HSBC cuts target for profitability on rising costs February 23, 2015 HSBC’S annual profits dropped by 17 per cent in 2014, and the bank’s bosses cut its targets for profitability. Much of the damage came from a $3.7bn (£2.4bn) provision covering fines and settlements, redress for customers and lower gains from disposals. Those factors contributed to the $3.9bn fall in pre-tax profits to $18.7bn for the [...]
HSBC Swiss tax evasion row is not the bank’s real problem – Bottom Line February 23, 2015 HSBC’s Swiss tax row is a sideshow. It might not feel like that to bosses – chairman Douglas Flint is facing MPs in parliament tomorrow, and chief exec Stuart Gulliver agreed he feels “shame” over the affair. But it is true nonetheless – this is not the main event for the bank. Look at [...]
DFS Furniture targets £585m market debut February 23, 2015 DFS FURNITURE has set a price range of 245p to 310p per share as the sofa retailer pushes ahead with plans for a float on the London Stock Exchange next month. The price range would mean that, at its mid-point, DFS would be valued at £585m although it is understood that its enterprise value including [...]
Inside track February 23, 2015 DFS, THE latest company to brave an Initial Public Offering (IPO) in the prickly London market, is quite rightly not taking too many risks when it comes to pricing its issue. Yesterday, bank advisers, which include Jefferies, UBS and Numis (when is Numis not on one of these mid-cap size deals?) indicated they would price [...]
New press regulator IPSO to discuss Daily Telegraph HSBC coverage concerns after Peter Oborne allegations February 23, 2015 The new press regulator will look at the concerns raised about the Daily Telegraph’s coverage of the HSBC scandal by one of its former senior journalists, City A.M. has learned. Peter Oborne resigned from his role as the Telegraph’s senior political correspondent last week. He alleges that the newspaper failed to cover HSBC with sufficient rigour [...]
CVC Capital Partners broadband firm in £483m Hong Kong float February 23, 2015 HKBN, Hong Kong’s second-biggest broadband provider, will float today as shareholders, including CVC Capital Partners, look to raise up to £483m, sources said yesterday. If the IPO reaches the pinnacle of its forecast range, it would become the second-largest in Asia-Pacific in 2015, after the $1.13bn raised by Jasmine International’s internet infrastructure fund in Bangkok [...]
From the LSE Gaddafi scandal to RBS: Sir Howard Davies’ comeback is nearly complete February 23, 2015 With Westminster being rocked by new cash for access revelations, now is a pertinent moment to pose the following question: How long does it take to bounce back from a scandal? Time can be a great healer of reputations, yet some people in the public eye fail to recover from a hit to their standing. [...]
Profits surge at Bovis Homes on record sales February 23, 2015 BOVIS Homes shrugged off fears of a housing market slowdown by reporting a 69 per cent leap in full-year profits as the housebuilder sold a record number of homes. The FTSE 250 company, which builds most of its homes in the south of England but outside London, completed 3,635 homes last year – an increase [...]
Analyst views: What was your view of Bovis homes’ full-year performance? February 23, 2015 RACHAEL APPLEGATE | PANMURE GORDON It appears that, in line with commentary from other housebuilders over the past few days, 2015 has started well for the group, with forward sales ahead year-on-year. We maintain our belief that Bovis is fundamentally undervalued at current levels, and the stock is our key housebuilding pick. CLYDE LEWIS | [...]
Associated British Foods feasts on Primark but diets on sugar February 23, 2015 SHOPPERS snapping up more bargains at Primark over the last eight weeks helped to offset a weak performance at Associated British Foods’ (ABF) sugar business, the consumer giant said yesterday. Sales at clothing retailer Primark in the half-year to 28 February are expected to rise by 16 per cent on a constant currency basis, due [...]
