RBS to sell more of Citizens Bank March 26, 2015 RBS EXPECTS to sell an extra $400m (£269m) of shares in its US bank Citizens, yesterday hiking the size of the sale on strong demand. It had planned to sell a 24.7 per cent stake, worth $3.2bn. But in fact it is selling an additional 15 per cent, taking the total sale up to 39.7 per [...]
Healthy margins help Dreyfus to report profit rise March 26, 2015 GLOBAL trading group Louis Dreyfus Commodities yesterday reported a rise in full-year profit as increased volumes and healthy processing margins helped to offset lower market prices. Louis Dreyfus is one of the “ABCD” quartet – alongside Archer Daniels Midland (ADM), Bunge and Cargill – that dominates agricultural commodity trading. Net income, group share, reached $648m [...]
British Gas owner Centrica warns political uncertainty could hit investment March 26, 2015 British Gas owner Centrica yesterday warned that the run-up to the 7 May election would have a knock-on effect on investment in the UK energy sector. “The UK market faces potential pressure in both the run-up to the UK General Election and in the policy decisions taken by the next government,” Centrica said in its [...]
Rio Tinto boss shuns iron cap March 26, 2015 RIO TINTO boss Sam Walsh dismissed an idea by rival Fortescue Metals, that miners should cap output of iron-ore to boost prices, as “harebrained”. Chief executive Sam Walsh said yesterday no benefit would come from propping up the iron-ore price by capping production, despite an oversupply and waning demand growth in China. Fortescue’s call for a [...]
Polypipe chair to bow out March 26, 2015 THE CHAIRMAN of Polypipe, one of the UK’s leading makers of plastic piping, yesterday said he will depart. Alan Thomson has been chairman of the company since 2007 and will be replaced by Ron Marsh, a current senior independent director. Polypipe also released its full-year results yesterday. Revenues grew by nine per cent in the [...]
Turmoil in the oil market and merger costs harm Amec Foster Wheeler’s bottom line March 26, 2015 ENERGY-focused engineering firm Amec Foster Wheeler failed to escape the ongoing rout in oil unscathed, as results released yesterday showed profits tumbling. The company said it faced significant currency headwinds in 2014, but growth in emerging markets and its clean energy sector saw revenues up two per cent to £3.9bn. But success in these areas [...]
IMImobile confident of bright future in strong trading year March 26, 2015 TECHNOLOGY firm IMImobile yesterday said it has traded in line with expectations in the year to end-March, and expressed confidence for a year of strong trading ahead. According to forecasts provided by Morningstar, WH Ireland forecast a pre-tax profit of £6.8m for the year, compared with £5.3m a year before. The company said that new [...]
Housing shortage hits first-time buyers despite government help March 26, 2015 The UK’s chronic housing shortage is forcing first-time buyers to accept lower quality properties. Natural light was cited as not being vital by 51 per cent of prospective buyers, survey figures released today by estate agents Your Move and Reeds Rains show. Additionally, 63 per cent would go without a bath while 11 per cent [...]
Flower power hit by supermarket price wars in UK March 26, 2015 POTATO supplier Producer Investments has found itself in hot water after profits more than halved in the first half, hurt by the supermarket price wars and a bigger-than-expected crop last summer. The Scottish company, which produces and supplies retailers, including Tesco, Sainsbury’s and Waitrose, with spuds as well as daffodils, said operating profits fell to [...]
Adidas fires starting gun in bid to outpace Nike’s market share March 26, 2015 ADIDAS yesterday pledged to accelerate product development and shift spending to some of the world’s biggest cities in a bid to take on world leader Nike and revamp the faltering German sports goods company. Chief executive officer Herbert Hainer made the pledge as Adidas forecast currency-adjusted sales will grow by “high single digits” annually from [...]
