Telefonica eyes KPN after cuts July 25, 2013 TELECOMS giant Telefonica cut borrowings to under €50bn (£43.2bn) in the first half of the year, putting it on track to meet debt targets, even after its planned purchase of German mobile operator E-Plus. Telefonica announced plans to acquire Dutch rival KPN’s German unit on Tuesday, for €8.1bn, in a deal to be financed through [...]
Orange hit by tax dispute July 25, 2013 SHARES in Orange fell more than five per cent during trading yesterday after it disclosed that it will have to pay out €2.14bn (£1.85bn) in its tax dispute with the French government. The case stems from differences over how to account for losses at subsidiaries after a simplification of the group’s structure in 2005. Orange was [...]
Yellow Pages is given to lenders in a £2bn swap July 25, 2013 YELLOW Pages owner Hibu was repossessed yesterday after lenders finally agreed to take control of the debt-laden business. The iconic listings directory, which floated on the London Stock Exchange a decade ago, suspended trading after striking a deal with a committee of lenders to turn over ownership of the business to its 300 or so [...]
Firms still falling short on charges six months after commission ban July 25, 2013 FINANCIAL advisory firms are still flouting recommendations designed to clarify how much people pay for advice, the City regulator has said. New guidelines under the retail distribution review (RDR) introduced six months ago were meant to clean up opaque charging structures for retail punters. The Financial Conduct Authority yesterday said some firms were ignoring guidelines [...]
Inside Track: Just-eat.com just might serve up a London flotation July 25, 2013 LONDON’S reputation as a host city for start-up technology groups would be enhanced if some of the larger businesses would only decide to list here. While there’s no doubt the plan to set up a hub for tech companies around Old Street roundabout is making strong progress, there are still concerns that some of the [...]
Lloyd’s insurers face investment woes as Lancashire profits drop July 25, 2013 LLOYD’S of London members seem to be set for substantial drops in their investment income this year, after two insurers said they have been hit by losses in the bond market. Lancashire Holdings, a member of the FTSE 250, yesterday confirmed that its net investment income fell 22.6 per cent for the second quarter of 2013. “Treasury [...]
Yorkshire earnings dip as it kicks off £250m investment splurge July 25, 2013 THE YORKSHIRE Building Society has embarked on a £250m programme to integrate its newly-merged lenders and revamp branches, the mutual said yesterday. It recorded a pre-tax profit of £80.1m in the second quarter, down 2.3 per cent from the £82.8m in the same period of 2012. Income rose 4.5 per cent on the year to [...]
Solid first half for money printer July 25, 2013 De La Rue, the company that prints securities and handles cash, reported yesterday that second quarter trading had been broadly in line with forecasts. The firm added that up to the end of March, it had £242m in orders for the year ahead. Shareholders agreed to a final dividend for the first quarter of 28.2p [...]
Kazakhmys wobbles after results July 25, 2013 Copper miner Kazakhmys yesterday reported a 12 per cent bump in ore extraction over the first half of the year, performing better than in the year-ago period. Copper cathode production increased by seven per cent in the same period. Chief executive Oleg Novachuk said the firm would be reviewing its assets and operations. Yet the [...]
Brooks Macdonald doubles assets July 25, 2013 Wealth manager Brooks Macdonald yesterday said it had nearly doubled its funds under management over the past year. The group, listed on the junior stock market, said assets for the quarter ending June stood at £5.1bn, up 45 per cent from £3.5bn a year go. On a quarterly basis, this represented a 2.8 per cent [...]
