Big investors want more shares from Co-op Bank rescue plan September 16, 2013 THE CO-OP Bank could be turned around more rapidly if bondholders were converted en masse into shareholders, according to a letter published yesterday by group of institutional bondholders. A group led by boutique investment bank Moelis and holding 43 per cent of the bank’s lower tier two bonds is pushing for a greater amount of [...]
UK workers hit hard as prices outstrip wages September 16, 2013 WAGES and in-work benefits for British workers grew at a much lower speed than inflation in the second quarter, despite a return to solid economic growth. According to an Office for National Statistics (ONS) release yesterday, labour costs per hour, a measure of salaries, benefits in kind and employers’ social contributions, was up by only [...]
Cheaper train tickets planned for part-timers September 16, 2013 PART-TIME workers will soon be able to save money with flexible season tickets for their train journeys, under plans announced by rail minister Norman Baker yesterday. The Department for Transport will next year pilot the scheme on a London commuter route, which will offer cheaper season tickets for workers who only commute a few days [...]
Bill Gates tops Forbes rich list with $72bn pile September 16, 2013 MICROSOFT founder Bill Gates has topped the Forbes list of America’s richest 400 for the 20th time, with a cash pile of $72bn (£45.3bn). With his wealth up $6bn from last year, Gates has also reclaimed the title of world’s richest person, having passed Mexico’s Carlos Slim in May. Berkshire Hathaway guru Warren Buffett proved [...]
Lynch invests in cyber security September 16, 2013 BRITISH technology guru Mike Lynch yesterday invested £1bn in cyber security firm Darktrace, praising the firm’s “radically different” approach. Lynch rose to fame after founding Autonomy, a firm sold to Hewlett-Packard in 2011 for £7.1bn. He has since set up a fund, Invoke Capital, to invest in the sector. “Darktrace brings a radically different solution to [...]
Poor harvest hits UK wines September 16, 2013 PROFITS fell at English wines firm Chapel Down Group, as last year’s bad harvest hit wine volumes, its financial results showed yesterday. Earnings before interest, tax, depreciation and amortisation came in at £145,000 for the first six months of 2013, half the £295,000 seen in the same period a year earlier. But beer sales increased [...]
Bottom Line: A good deal for all but still far too much in state hands September 16, 2013 DID LARRY Summers and Vladimir Putin conspire to save the Lloyds reprivatisation? This unlikely pair have blown away the macro clouds that just ten days ago were threatening a delay. With neither Syrian escalation nor market turmoil from a tapering Fed looking so alarming, UKFI has seized the day. It was only a matter of [...]
Losses at French Connection but CEO still upbeat September 16, 2013 FRENCH Connection reported slightly reduced first half losses yesterday, as the British fashion retailer continues its attempted turnaround following years of underperformance. Losses fell to £6.1m, compared to £6.3m in 2012, results which chairman and chief executive Stephen Marks said are encouraging. “We have continued to implement significant changes across the business and our new [...]
Analyst Views: What did you make of French Connection’s financial results? September 16, 2013 FREDDIE GEORGE | CANTOR FITZGERALDThe interim results for six months ended 31 July were broadly in-line with expectation. Pre-tax losses declined from £6.3m to £6.1m on sales down 6.4 per cent to £89.9m. The company has also announced several store closures in the UK. We maintain our “hold” recommendation. NICK BUBB | INDEPENDENT RETAIL ANALYSTDespite [...]
H&M on the rise during August September 16, 2013 HIGH street clothes giant H&M yesterday beat expectations to deliver like-for-like sales growth of four per cent for August in stores open at least one year. The retailer, which has lucrative clothing tie-ups with stars including Beyonce, saw shares jump to a record high after reporting total sales were up 14 per cent in local [...]
