Kazakhstan floating rate decision helps Kaz Minerals shares to gain 14 per cent August 21, 2015 KAZAKH copper producer Kaz Minerals cut its cost forecasts for the year, helped by a weaker tenge currency, and the prospect of more benefits sent its shares soaring yesterday. Kaz, which is listed on the stock market in London, said the decision to introduce a floating exchange rate in Kazakhstan announced yesterday could help it [...]
Phoenix appoints Staunton as chair August 21, 2015 INSURER Phoenix Group has named current WH Smith chair Henry Staunton as replacement for outgoing chairman Sir Howard Davies. Staunton sat on the board of insurer Legal and General for seven years as a non-executive director and vice-chairman until 2013 and is also currently chairman of rent-to-own company BrightHouse Group. As an executive he worked [...]
Polypipe aided by housebuilders after doer-uppers down tools August 21, 2015 PLASTIC pipe maker Polypipe said stronger demand from housebuilders in the regions helped to propel a small rise in sales for the half year, despite sluggish demand from doer-uppers. About half of the Doncaster-based company’s revenue comes from the UK residential sector and the group said sales to this part of the market were 4.8 [...]
Profits grow at Gala Coral as merger looms August 21, 2015 Gala Coral yesterday revealed it grew strongly in the third quarter despite taking a £13m hit from taxes and regulation. The betting company, which owns a range of businesses from bookmakers to bingo halls, grew revenues from £288.7m to £305m in the 12 weeks to 4 July this year, while gross profits grew £8.1m from [...]
Rank Group shareholders hit bingo as group ups its takings August 21, 2015 RANK Group yesterday published full year results to 30 June, reporting double digit growth in pre-tax profits. The gambling firm, which has extensive holdings in digital and physical gaming operations such as Mecca Bingo, said pre-tax profits were up 19 per cent to £74.1m, while revenue had grown three per cent to £700.7m. Rank increased [...]
Apprenticeship levy faces new round of critics August 21, 2015 Business groups are pushing back today on government plans to fund apprenticeships with a new tax on large firms, saying the measure would prove “costly” and “bureaucratic”. Chancellor George Osborne first proposed an “apprenticeship levy” last month in his Summer Budget, saying that too many large companies “leave the training to others and take a [...]
Celebrity connection lifts City of London’s sheriff election August 21, 2015 All eyes are on the City of London’s sheriffs, as debate rumbles among the aldermen on who should take up the prestigious title in 2016. This year, the ancient Corporation that unites London’s biggest firms saw two new sheriffs elected by their fellow aldermen and liverymen; PwC senior partner Charles Bowman and long-standing livery member [...]
Pretty dirty money as bankers prep for charity obstacle course Energy Against Hunger August 21, 2015 It’s not just the big banks and brokers doing ridiculous marathons for charity. Financial PRs at Buchanan are looking to get a team together for what’s sure to be the most horrific-looking obstacle course of anyone’s life. Buchanan have so far roped bankers and brokers from 20 firms including Stifel, Hanam & Partners and Standard [...]
Retail supplier Li & Fung hit by slow shopping August 21, 2015 SLOWING consumer demand in Europe and the US triggered a fall in retail supplier Li & Fung’s profits this half-year, the company said yesterday. The Hong Kong-based exporter, which supplies stores in the UK such as Primark and Marks and Spencer, said core operating profits fell by a fifth to $182m (£130m) from $227m for [...]
Asian life insurer AIA weathers China storm to note rising profit August 21, 2015 ASIAN life insurer AIA yesterday reported a robust rise in the profitability of new policies it sells to customers alongside a double- digit increase in the value of this new business. Tottenham Hotspur-shirt sponsor AIA has shrugged off China’s slowdown. Formerly part of US giant AIG, it hiked its new business margin to 55.8 per [...]
