Spanish airports operator Aena takes off with soaring demand February 11, 2015 EUROPE’S largest initial public offering since 2011 launched to a dramatic start yesterday after shares in Spanish airports group Aena surged 16 per cent on their market debut. The €3.88bn (£2.88bn) sale sparked strong demand from investors for the group that enjoys relatively few rivals in its domestic market. Aena, which priced its shares for [...]
Big miss as Tesla fails to ramp up electric car sales February 11, 2015 ELON Musk’s electric car-maker Tesla disappointed investors last night after it reported a lower-than-expected 9,834 vehicles delivered in its fourth quarter due to a host of production issues. The results revealed strong revenues which grew 12 per cent to $957m (£627.9m), but missed analyst’s expectations of $1.2bn, while it reported a loss of 13 cents [...]
Twitter finds its Niche in $30m talent business February 11, 2015 SOCIAL network Twitter last night picked up social media talent agency Niche in a deal thought to be worth at least $30m (£19.68m). Niche connects some 6,000 social media stars with advertisers looking to promote products on Twitter and its video service Vine. “As more users and creators use different products as a way to [...]
Ed Miliband clashes with Lord Fink over HSBC tax avoidance claims February 11, 2015 Labour leader Ed Miliband yesterday pointed the finger at Conservative party treasurer Lord Fink alleging he was involved in tax avoidance as part of the growing scandal surrounding HSBC’s Swiss private banking arm. “Let’s take Stanley Fink who gave £3m to the Conservative Party. He [David Cameron] actually appointed him as Treasurer of the Tory [...]
Taxman gives leaked HSBC data to the police and fraud squad February 11, 2015 MORE tax dodgers could face prosecution as HM Revenue and Customs (HMRC) yesterday said it would give a trove of leaked data to the police. MPs rowed viciously with tax officials over the case, which involved information from HSBC’s Swiss private banking arm. HMRC has raised £135m for the exchequer, but only prosecuted one tax evader. [...]
TSB chief Paul Pester: Seven day bank account switching service fails too many people February 11, 2015 The bank account switching service does not help customers who rely on overdrafts, TSB Bank chief Paul Pester complained yesterday. It is harder for those customers to move, letting the big banks keep hold of them – and their juicy fees – with little competition, he claimed. “Those customers who could benefit most from switching [...]
Shares in Sky drop after huge TV bill emerges February 11, 2015 SKY SAW its stock open four per cent down in trading yesterday after agreeing to fork out £4.1bn for the right to show live Premier League football between 2016 and 2019. The British media giant won five out of the seven TV packages up for sale, but had to stump up 83 per cent more [...]
Red tape hurts firms’ efforts to raise funds in capital markets February 11, 2015 INVESTMENT banks will struggle to help real economy firms access finance because of tougher rules on capital, the Bank of England’s Dame Clara Furse warned yesterday. Politicians and regulators want businesses to access finance from a range of sources including capital markets, reducing their reliance on bank loans. But that relies in part on investment banks [...]
Premier League comes under further fire for TV rights auction February 11, 2015 The auction process used by the Premier League to sell TV rights to Sky and BT for a whopping £5.1bn came under criticism yesterday for the second time in a matter of days. The deal was reached under a blind auction, with an unknown number of rounds and bidders. Virgin Media chief executive Tom Mockridge [...]
Tullow Oil leads FTSE down as it posts $2bn loss February 11, 2015 IRISH oil firm Tullow was the worst performer in the FTSE 100 yesterday, with shares tumbling by 7.17 per cent after the company revealed it has suspended its dividend following a “difficult” 2014. The firm swung to a $2bn (£1.3bn) loss, its first in 15 years, from a profit of $313m in 2013, due in [...]
