BAT enjoys profit rise despite tough trading conditions February 27, 2014 Tobacco giant British American Tobacco (BAT) has reported a rise in profits before tax of £207m to £5.7bn for the year ended 31 December. The group's revenue was up four per cent at constant rates of exchange while basic earnings per share rose by five per cent to 205.4p. BAT saw a fall in of [...]
Standard Life warns independence may see it quit Scotland February 27, 2014 Insurance giant Standard Life has become the first major Scottish business to warn that it may relocate its operations to England should Scotland vote for independence. In the company's annual report for 2013, chairman Gerry Grimstone said: We have been based in Scotland for 189 years and we are very proud of our heritage. Scotland [...]
Deteriorating situation in Ukraine unnerves Asian markets February 27, 2014 Asian markets are reacting nervously to the deteriorating situation in Ukraine as investors look to safer prospects, such as US treasuries. The prospect of an escalation of the troubles in Ukraine would prove a damaging one for some emerging markets. Concerns have been heightened after Russian President Vladimir Putin instructed the military to perform drills [...]
Why this EU commissioner is fighting for open immigration February 26, 2014 European commissioner Laszlo Andor has come out fighting against the Swiss referendum decision to restrict the free movement of European citizens. On 9 February, the Swiss backed strict quotas for EU immigration by a wafer thin majority of 50.34 per cent on a healthy turnout. The commissioner's speech comes only a few weeks after fresh [...]
Visa Europe caps transaction fees after EU antitrust probe February 26, 2014 Credit card company Visa Europe will cap the transactions fees it charges to 0.3 per cent, the European Commission said on Wednesday. The cut in fees represents a 40-60 per cent reduction in Visa Europe's multilateral interchange fees (MIFs). The cap will initially apply to to cross-border transactions within the European Economic Area (EEA) but [...]
Merkel told to abandon green subsidies February 26, 2014 Angela Merkel should abolish renewable energy subsidies due to their lack of cost-effectiveness, according to a report from the Expert Commission on Research and Innovation that will be presented to the chancellor on Wednesday. The commission took aim at the Green Renewable Energy Act (EEG), which cost €22bn (£18bn) in subsidies last year. The body [...]
Big six energy companies face fresh scrutiny over accounts February 26, 2014 Energy regulator Ofgem has outlined plans for further scrutiny of the accounts of the big six energy companies, as well as attempts to remove barriers to entry for new competitors. The regulator confirmed that a range of new measures will make the annual statements of the larger energy companies more useful and accessible. In a [...]
Co-op confirms farm sell-off amid group turmoil February 26, 2014 The Co-op is preparing to sell its farming operations, which includes 15 farms, as well as its 750 pharmacies in an effort to stem the company's losses. The Co-op is expected to post its worst ever results of a £2bn loss, primarily from the company's banking arm, when it releases its results on 26 March. [...]
Travis Perkins profits jump as Help to Buy boosts confidence February 26, 2014 Building merchant Travis Perkins has reported a rise in profits before tax of 12 per cent to £321m for the year ended 31 December. Revenue climbed to over £5bn, with annual growth of five per cent on a like-for-like basis. The company partly attributed the rising confidence in the building industry to the government's controversial [...]
ITV profits boom after best on-screen performance for a decade February 26, 2014 Broadcaster ITV has reported a jump in profits before tax of 30 per cent to £435m for the year ended 31 December. 2013 marked the fourth year in a row of double digit profit gains for the company. Growth in online, pay & interactive of 16 per cent drove broadcast and online revenues up by [...]
