Royal Mail sell-off to be probed by the National Audit Office October 23, 2013 THE National Audit Office is set to carry out a value for money probe of the government’s privatisation of the Royal Mail. The spending watchdog’s decision comes after fears the sell-off, which priced the shares at 330p, could have undervalued them. The National Audit Office said it would look at how the price range for [...]
Ofcom takes on price hikes with new set of rules October 23, 2013 TELECOMS regulator Ofcom has ruled that consumers will be able to ditch their mobile, broadband or landline contracts if providers raise prices during the contract, however the ruling could spell the end of cheap iPhones on contract. Telecoms operators often increase prices during a contract in order to deal with rising costs and inflation. “We think [...]
ENRC proposes a quarantine for foreign listings in London October 23, 2013 MINING group ENRC has called for a quarantine period for foreign firms listing in London, to ensure companies have time to adjust to the UK’s stock market rules. ENRC, which has been beset with problems ranging from boardroom fallouts to a corruption investigation since it listed in 2007, complained that “the London commentariat” were unsympathetic [...]
Co-op to force hedge funds to keep its values October 23, 2013 THE CO-OPERATIVE Group wants to write its ethical code into the Co-op Bank’s constitution, and block future owners from scrapping it, City A.M. understands. The hedge funds which are about to take a sizeable stake in the bank say they want to keep the ethical policies, as it marks the bank out in the market. But [...]
Boost from exports helps Spain edge out of two-year recession October 23, 2013 SPAIN has finally escaped from two years of recession according to data released yesterday by the Eurozone state’s central bank. Spanish GDP edged up by 0.1 per cent during July to September, the Bank of Spain has estimated. Yet output in the third quarter was still 1.2 per cent lower than a year earlier, it said. [...]
Euro consumer morale hits a 27-month high October 23, 2013 CONSUMER confidence across the Eurozone has edged up this month according to statistics published in Brussels yesterday, reaching its best level since July 2011. The European Commission’s flash estimate of morale among the bloc’s consumers eased to an index score of minus 14.5 in October, up from minus 14.9 in September. The measure has not been [...]
Acquisitions help boost revenues and net income at Nasdaq OMX October 23, 2013 TRANSATLANTIC exchange operator Nasdaq OMX Group yesterday reported a higher third-quarter profit that beat expectations, as recent acquisitions helped boost revenues. The company earned 66 cents per share, topping the consensus of analysts by four cents. The results came despite what Nasdaq chief executive Robert Greifeld said was a very difficult environment. “The transaction business [...]
Firms demand business rate cut in Osborne’s Autumn Statement October 23, 2013 BUSINESS rates are often higher than rents, squeezing entrepreneurs and giving little benefit in return, the Forum of Private Business (FPB) said yesterday. The group called for the chancellor to freeze rates in his Autumn Statement in early December, and to commission an independent study into the taxes. “Ninety-seven per cent of FPB members believe property taxation [...]
Asos ramps up investment on growth abroad October 23, 2013 ASOS announced plans yesterday to ramp up spending over the next two years as it moves to improve its distribution network to cope with an ever expanding business. The online fashion retailer will invest £110m over the next two years, increasing capital expenditure to £55m a year from a planned £35m and stepping up investment [...]
Analyst Views: What was your reaction to Asos’s Full-year results? October 23, 2013 WAYNE BROWN CANACCORD GENUITY “What makes this result even more commendable is that the pre-tax profit of £54.67m is depressed by £6m of start-up losses in China. Stripping this out shows that Asos delivered a 36.5 per cent increase versus the 23 per cent profit announced. We are encouraged by comments that the current year [...]
