Bank warning on fossil fuel investment March 3, 2015 INSURERS could be at risk of taking a “huge hit” on their investments if public policy is changed to limit the use of fossil fuels. Paul Fisher, deputy head of the Bank of England’s prudential regulation authority (PRA), made the warning to insurance companies yesterday. “One live risk right now is of insurers investing in [...]
Coalfields ready to rebrand as it buys Harworth March 3, 2015 PROPERTY firm Coalfield Resources is to rename as Harworth Group and relist on the London stock market after acquiring the 75.1 per cent of Harworth Estates that it does not already own. Coalfield announced yesterday that it had agreed terms with the board of the pension protection fund to pay £150m for 730,674,465 new shares [...]
Equipment hire firm upgrades profit forecast March 3, 2015 EQUIPMENT rental firm Ashtead, upgraded its full year profit forecasts yesterday following strong results for the nine months ending 31 January. The British company saw strong growth in its Sunbelt division which benefited from the improved US housing market, an area where the subsidiary gained market share. The company has committed to £783m in capital [...]
Balls joins Ford exec in warning against Brexit March 3, 2015 SHADOW chancellor Ed Balls last night described the prospect of Britain leaving the EU as the greatest threat to London – echoing warnings from some business leaders. “The whole of Britain benefits from London’s growth and dynamism,” Balls told London First, a business group in the capital. “We should have no truck with the argument [...]
New press regulator shoots down accusations about independence March 3, 2015 DOUBTS over the independence of members of the new press regulator were strongly denied by its chairman last night. A document from an unknown author given to Labour’s former secretary of state for culture, media and sport (CMS), Ben Bradshaw, makes assertions about members of Ipso’s board and complaints committee. Bradshaw is now a member [...]
Deflationary pressure rises as Europe prepares bond purchases March 3, 2015 EUROZONE producer prices dropped by 0.9 per cent in January compared with December, according to figures released yesterday by Eurostat, the statistical office of the EU. Year-on-year, producer prices fell by 3.4 per cent in January, a sharper drop than December’s 2.6 per cent. Producer prices capture price movements prior to the retail level. They [...]
Tobacco giant bids $3.5bn for Brazilian firm cigarette maker March 3, 2015 British American Tobacco (BAT) yesterday made a $3.5bn (£2.3bn) bid for the stake it doesn’t already own in Souza Cruz, Brazil’s biggest cigarette maker, taking advantage of a plunging real to expand in Latin America. BAT will pay 26.75 reais a share in cash for the 24.7 per cent stake it doesn’t already own, the [...]
Minicab firm Addison Lee growth plan accelerates to New York March 3, 2015 ADDISON Lee, Europe’s largest minicab company, will take on the US market after yesterday announcing plans to launch a new fleet of cabs in New York City. The transport firm said success in London has given it the resources to tap the US market, which it values at £2.2bn. The move will see the company [...]
London buses motor ahead for Stagecoach March 3, 2015 STAGECOACH is seeing growth across all its divisions, with its London market posting the biggest gains, according to a statement yesterday. The international transport operator said profitability at the company remained satisfactory during the current financial year, and the outlook remains unchanged. On a like-for-like basis, the company’s London bus operation showed the strongest revenue [...]
City A.M. team joins the Vertical Rush up Tower 42 for Shelter March 3, 2015 Several intrepid – some would say mad – members of City A.M.’s staff yesterday joined the Vertical Rush challenger for the homeless charity, Shelter. The five members of our very fit digital team – Adam, Cat, Martin, Sarah and Lynsey – joined X Factor star Shayne Ward and a cast of a 1,000 to climb all the [...]
