New listings outdo FTSE in last two years February 4, 2013 NEW market entrants outdid FTSE 100 stalwarts over the past two years, according to data out yesterday. The share price of 10 firms who joined the main market with an initial public offering (IPO) between 2011-12 rose 19.2 per cent by the end of January 2013, Deloitte said, while the market as a whole rose [...]
Centrica pulls out of UK new nuclear plans February 4, 2013 BRITISH GAS owner Centrica yesterday pulled out of plans to build up to four new nuclear power stations in collaboration with EDF, blaming rising costs and the construction timetable slipping. Centrica has spent around £200m on the project, which will be written off in this year’s results. EDF is in discussions with a number of [...]
Premier Foods new boss ousts chief operating officer Eaton February 4, 2013 PREMIER FOODS’ new chief executive Gavin Darby has ousted the group’s chief operating officer on his first day at the helm. The owner of Hovis bread and Mr Kipling Cakes said Geoff Eaton will leave the company with immediate effect and that the role of chief operating officer “will cease to exist” as part of [...]
Italy probe on Euribor claims February 4, 2013 ITALIAN prosecutors in the town of Trani are investigating five foreign banks for possible manipulation of Euribor, the euro-priced counterpart of scandal-hit Libor bank-to-bank lending rates, court sources said yesterday. The five banks are said to be Deutsche Bank, Barclays, Royal Bank of Scotland, HSBC and Societe Generale, according to the court sources. The probe [...]
Swatch sales tick up February 4, 2013 SWISS watchmaker Swatch yesterday posted a 26 per cent rise in net income to SFr1.61bn (£1.12bn), smashing analyst expectations. The group’s operating margin rose to 25.4 per cent, versus 23.9 per cent a year ago, giving hope to other luxury goods firms aiming for an uptick in demand from China.
Lloyds bonuses may face new bailout target February 4, 2013 LLOYDS’ chief executive may not receive this year’s bonus until the government’s stake in the bank is above the level it put into the institution, it emerged yesterday. The bank’s remuneration committee is thought to be considering holding back the payment of Antonio Horta-Osorio’s bonus until the share price recovers beyond its bailout level. They [...]
Tax bosses say Starbucks has not been abusing the system February 4, 2013 STARBUCKS’ tax arrangements are perfectly legitimate under international tax rules and do not represent abuses of the system, tax heads from HM Revenue and Customs (HMRC) and the Treasury said yesterday. The coffee chain had come in for criticism for recording no UK profits and so not paying corporation tax in Britain, despite large sales [...]
Mr RMB to bow out this March February 4, 2013 THE HEAD of China’s central bank Zhou Xiaochuan will step down next month after 11 years, according to a report in a state-run newspaper, the China Securities Journal. Zhou’s departure was signalled at the end of last year when he was excluded from the Communist Party’s central committee. Zhou, 65, gained the nickname Mr RMB [...]
German plans to jail bankers February 4, 2013 THE GERMAN government is considering a new law to imprison bank executives for up to five years if they are found guilty of reckless behaviour that puts a bank at risk. “We’ve found a regulatory gap here that we want to close,” a senior government official in Berlin said yesterday. According to the draft banking [...]
EC deadline for bank regulators February 4, 2013 NATIONAL regulators across the European Union must show by the end of the month they are not damaging the single market by being too heavyhanded with banks from elsewhere in the bloc, the EC said yesterday. Britain has lobbied for more wriggle room as its regulators discourage foreign branches and put pressure on lenders to [...]
