Gocompare demerger goes ahead valuing shares in the new company at £310m November 3, 2016 The market was thanking its lucky stars this morning after Gocompare.com (Goco) completed its spin-off from insurer Esure. Despite a nervy IPO market that has seen a raft of withdrawals in recent weeks, the Goco demerger, first announced in September, went ahead as expected. Trading at 74.25p each, the float values the total shares issued in the price comparison [...]
Societe Generale’s shares head north thanks to eastern Europe resurgence November 3, 2016 Shares in Societe Generale (Soc-Gen) leapt over five per cent this morning after beating market expectations of its third quarter results. Although net income fell by 2.4 per cent to €1.1bn, this smashed what analysts had anticpated. A Reuters poll of experts had predicted net income to be nearer the €745m. "We are conquering new clients, both [...]
Top insurance boss says technology will decrease the need for skilled jobs the world over November 3, 2016 The boss of insurance giant RSA refused to rule out replacing jobs with technology in a trend that he expects companies across the globe to harness. Stephen Hester explained this morning that getting computers to do more work was a key way of cutting costs out of business. He said: I would say that the way of the [...]
Stephen Hester sees positives from Brexit vote for RSA November 3, 2016 The Brexit vote has provided insurance giant RSA with an "attractive tailwind" despite tricky market conditions, the company revealed this morning. The group, well known in Britain for its More Than brand, said that while core insurance premiums were up by six per cent, they had fallen on an underlying basis. Read more: Slimmed down [...]
Wetherspoon’s Tim Martin thinks that the falling pound will impact Eurozone businesses more than British companies November 2, 2016 Many of Britain's businesses may be feeling the pinch from sterling's recent malaise but the boss of one of Britain's largest pub chains doesn't think it will cause him too much pain. "The pound has gone up and down over the years and I haven’t noticed over the years a big effect on bar sales [...]
Aberdeen council launches multi-million pound bond to transform the city November 2, 2016 Aberdeen became the first local council in Scotland to successfully price an investment bond, today, as part of key a strategic push to transform the city. Proceeds from the £371m index-linked bond are equivalent to over a third of the city's annual budget and nearly three times its annual expenditure on capital projects. Bond issuances from local authorities [...]
Debt collector Motormile is back in business after writing off hundreds of millions in claims November 2, 2016 A debt collection firm has agreed to write-off £414m worth of claims after the Financial Conduct Authority (FCA) found systematic failures in the company's systems and controls. Motormile Finance, which also trades as MMF, will write off debts that it had purchased from third parties owed by more than 500,000 customers. Read more: The FCA has [...]
Former Blackrock fund manager pleads guilty to FCA charges having used a Panamanian company November 2, 2016 A former Blackrock fund manager has today pleaded guilty to two counts of insider dealing. At Southwark Crown Court, former equity portfolio manager Mark Lyttleton, admitted dealing on the basis of insider information he obtained while working at Blackrock. He traded the shares using an overseas asset manager trading on behalf of a Panamanian registered company. Read more: [...]
G4S’s share price flies on revenue and pipeline news November 2, 2016 G4S's share price leapt over nine per cent today after revealing strong revenue growth in the first nine months of the year. Revenues grew by 5.7 per cent to £4.8bn compared to the previous year and the company confirmed that it had secured new contracts worth £1bn since January. Read more: By boycotting big business, Labour [...]
Tim Martin says European leaders are determined to put Britain’s consumption of German beer, French champagne and Swedish cider under threat November 2, 2016 The founder of pub giant Wetherspoon this morning slammed the "unelected" EU chief as well as the supporting leaders of Germany and France. Staunch Brexiter Tim Martin, who is chairman of the pub chain, hit out at EU leaders saying that they were determined to hurt the UK. Martin was active campaigning for Britain to leave the EU and signed [...]
