Think tank calls for jobs tax cut March 11, 2014 POLICY Exchange is calling on the chancellor George Osborne to cut National Insurance for all businesses in the UK in his Budget statement next week. In a report out today the think tank argues that increasing the threshold at which employers pay the so-called jobs tax from £157 to £192 per week would save bosses [...]
Zurich will cut 800 jobs in bid to slash costs March 11, 2014 GLOBAL insurer Zurich is to cut 800 jobs from its operations in the UK, Ireland and Switzerland as part of a cost-cutting exercise. A spokesperson for the insurer said the job losses reflect 1.4 per cent of the total headcount at the group, and that the scheme will remove management layers. The news comes after [...]
FCA urges new rules for add-on policies March 11, 2014 THE FINANCIAL regulator has called for tighter restrictions on the sale of add-on insurance, which it believes is poor value and often sold to customers who don’t need it. Christopher Woolard, director of policy at the Financial Conduct Authority, said this £1bn market is not operating competitively, adding that there is a clear case for [...]
Small firms get raw credit deal March 11, 2014 SMALL businesses get a bad deal from the banking industry because it is too hard to set up new lenders, the Office of Fair Trading said yesterday. The agency said the lack of competition in the market is combined with a lack of information on alternative sources of funding, together damaging business customers. The OFT is handing over its [...]
First female central bank boss for Cyprus March 11, 2014 CHRYSTALLA Georghadji will take over as the new governor of Cyprus’ central bank in April, replacing Panicos Demetriades, who announced his resignation on Monday. She is the currently auditor general of Cyprus, and will be first woman to become governor. She is expected to have better relations with President Nicos Anastasiades than the incumbent.
Evans Cycles in the fast lane as profits jump March 11, 2014 EVANS Cycles enjoyed an almost near nine-fold rise in profits last year as store openings and a surge in Brits cycling helped the retailer speed ahead. Pre-tax profits reached £2.3m in the year to November, compared with £269,000 a year earlier. Sales were up 8.7 per cent to £114m.
Analyst Views: What does Barrick’s stake sale mean for African Barrick Gold? March 11, 2014 CHARLES GIBSON | EDISON INVESTMENT RESEARCH Barrick’s sale seems to place a cap on the price of ABG. Whether this is in reality or investors’ minds doesn’t matter. Absenting a move in the gold price, management’s options seem fairly limited. They can either exceed their cost saving targets, develop a new project or engage in [...]
African Barrick Gold dives on 10pc stake sale March 11, 2014 AFRICAN Barrick Gold (ABG)’s shares tumbled almost 19 per cent in London trading yesterday, after its parent company Barrick Gold sold off 10 per cent of the struggling miner’s stock. Canada’s Barrick Gold raised £113m by selling 41m shares in its FTSE 250-quoted subsidiary, bringing its interest down to around 64 per cent. “ABG has [...]
Seplat plans London and Lagos float to fund acquisition drive March 11, 2014 NIGERIAN oil and gas explorer Seplat yesterday said it is planning to float on the Nigerian and London stock exchanges to raise $500m (£301m). The company, which is one of the largest indigenous independent oil and gas operators in Nigeria, plans to use part of the proceeds to buy up more oil and gas assets [...]
Fenner falls as it lowers forecasts March 11, 2014 Shares in FTSE 250-listed polymer technology company Fenner dropped over five per cent yesterday, after the firm said it expects its first-half results to be lower than the same period last year. Fenner said it aims to have modest growth for the full year. Sentiment among its coal mining customers remains cautious, reflecting low commodity [...]
