Huge jump in UK confidence boosts European Union numbers July 30, 2013 European Union confidence is up – and we have the non-Euro area UK to thank. While the EU rise in confidence was in-line with expectations, the UK saw a terrific jump in July. On a country basis, the main reason for the sharper plus was markedly improving confidence in the largest non-euro area EU economy, [...]
BP profits fall as Gulf spill costs leap in second quarter July 30, 2013 OIL GIANT BP today posted a 25 per cent fall in second-quarter profits to $2.7bn (£1.8bn) year-on-year, due to lower oil prices and higher taxes. The firm also said that provisions for compensation claims relating to the Gulf of Mexico disaster had increased by $1.4bn over the second quarter, bringing total claims costs to $19.7bn [...]
Vodafone launches Kabel takeover offer July 30, 2013 TELECOMS company Vodafone today said it has formally launched a takeover offer for German cable company Kabel Deutschland, after beating European cable giant Liberty Global in a bidding war last month. The British firm has offered €84.50 (£73) per Kabel share in cash, plus the payment of the proposed €2.50 dividend announced by the cableco [...]
Centrica buys US gas supplier for £480m July 30, 2013 ‘BIG SIX’ energy company Centrica today said that it has agreed to buy a US business-to-business gas supplier for $731m (£478m), as it looks to expand its operations in North America. The FTSE 100-listed firm said its North American subsidiary, Direct Energy Business, would acquire the New Jersey-based energy marketing business of Hess Corporation for [...]
Barclays shares drop as profits fall and announces plans to fill capital hole July 30, 2013 Barclays has reported a 17 per cent fall in half year adjusted profits to £3.591bn as it was hit by the cost of a group-wide restructure in the wake of the Libor rate-rigging scandal. The bank also reported that its capital hole was much larger than thought at £12.8bn and announced a £5.8bn capital-raising rights [...]
Domino’s results go cold as profits slump July 30, 2013 Takeaway chain Domino's has seen system sales increase by 13.8 per cent to £326.5m in 26 weeks ended 30 June (release). However pre-tax profits (after exceptional items) have sunk from £21.5m to £11.6m. Profit before tax, excluding Germany and Switzerland, increased 10.3 per cent to £25.7m with sales up 6.4 per cent in the UK. [...]
Barclays plans £5bn share sale July 29, 2013 BARCLAYS will today reveal how it plans to plug its capital hole, raising funds from shareholders to reassure regulators it is a strong, stable bank. After weeks of intense negotiations with the City watchdog, chief executive Antony Jenkins is set to unveil a plan that aims to balance investors’ hopes that they will not [...]
Gulf billionaire warns of shale threat to Saudi July 29, 2013 BILLIONAIRE Saudi Prince Alwaleed bin Talal has warned Saudi Arabia that the US shale gas boom could destroy the gulf state’s oil-based economy. Prince Alwaleed, the 20th richest man on Earth, has written to the Saudi oil minister urging the kingdom to explore more renewable energy policies in the face of declining demand for oil. [...]
JP Morgan to settle over US energy rigging charges July 29, 2013 JP MORGAN Chase was last night publicly accused by a US federal watchdog of manipulating American energy markets in a series of trades made between 2010 and 2011. The Wall Street bank, led by high profile chief executive Jamie Dimon, is widely expected to settle the charges with the Federal Energy Regulatory Commission (Ferc), the [...]
Britain is falling badly behind in the entrepreneurship stakes July 29, 2013 ONE OF Britain’s great advantages is that we are meant to be a much more entrepreneurial nation than most of our major competitors. We do, indeed, create more companies than some other wealthy countries but as a study by RSM reveals, we are hardly covering ourselves in glory. In fact, we are ranked a pathetic [...]
