, standing out from his tweed jacketed peers. Sadly, despite it being St Patrick’s Day Thursday his Irish eyes won’t have been [...]
Home Retail’s sales jump as Duddy departs March 13, 2014 HOME Retail Group’s outgoing chief executive Terry Duddy will leave the company on a high after reporting strong full-year sales yesterday across both of its businesses and raising full-year forecasts. Sales at Argos leapt 5.2 per cent to £526m in the eight weeks to 1 March, with same store sales growing by the same amount [...]
Investors keen on bosses who move from bootcamp to board March 13, 2014 INVESTORS tend to believe that firms with ex-military executives can steal a march on their competitors, according to new research. Almost four in ten retail investors are more willing to put money into a firm whose chief executive had served in the armed forces, compared to 11 per cent who said a boss with military [...]
Gulf Keystone plunges after oil reserves fall short of forecasts March 13, 2014 OIL EXPLORER Gulf Keystone Petroleum’s share price plummeted nearly 17 per cent yesterday, after an independent review of its reserves in Kurdistan massively undershot expectations. The Aim-listed company, which hopes to move to the main market on 24 March, said that reserves at the Shaikan oil field equated to 9.38bn barrels of oil, compared to [...]
Rothschild wins yacht dispute March 13, 2014 Nat Rothschild has won a long-running legal dispute over a €41.7m superyacht he ordered in 2006. The Court of Appeal backed the tycoon’s decision to call in the payment of a loan made to the manufacturers, Monaco Yachting & Technology. The loan was intended to fund construction of the 71.5m motor yacht, codenamed Project Nato, [...]
