Co-op Bank’s directors speak out over Verde January 28, 2014 WARNINGS from directors at the Co-op Bank were ignored during the ill-fated attempt to buy Lloyds branches, despite them being appointed to advise disgraced former chairman Paul Flowers, MPs were told yesterday. Flowers had no finance experience and was only appointed because of his leadership skills. As a result the Financial Services Authority made Flowers [...]
First half of Help to Buy scheme signed off 12,000 loans in 2013 January 28, 2014 THE FIRST part of the government’s controversial Help to Buy scheme provided mortgages for 12,875 new builds in 2013, while some London boroughs saw nobody use the policy. Unlike the second half of the scheme, the equity loans which have been on offer since April only apply to newly built homes. The government offers a [...]
Nutmeg scores an investment January 28, 2014 ONLINE wealth management company Nutmeg has scored a winning investment from the chairman of Saracens rugby club Nigel Wray. Nick Hungerford, chief executive and co-founder of Nutmeg who launched the company three years ago said of Wray: “He is one of the UK’s most successful entrepreneurs and has vast experience across different global markets.” Wray [...]
Ikea sees record profit and grabs market share January 28, 2014 SWEDISH furniture giant Ikea said rising consumer spending in many of its key markets had helped it achieve record profits last year and increase its market share. The world’s largest furniture chain said profits rose by 3.1 per cent to €3.3bn (£2.7bn) in the year to 31 August 2013, driven by strong growth in China [...]
Carpetright blames Netherlands after warning on earnings again January 28, 2014 CARPETRIGHT issued its second profit warning in almost four months yesterday, blaming worsening conditions in the Netherlands for lower earnings. The flooring specialist, whose boss Darren Shapland quit after October’s profit warning, said it now expected underlying pre-tax profits to be between £7m to £8m – around 15 per cent lower than the previous year. [...]
Liberty Global and Vodafone eyeing up Ono January 28, 2014 LIBERTY Global is thought to be considering a bid to buy Spain’s largest cable operator, Ono, from its private equity owners – while Vodafone is thought to be at a very early stage of weighing up a bid, City A.M. understands. Investment funds Providence Equity Partners, Thomas H Lee Partners, CCMP Capital Advisors, and Quadrangle [...]
Price of mobile services halved in last ten years January 28, 2014 MONTHLY mobile phone bills have fallen by over 65 per cent over the past ten years to an average of £12.87 in 2012. In 2003 the average monthly spend was £39.65, but while mobile penetration has skyrocketed to over 90 per cent of households – with smartphones accounting for 69 per cent of mobiles – [...]
Vodafone gets go-ahead for its Verizon sale January 28, 2014 VODAFONE’S shareholders yesterday approved the telecom giant’s £51bn payout to investors as well as the sale of its £84bn stake in Verizon Wireless. At the general meeting 99.7 per cent of shareholders voted to approve both transactions which represents the return of 71 per cent of the proceeds of the Verizon Wireless sale to shareholders. [...]
Carl Icahn adds to his Apple pile after share price takes a tumble January 28, 2014 BILLIONAIRE activist investor Carl Icahn said yesterday that he has bought another $500m (£301.7m) worth of Apple stock, despite Apple’s results being considered disappointing by many investors. Icahn’s stake in the iPhone maker is now more than $4.1bn, following three separate investments in the stock, as he continues his campaign to increase Apple’s share buyback [...]
Smartphone shipments reach 1bn as Samsung keeps crown January 28, 2014 SMARTPHONE shipments topped 1bn units worldwide for first time in 2013, climbing 38.4 per cent from the previous year, research firm IDC said yesterday. Smartphones made up 55.1 per cent of all mobile phone shipments last year from just over two-fifths in 2012, IDC said. “The sheer volume and strong growth attest to the smartphone’s [...]
