Onshore wind loses out in new subsidy reforms December 4, 2013 SUBSIDIES for onshore wind and solar energy projects are to be cut, while support for offshore wind will increase, as part of the UK government’s renewable energy reshuffle unveiled yesterday. The guaranteed price – or so-called strike price – paid to companies for onshore wind will fall by £5 per megawatt hour (MWh) next year [...]
Tesco says £1bn plan on track as troubles mount December 4, 2013 TESCO boss Philip Clarke insisted yesterday that his £1bn investment plan to turn the retailer around was “firmly on track” despite posting a slump in trading across all of its markets. UK like-for-like sales fell 1.5 per cent in the third quarter to 23 November compared with flat sales in the second quarter and in [...]
Analyst Views: Is Tesco’s management pursuing the right strategy? December 4, 2013 JAMES GRZINIC | JEFFERIESTesco’s update confirmed not only the significant headwinds the group has had to contend with, but also the shape of a measured profit recovery in the coming year. We are encouraged by management’s clear rebuttal of a need for a UK profit rebasing, to us this would be an unnecessary profit sacrifice. [...]
Job numbers up in US ahead of Fed meeting December 4, 2013 A STRONG increase in US private sector employment was recorded during November, according to official statistics released yesterday, as the Federal Reserve’s regional banks pointed to modest and moderate growth across the country. The latest employment report from Automatic Data Processing (ADP) showed that 215,000 jobs were created last month, about 40,000 more than analysts [...]
Metro Bank set to raise extra £100m December 4, 2013 METRO Bank is raising an extra £100m in its cash call, it emerged yesterday, as investors lap up the equity on offer in its latest fundraising round. The start-up lender is increasing the fundraising drive to £385m, £100m more than previously planned as investors want to put more cash into the bank. “This additional capital [...]
Marshall Wace pays out £84m as fees jump December 4, 2013 HEDGE fund manager Marshall Wace paid out £83.6m to its members this year after the London firm enjoyed another year of soaring income. Profits divided among members jumped 76 per cent to £83.6m in the year to February, compared to a 20 per cent rise to £47.3m in the previous year. Almost 70 per cent [...]
Hibu shareholders hit out at former bosses December 4, 2013 SAVERS who lost money in the restructuring of Yellow Pages owner Hibu yesterday criticised its former directors for failing to meet them at a shareholder meeting. The Hibu Shareholder Group (HSG), which represents about 760 small investors, said former chairman Bob Wigley and ex-chief executive Mike Pocock should have attended the emergency general meeting held [...]
TfL plans for £4.2bn more cuts December 4, 2013 Transport for London has pledged to save a further £4.2bn over the next seven years – though its plans assume that fares will rise by more than inflation after 2014’s price hikes. TfL has already planned £12bn-worth of savings up to 2021. The extra reductions, sketched out in yesterday’s business plan, will come from closing [...]
Hewlett-Packard to cut UK jobs December 4, 2013 American computer maker Hewlett-Packard is set to cut 1,124 jobs in Britain as part of plans to lay off 27,000 employees globally by the end of 2014, the company said yesterday HP’s statement came after the Unite union said it had attended a meeting where managers were outlining their plans to cut jobs at the [...]
European start-up fund launches December 4, 2013 Hoxton Ventures has raised $40m (£24m) for a fund to invest in early-stage European technology companies, with the aim of emulating the booming start-up scene in the States. “We are very happy to be contrarian investors concentrating on European entrepreneurs. We think this is a poorly served geography,” said Hussein Kanji, a founding partner at [...]
