New City ratings agency aims to shake up sector January 16, 2014 A NEW credit rating agency vying to compete with the big three existing firms launches in London this week, the latest presence in a sector with major credibility issues. Portuguese ratings agency CPR has become ARC Ratings, with partner firms in India, South Africa, Malaysia and Brazil, the culmination of a project almost three years [...]
Law partnerships grow as firms reverse firing and retiring trend January 16, 2014 THE NUMBER of partners at UK law firms rose significantly last year, reversing the decline seen in 2011-12 as the sector moved away from redundancies and early retirement. During the 2012-13 financial year there was an overall net increase of 2,795 partners, compared to a net loss of 153 partners the previous year. According to accountancy [...]
Government boosts aerospace industry with 3D printing centre January 16, 2014 THE GOVERNMENT yesterday said it is providing £30m to fund the development of new aerospace technology in the UK, including a 3D printing centre. The £30m will be matched by industry, bringing the total to £60m. This will be spent on a new aerospace facility, for companies to develop materials for use in planes, jet [...]
Sants joins Church for finance taskforce January 16, 2014 THE CITY’S former top financial regulator Hector Sants, who resigned from Barclays in November citing stress and exhaustion, will lead a new taskforce set up by the head of the Anglican Church. Sants will work with credit unions and the financial sector to support community financial services.
Walsh steers Rio to record iron ore output January 16, 2014 RIO TINTO unveiled record iron ore production and shipments, while slashing costs, one year after new chief executive Sam Walsh took the helm. The FTSE 100 miner said production of iron ore, which makes up around 90 per cent of its earnings, reached 266m tonnes last year, slightly ahead of guidance and up five per [...]
Premier Oil’s shares plunge on disappointing output forecast January 16, 2014 FTSE 250-listed Premier Oil’s 2014 production guidance missed expectations yesterday, sending shares down over six per cent. The oil explorer, which has assets in the UK North Sea, the Falklands and Asia, said production in 2013 was around 58,200 barrels of oil per day (bopd). It expects to produce 58,000 to 63,000 bopd in 2014, [...]
Ladbrokes reassures on profit targets January 16, 2014 BOOKMAKER Ladbrokes said yesterday it expected operating profit for 2013 to meet current market forecasts and that it would maintain its dividend, reassuring investors at the end of another troubled year. Operating profit should be around the middle of £129.8m to £151m.
Computacenter posts higher revenue January 16, 2014 IT services provider Computacenter reported a rise in full-year group revenue that exceeded analysts’ estimates, boosted by a strong demand for its maintenance services in the UK. Revenue grew six per cent in 2013, said Computacenter, whose clients include Lloyds Banking Group, Serco Group , British Telecom, Deutsche Bank, WM Morrison and EDF. Computacenter reported [...]
Lamprell back in the black in 2013 January 16, 2014 Rig maker Lamprell’s shares soared almost ten per cent yesterday, after the London-listed firm said that it expects 2013’s performance to be ahead of its previous expectations. The group’s net cash position at the end of December 2013 was around $180m (£110m), “significantly ahead” of its previous forecasts. “2013 has proven to be an important [...]
Tavistock ranked top PR for 2013 January 16, 2014 PR firm Tavistock Communications came top of MergerMarket’s M&A European league tables for PR advisers, published yesterday. The firm advised on 13 deals, worth $163,312m to grab the top slot, with the bulk of it coming from its work with Vodafone on its $130bn (£79bn) sale of its Verizon stake. It also worked with Virgin [...]
