Smartphones soar at Lenovo LENOVO, the world’s largest PC maker, yesterday reported its profits jumped 23 per cent during the first quarter of 2014, beating estimates. Sales were buoyed by soaring smartphone shipments, which surpassed its overall PC deliveries for the first time. The Beijing-based company said profit surged to $214m (£128.3m) during the three months to 30 June. [...]
The Silver Fix, a City staple since the Victorian era, bids farewell The London Silver Fix, the method used to set the price of the “devil’s metal”, which has been an integral part of London’s precious metals’ market – worth nearly a £1 trillion, is ending today after 117 years. Under the current system, three banks, HSBC, Bank of Nova Scotia and Deutsche Bank, arrange silver’s [...]
Brit Insurance profits dive after IPO costs eat into earnings Brit Insurance group reported an 18 per cent slump in the first-half profits yesterday, led lower by costs related to its initial public offering (IPO) this year. The Lloyd’s of London insurer which specialises in casualty, property and energy insurance, said profits for the first half of 2014 were down to £62m, compared to £75m [...]
Saga dips toe into M&A waters with Destinology deal August 13, 2014 Saga, the over-50s specialist, yesterday made its first acquisition since floating earlier this year, buying a 75 per cent stake in online travel firm Destinology . The deal, believed to be worth £20m, comes in the wake of Saga’s listing on the London stock market in May. The purchase will be funded from existing [...]
Humanitarian convoy sparks war of words August 12, 2014 Tension between Russia and Ukraine flared up yesterday after officials in Kiev declared that a Moscow-sponsored convoy carrying humanitarian aid to rebels in the east would be stopped at the border. Western leaders expressed fears that convoy of 280 lorries could be a “trojan horse”, and the first step in a full-scale Russian invasion. The [...]
Quarto slumps on HDA closure August 12, 2014 INDEPENDENT book publisher Quarto yesterday announced that the first half of 2014 had been “challenging”, and profits had fallen by nearly two-thirds. The publisher’s profit tumbled to $700,000 (£400,000), from $1.7m in 2013. Revenue also slipped three per cent to $65.6m. The company blamed the poor performance on its US distributor, HDA, which closed down [...]
Heathrow and Gatwick airport traffic reaches record high in July August 11, 2014 Both Heathrow and Gatwick airports broke a new record last month as more than 11m passengers passed through their terminals. Heathrow, the UK’s biggest airport, said passenger numbers totalled 6.97m in July, up 0.5 per cent on the same month last year. The west-London airport had its busiest ever day on 27 July, when 239,928 [...]
