Lloyds to appeal against loss in £1bn bond buy back court case June 3, 2015 Lloyds Bank yesterday failed in its bid to buy back high-yielding bonds from retail investors, after a high court judge said it had not met the conditions for an exchange. The enhanced capital notes (ECNs) are designed to bolster the bank’s capital buffers, and were issued shortly after the lender was bailed out by the [...]
Surprise service sector stutter sinks sterling June 3, 2015 STERLING plummeted yesterday as survey figures showed a slowing in service sector growth, denting hopes of a rebound after the economy slowed at the start of the year. The pound immediately lost one per cent against the dollar, dropping to $1.5260, but staged a recovery later in the day. The survey, Markit’s services purchases managers’ [...]
Opec expected to keep output high as Russian fears heighten June 3, 2015 BRENT crude oil fell slightly yesterday as the Organisation of Petroleum Exporting Countries (Opec) looked set to maintain production at current levels, with commentators citing concerns around Russia as a major reason behind the decision. The benchmark price had rallied on Tuesday, helped by comments from Ali al-Naimi, Saudi Arabia’s petroleum minister, which pointed to [...]
David Cameron dodges rookie MP Cat Smith’s questions on poor credit ratings June 3, 2015 The Prime Minister was caught off-guard yesterday when a newly-elected Labour MP asked him about the country’s credit rating. Cat Smith stood up in the first Prime Minister’s Questions of the new parliament and said: “Will the Prime Minister inform the House when he expects the UK to regain its triple A credit rating?” [...]
Global growth picks up but could be hindered by lack of investment June 3, 2015 GLOBAL growth is expected to move closed towards its pre-crisis trend rate by the end of next year, but increased capital spending is needed to push economies forward. According to the latest outlook from the Organisation of Economic Co-operation and Development (OECD), activity is becoming more evenly shared across major economies and overall external imbalances [...]
Merlin Entertainments feels the heat over Alton Towers Smiler rollercoaster accident as boss Nick Varney tries to mitigate crisis June 3, 2015 Merlin Entertainments boss Nick Varney faced his toughest test as a public chief executive yesterday, dealing with the aftermath of a crash which seriously injured four people on the so-called Smiler rollercoaster at Alton Towers. Two teenagers, Joe Pugh, 18 years old, and his girlfriend Leah Washington, 17, were named as two of the [...]
WH Smith can’t turn the page on falling High Street book sales June 3, 2015 WH SMITH reported stalling sales yesterday as solid growth in travel was offset by declines in its high street business. Overall, year-on-year growth for the 13 week period ending 30 May remained flat as the stationer struggled to buoy up its core high street business which saw sales fall four per cent on a like-for-like [...]
Goldman Sachs’ support staff lead salary and bonus rankings again June 3, 2015 BACK office bankers are best paid at Goldman Sachs, according to a study of salaries and bonuses in the sector from Emolument.com. Staff in support functions at the prestigious investment bank receive an average salary of £87,000 with an average bonus of £38,000, taking total pay up to £125,000. The next biggest bonuses is at BNP [...]
Tech floats to reach an apex thanks to Apax June 3, 2015 LONDON is set for its biggest ever tech market float after Sophos announced its intention to float on the London Stock Exchange with an expected target valuation of more than $1bn. The security software company has eschewed the trend of London’s tech firms crossing the pond in favour of a Nasdaq listing and expects to [...]
Cairn Homes IPO: Irish homebuilder to raise about £270m in London listing June 3, 2015 Irish housebuilder Cairn Homes will raise around £270m in a London flotation to take advantage of Ireland’s resurgence by building more homes for the country’s rising population of young househunters. The company, which was formed about a year ago by Michael Stanley and Alan McIntosh, will sell shares to investors for €1 each, raising money [...]
