Wells Fargo profits up despite steeper rates January 14, 2014 THE END of super-cheap mortgages hit Wells Fargo’s revenues in the final quarter of last year, the US bank has said, as higher rates meant fewer customers remortgaging. The Federal Reserve’s tapering has started to impact on mortgage interest rates, as it slowly removes its stimulus as the economy grows. However, Wells Fargo cut staff [...]
Slump for Asos despite stellar Christmas sales January 14, 2014 ASOS shares slid yesterday despite the online fashion retailer posting another set of glowing results, boosted by sales in Europe and a surge in UK customers clicking online in the run-up to Christmas. The retailer’s shares fell as much as seven per cent before closing down three per cent yesterday, with analysts pointing to an [...]
Bottom Line: Time to take stock after an incredible year January 14, 2014 LAST year was huge for Asos. As the online retailer launched both Russian and Chinese language sites and increased sales by 40 per cent from 2012, shares rocketed – climbing 140 per cent in just 12 months and giving the firm a market capitalisation of close to £6bn. That’s huge. If chief executive Nick Robertson chose [...]
More banks join bid to cut hours for junior staff January 14, 2014 CREDIT Suisse yesterday became the latest investment bank to tell its interns and junior employees to take more time out of the office, after increased worries that young staff are pushing themselves dangerously hard. The giant Swiss bank has told junior staff they should try not to come into work on Saturday, in an effort [...]
Euro recovery lifted by strong factory growth January 14, 2014 SURGING industrial output in November gave the troubled Eurozone economies a shot in the arm yesterday. The currency area has been struggling with weak output across all sectors since the financial crisis, but factory output jumped 1.8 per cent in November compared with October. The sudden growth spurt more than reversed the 0.8 per cent [...]
Private equity owners of Opodo are considering £1.2bn flotation January 14, 2014 THE PRIVATE-equity owners of the online travel agency Odigeo, which in turn owns the travel group Opodo, are working on plans to float the business sometime this year. London will be competing with Madrid to host the flotation, with some suggesting Madrid is favourite given that the management team of eDreams, a principle part of [...]
Government urges businesses to wise up to cyber security risks January 14, 2014 MINISTERS have launched a new campaign to improve cyber security in small and medium sized businesses (SMEs) after research suggested 82 per cent of consumers would buy more from them online if they felt better protected. The cyber streetwise scheme, part of the government’s National Cyber Security Programme, revealed a number of flaws in the [...]
Paul Flowers bailed again January 14, 2014 Paul Flowers, the former chairman of the Co-op Bank, has been bailed again pending further enquiries into allegations of drug offences, West Yorkshire police said yesterday. Flowers, an ordained Methodist minister, resigned from the Co-op Bank in June. He was first arrested in November following a Mail on Sunday expose.
AstraZeneca’s shares lifted by pipeline hopes January 14, 2014 ASTRAZENECA expects new drugs and a recent diabetes deal to offset a wave of patent expiries and return it to growth faster than analysts predict, with 2017 revenue likely to be broadly in line with the 2013 level. The company’s forecast implies a potential $3bn upgrade to the consensus estimate from analysts and marks an [...]
Housing recovery helps Barratt sales rise more than two thirds January 14, 2014 BARRATT Developments said total home sales grew 71 per cent in the first half of its financial year thanks to government measures and a recovery in the housing market across all regions. Britain’s largest housebuilder by volume said yesterday that total forward sales, excluding joint ventures, jumped to £1.27bn in the six months to 31 [...]
